The Silver price even slumped by more than 6% at times yesterday and slipped further today to USD 31.2 per troy ounce, Commerzbank’s commodity analyst Carsten Fritsch notes.
Platinum and Palladium also fall significantly
“This means that Silver has lost all its gains since the beginning of March in one fell swoop. As a result, the gold/Silver ratio rose to 99 today, the highest level since July 2020. There are apparently concerns that the US tariffs will lead to a noticeable slowdown in the global economy, which would also affect industrial Silver demand.”
“Platinum and Palladium also fell significantly, albeit less sharply than Silver. It is true that the share of industrial demand for these two precious metals is even greater than for Silver. However, in contrast to Gold and Silver, Platinum and Palladium had hardly risen at all previously.”
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