(Bloomberg) — Silver (SI=F) hit the highest in decades as a historic short squeeze in London intensified, with a fresh surge in prices adding urgency to a worldwide hunt for bullion that could alleviate the mismatch between demand and supply.
Spot silver climbed as much as 3.9% above $52 an ounce, exceeding last week’s peak, while gold surged to a fresh record above $4,115, building on a record-breaking run of eight weekly gains. Platinum and palladium also jumped amid signs that market stresses caused by surging investor demand are starting to spread to other precious metals.
Concerns about a lack of liquidity in London drove silver closer to a $52.50 record from 1980 — set on a now-defunct contract on the Chicago Board of Trade. Benchmark prices in London have soared to near-unprecedented levels over New York, prompting some traders to book cargo slots on…
