Global markets today: Silver prices hit a new high on Monday, while shares of multinational mining companies enjoyed a significant increase of up to 16%.
Silver Rally Lifts Global Mining Stocks
One of the biggest gains was Japan’s Toho Zinc stock price, which increased 15.81% on the Tokyo Stock Exchange on Monday. In the meanwhile, the shares of Australian mining firms Sun Silver and Silver Mines increased by up to 19%. Conversely, the Hunan Silver stock in Shenzhen, China, increased by 10% every day.
Silver Demand Driven by AI and Data Centers
“The market is becoming aware of the need for silver, a crucial component required for data centers and AI. According to Bloomberg, Kazuhiro Sasaki, head of research at Phillip Securities Japan Ltd., “many investors are transferring capital from chips and other AI-related businesses to metals like silver, which appear more inexpensive.”
Precious Metals Boom Across Asia-Pacific
As the price of precious metals like gold and platinum hit all-time highs, shares of mining companies across Asia-Pacific, from China to Australia, surged dramatically.
Top Performing Mining Companies
China’s Zijin Mining Group Co. is up 152% in Hong Kong, while Australia’s Genesis Minerals Ltd., a producer of precious metals, has up 199% so far this year. Aneka Tambang Tbk., an Indonesian gold and silver miner, has increased by 122% so far this year.
Record Highs in Hong Kong Mining Stocks
Jiangxi Copper’s shares in Hong Kong also saw a 13% increase to reach a record high, while the stock of CMOC Group also saw a 6% increase to reach a new high.
Indian Mining Stocks Buck the Global Trend
On Monday, December 29, the share prices of mining firms back home, including Hindustan Zinc, Vedanta, and NMDC, fell as much as 3%.
Why are Asian mining stocks rising?
On Monday, silver reached a new high of $84 per ounce, but it saw severe volatility, falling as much as 5.1% from the conclusion of the previous session before rising once again.
Key Factors Driving Silver Prices
A declining dollar, escalating geopolitical tensions, speculative activity, and a structural imbalance between supply and demand are all contributing factors to the metal’s sixth consecutive day of rises.
Silver Outperforms Gold
“Silver has outperformed gold in this cycle, maintaining its dominance in the precious-metals market. COMEX Silver is now trading at $80.40 per ounce after recently setting new all-time highs close to $82.67. Safe-haven demand, rising industrial use, and ongoing structural supply shortfalls are all contributing factors to the surge.
Silver Outlook and Price Targets
The impulsive bullish structure is still present, and corretions are limited and short-lived. Strong support is located between $75 and $72, with upside potential now pointing toward the $84–$87 range. According to Ponmudi R, CEO of Enrich Money, Silver is on course for one of its best yearly results in decades.
