- Silver is supported by safe-haven demand amid escalating U.S.–Venezuela tensions.
- President Trump said the U.S. will continue seizing Venezuelan oil and ships, with the possibility of selling the oil.
- Meanwhile, Fed official Miran warned that failing to ease policy could raise recession risks, noting that the case for dissent in favor of a 50-basis-point cut weakens as rates decline.
Silver price (XAG/USD) surged to a fresh record high of $70.00 during Asian trading on Tuesday, hovering around $69.70 per troy ounce at the time of writing. Precious metals, including silver, are being supported by strong safe-haven demand amid escalating U.S.–Venezuela tensions.
On Monday, U.S. President Donald Trump said the U.S. would retain—and potentially sell—the oil it has seized off Venezuela’s coast in recent weeks, adding that confiscated ships would also be kept. Meanwhile, Ukraine has continued strikes on Russian energy infrastructure, with the latest attack damaging two vessels and two piers and sparking a fire in a Black Sea coastal village.
Non-interest-bearing silver continues to attract investors amid rising expectations that the Federal Reserve will keep easing policy, reinforced by President Donald Trump’s calls for lower borrowing costs.
Fed Governor Stephen Miran said on Bloomberg TV that recent data aligns with his outlook and that he does not foresee a near-term recession. However, he warned that failing to ease policy could raise recession risks, noting the case for dissenting in favor of a 50-basis-point cut diminishes as rates fall.
Markets are now focused on U.S. Q3 GDP data due Tuesday, with growth expected at 3.2% annualized, down from 3.8% in Q2.
Sources: Fxstreet
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