Silver Prices Hit $50 For First Time In Over 4 Decades

Silver prices surged to the highest level in more than four decades amid growing concerns of fiscal risks in the U.S., with the government shutdown entering its ninth day.

Spot silver prices climbed to a new high of $50.04 per troy ounce, rising nearly 2.4% over the previous day. However, silver futures maturing in December edged lower by 0.13% to $48.93.

According to a Bloomberg report, the current spot silver price is at the highest level since the Hunt brothers' squeeze in the 1970s and 80s. The report states that the ongoing surge in silver prices is due to concerns about the state of the U.S. economy as well as threats to the Federal Reserve's independence, apart from a shortage of freely available silver in London, a key market for the metal.

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