Silver prices on December 21st: Up 8.3% globally, reaching an all-time high.
World silver prices surpassed $67 per ounce, and domestic prices rose sharply as well. Phu Quy Silver investors recorded a profit of nearly 5.5 million VND per kilogram in just one week.
World silver prices hit a new record.
As of the morning of December 21st in the Asian market, the spot price of silver had reached...$67.16 per ounceOverall for the week, silver prices rose $5.15 per ounce, or 8.3%, marking the fourth consecutive week of gains and reaching their highest level in history. This upward trend indicates a shift in capital from gold to other precious metals that serve a similar safe-haven role but at lower price levels.
Not only silver, but other precious metals also recorded positive movements. Platinum prices rose 0.6% to $1,937.5 per ounce, bringing the total increase for the week to 10.5%. Palladium also increased 1.4% to $1,709.2 per ounce, heading towards an increase of approximately 14% for the week.
Reasons for the sharp increase
According to experts, the main driver behind the rise in silver prices comes from expectations that the US Federal Reserve (Fed) will cut interest rates next year after inflation in the US cools. In addition, concerns about slowing economic growth in major economies and forecasts of a silver supply shortage in 2026 are also important supporting factors.
James Hyerczyk, a precious metals analyst at FX Empire, commented: “With US inflation falling and expectations of Fed monetary easing becoming increasingly clear, investors are seeing silver as a more attractive option than gold at the moment.”
Mr. Hyerczyk also emphasized that silver not only benefits from its role as a monetary asset similar to gold but is also supported by industrial demand, while supply is unlikely to increase rapidly because most silver is mined alongside base metal mines.
The domestic silver market is booming.
Following global trends, silver prices in the Vietnamese market also recorded an impressive increase at the end of the week. In particular, the Phu Quy silver brand saw a significant increase, yielding substantial profits for investors.
Silver price list at some major brands (December 21st)
| Trademark | Product type | Buying price (VND/ounce) | Selling price (VND/ounce) |
|---|---|---|---|
| Bac Phu Quy | Silver | 2,528,000 | 2,606,000 |
| Sacombank (SBJ) | 999 silver bar | 2,502,000 | 2,562,000 |
| Ancarat | 999 silver bar | 2,524,000 | 2,586,000 |
For Phu Quy silver (1kg), the current buying price is 67,413,000 VND/kg and the selling price is 69,493,000 VND/kg. Overall for the week, the price of this type of silver has increased by 5,037,000 VND/kg for buying and 5,467,000 VND/kg for selling, resulting in a significant profit for investors.
At other brands, Sacombank's SBJ silver (1kg) fluctuated around 66.72 – 68.32 million VND/kg, an increase of over 3.2 million VND/kg compared to the beginning of the week. Ancarat 999 silver bars (1kg) traded at 66.44 – 68.46 million VND/kg, an increase of over 5.33 million VND/kg in the selling price compared to the previous week.