Silver Price Today, June 16: Sustaining High Levels on Monday’s Opening Trade

At Phu Quy Gold and Gemstone Group, silver prices remain unchanged, trading at 1,398,000 VND per tael for buyers and 1,441,000 VND per tael for sellers in Hanoi. These prices have been stable for the past week.

Meanwhile, the 999 silver bar is priced at 37,279,907 VND per kg for buyers and 38,426,571 VND per kg for sellers, as of 9:12 am on June 16th.

In the global market, silver reached 36.36 USD per ounce, equivalent to 946,000-951,000 VND per ounce.

After multiple failed attempts to surge, even as gold consistently hit new historical highs, silver has finally embarked on its long-awaited price rally.

According to Peter Krauth, the silver price outlook for the second half of this year and beyond is far from what the market is currently witnessing. He predicts that silver could reach the $40 level in the coming months and surpass the $50 mark – a historical peak reached in 1980 and again in 2011 – within the next year.

“I have emphasized multiple times in the past six months that the $40 level is well within reach in the second half,” Krauth said. “And I believe the $50 level will be breached at some point next year.”

Furthermore, he suggests that once silver breaks through the historical ceiling of $50, the market will enter uncharted territory. “We’ve never traded silver above $50. If that happens, there really is no clear limit,” he stated. “Depending on the context, prices of $60 or even $65 are not out of the question.”