Silver is up 10%, posting the highest gains in recent days.
However, the price movement remains unmotivated to the bulls, especially after the increase in physical demand at the present time.
Demand is rising dramatically as India continues to import record quantities of silver bars for jewelry and silverware.
August shipments amounted to more than 1,050 tons, bringing the total deliveries during the whole year to 6,239 tons.
The upcoming festive and wedding seasons play a major role in increasing the use of jewelry and silverware, as it could exceed the 2015 record of 7,530 tons.”
Retail investment in the US and Germany also remained high as industrial demand hit another record high as decarbonization contributed to gains that outpaced global GDP growth.
Metals Focus warned that this affects the decline in bullion stocks, London vault stocks at 916Moz are at their lowest for the LBMA series.
As interest rate expectations have been scaled back, tightening is likely to continue into 2023, pushing yields higher and further supporting the dollar.
This will make silver prices in front of renewed selling pressure in the next two months and until 2023.
