Silver Roars Higher as Short Squeeze Rocks the London Market

Silver 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.