November 18: Silver Prices Plunge Across the Board

At Ancarat Vietnam Joint Stock Company, silver prices have seen a significant drop today, listed at VND 1,908,000 per tael (buy) and VND 1,965,000 per tael (sell) in Hanoi, reflecting a decrease of VND 42,000 per tael on the buying side and VND 27,000 per tael on the selling side.

Meanwhile, the 1kg 999 fine silver bar is priced at VND 50,110,000 per bar (buy) and VND 51,550,000 per bar (sell), as updated at 9:01 AM on November 18th.

Globally, silver prices have fallen to $49.8 per ounce.

Silver has plummeted below the $50/ounce mark as investors brace for a wave of U.S. economic data following the government’s reopening, which may shed light on the Federal Reserve’s policy outlook.

According to Christopher Lewis, a precious metals analyst at FX Empire, the decline in buying activity has raised concerns about a potential double-top pattern forming around $54 per ounce, a bearish signal if prices fail to hold critical support levels.

Lewis suggests that if silver falls below $50/ounce, the likelihood of a deeper decline increases significantly, as current support factors are insufficient to fuel an upward trend. Weakening buying volume during price rebounds also indicates a lack of market momentum.

Precious metals faced heavy selling last week as traders scaled back expectations of U.S. rate cuts, with markets now pricing in a roughly 46% chance of a 25-basis-point Fed reduction next month, down sharply from about 88% a month ago.

Attention is now shifting to the closely watched September jobs report due Thursday (November 20th), while markets await updates on the economic release calendar.

Meanwhile, the U.S. Department of the Interior recently added silver, copper, and metallurgical coal to its list of “critical minerals,” underscoring their economic and national security importance. This designation could pave the way for Section 232 investigations and trade restrictions, similar to those applied to copper earlier this year.