Silver Sets New All-Time High Above $66 Per Troy Ounce

 

Silver Sets New All-Time High Above $66/ozt Ahead of Trump National Address

(Bullion News Network) – Silver cruised past yet another all-time high on Wednesday, closing at more than $66.25 per troy ounce. Gold prices also increased, with the precious metal adding around $36 per troy ounce and settling at over $4,340/ozt. The price action heavily favored silver, driving the gold-silver ratio two points lower to a nearly five-year low. Platinum and palladium also increased, with platinum gaining nearly $58 per troy ounce as palladium gained just over $54.25/ozt. Precious metal prices surged across the board on Wednesday following another mixed-signal U.S. employment report and another escalation in the blossoming conflict between the United States and Venezuela. With President Donald Trump scheduled to address the nation Wednesday evening, rumors that tensions may continue to flare between the two countries could be driving heightened demand for safe haven assets like gold and silver.

On Tuesday, U.S. President Donald Trump classified the government of Venezuela as a terrorist regime, ordering a blockade of the country’s oil tankers in the latest escalation of tensions between the U.S. and Venezuela. The American leader plans to speak to the nation in an address Wednesday evening, and some analysts believe that further action against Venezuela may be on the horizon. Safe haven assets like gold and silver tend to appreciate in value during periods of heightened tensions, which might explain the surge in precious metal prices traders saw on Wednesday. According to the White House, President Trump’s speech will focus on the administration’s 2025 victories. No official sources have mentioned Venezuela as a topic of the president’s forthcoming speech.

The November U.S. employment report released on Tuesday came in with mixed results, mirroring the delayed October report that helped cement a third consecutive rate cut from the Federal Reserve. The American economy added more jobs than expected, with 64,000 jobs added compared to a median projection of 45,000. The unemployment rate ticked up again, jumping to its highest percentage since September 2021 at 4.6%. The mixed-result labor report boosted the likelihood of a rate cut at the Federal Reserve’s next meeting in January 2026. On Wednesday, CME FedWatch projected a 24.4% probability that the FOMC will vote to cut rates to start the new year. This probability is up from 20.6% one week ago and 15.9% on Nov. 17. Notably, the CME FedWatch projection that rates will increase clocked in at 0.0% on Wednesday compared to readings of 5.6% last week. 

All major precious metals ended Wednesday in the green. Silver led the charge, gaining more than $2.50 per troy ounce and setting a fresh all-time high at more than $66.25 per troy ounce. The spot price of gold also increased, adding approximately $36 per troy ounce. Platinum and palladium moved similarly, with both precious metals gaining more than $53/ozt on the day.

President Trump’s national address tonight stands to have a profound impact on demand for safe haven assets, including gold and silver. Hints of a further escalation between Maduro’s Venezuelan government and the Trump administration in the United States could drive safe haven demand even higher. Heading into the second half of December, traders are also looking forward to tomorrow’s Consumer Price Index (CPI), a major inflation reading that could give investors a hint about where the FOMC may be heading with interest rates next year.