Silver futures advanced for a third straight session amid signs of tightening supply as demand rises.
The U.S. Mint, Royal Canadian Mint, Perth Mint, Austrian Mint and British Royal Mint are placing limits on silver-coin sales, pointing to “considerable tightness” in the market, the Silver Institute said in a report Tuesday. Lead times have been stretched from immediate delivery to three to four weeks in some cases, an “unusual occurrence,” the group said. Gold futures also rose.
“Demand has been huge” for silver, said Peter Thomas, a senior vice president at Zaner Group LLC, a metals broker in Chicago, “We’re selling as much product as we’re getting in. I’ve been almost four months behind now” on deliveries, he said… read more