China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
All that shimmers is not gold but for silver that’s probably a good thing: The precious metal hit a two-month spot price high of $21.84 per ounce on Wednesday – a 1.9% increase.
Silver for September delivery was up nearly 2%.
This is its sixth straight session of gains – the largest jump since 2011 and a six-month record streak.
Gold is also showing some upward movement, rising 1.28% on its spot price on Wednesday.
Unlike its yellow friend, silver’s main purpose is in the manufacturing of electronics; it’s a key component in goods such as batteries, solar panels and cell phones. This makes the precious metal less likely to fall as the economy improves. In fact, silver’s winning streak is attributed to positive Chinese sales data.
3 Comments
nysparkie
Just keep on rolling baby…Don’t care if it is due to increased productivity or speculation (Disaster looming). Just roll baby, roll….
John Doe
According to the London Bullion Market Association data, the last time silver breached the $50 barrier was in 1979 (and came close mid-2011). From 1989 until 2006 it was valued at under $10.
Max Smith
Topped $23/oz today! Woohoo!