Silver climbed to a fresh all-time high of $69.5 per ounce on Tuesday, surpassing previous records as escalating geopolitical tensions continued to bolster price strength. Heightened uncertainty stemming from US enforcement actions against Venezuelan tankers and PDVSA’s ongoing struggles following a cyberattack reinforced silver’s role as a safe-haven asset. The metal is on track for future gains and is up more than 140% year-to-date. Driving the advance, strong industrial and investment demand, and tightening inventories supported the metal’s long-term fundamentals. Adding to the bullish outlook, traders are still pricing in two interest rate cuts by the US Federal Reserve next year. Federal Governor Christopher Waller, recently noted that the Fed has additional room to ease policy.
