Even though it is Christmas day, the markets in Asia are open and transacting business today. In those markets, Silver has reached a new all-time-high price of $80.17 per ounce.
Industrial buyers already see shortages of available Silver worldwide. Now, companies like Samsung and Tesla have announced new vehicle battery configurations that will use Silver as their anode. By using silver, the batteries will supply double the range of electric cars from about 300 miles to about 600 miles, and recharging them will only take about nine (9) minutes.
This new Battery technology has caused the demand for metal silver to skyrocket.
Instead of “paper” silver in New York and London determining the price, the physical metal market is now driving the price. The “paper” markets no longer have any say!
Miners who produce silver are selling to the PHYSICAL market in Shanghai instead of to the “paper” markets in New York and London. Those “paper silver” markets show the price of silver at about $71 per ounce since close of trading on Wednesday.
Why would a Miner sell his silver to the paper market for $71, when he can sell the exact same silver to the physical market for $80?
This dramatic change in silver pricing is expected to continue, unabated, because new silver mines cannot be brought online for YEARS. That means the shortages of silver will only get worse – continuing to drive up the price.