FX.co ★ Silver Holds Near 14-Year High

Silver prices surpassed $47 per ounce on Thursday, maintaining levels near 14-year highs as investors navigated the uncertainties surrounding US political events and monetary policy. Earlier this week, precious metals experienced a surge when the US government entered its first shutdown in nearly seven years, prompting an increase in safe-haven investment demand. This deadlock, anticipated to extend for a minimum of three days, will postpone the release of critical economic data, notably the September nonfarm payrolls report. Concurrently, ADP's report revealed an unexpected reduction of 32,000 in private-sector jobs for September, contrary to the forecasted 50,000 increase. This data underscores the fragility of the labor market, heightening expectations for additional Federal Reserve rate cuts. Nonetheless, Fed official Goolsbee expressed caution regarding the potential inflationary risks that could arise from a hasty policy easing. Additionally, silver markets received a boost from ongoing supply concerns, as the Silver Institute predicted a global market shortage for the fifth consecutive year in 2025, with production estimated at 844 million ounces—nearly 100 million ounces below the projected demand.