Silver zoomed to its 14-year high on Thursday, spurring a similar rise in cryptocurrencies linked to the precious metal.
Tokenized Silver Beats Bitcoin, Ethereum
Spot silver was up 1.22% to $42.07 per ounce as of this writing, matching levels last touched in January 2011.
The gains trickled down to physical silver-backed coins, such as Kinesis Silver. The latest spike pushed its year-to-date gains to over 33%, according to CoinMarketCap, higher than Bitcoin but slightly trailing Ethereum.
Note that each Kinesis silver token is backed by one ounce of investment-grade silver bullion, securely stored in Kinesis' fully insured, audited vaults.
| Cryptocurrency | 24-Hour Gains +/- | YTD Gains +/- | Price (Recorded at 2:00 a.m. ET) |
| Kinesis Silver (KAG) | +2.65% | +33.29% | $42.40 |
| Spot Silver | +1.22% | +42.36% | $42.07 |
| Spot Gold | +0.52% | +37.49% | $3,652.48 |
| Bitcoin (CRYPTO: BTC) | +1.18% | +23.81% | $115,622 |
| Ethereum (CRYPTO: ETH) | +3.07% | +36.79% | $4,555.42 |
See Also: Gemini Upsizes IPO To Raise $425 Million, Winklevoss Twins-Founded Crypto Exchange Targets $3 Billion Valuation
What Are Analysts Saying?
Max Keiser, otherwise known for making massively bullish predictions about Bitcoin, said that silver is “certain” to hit $150 once it crosses $50.
Interestingly, in 2021, he stated that all fiat currencies, including gold and silver, will go to “zero against Bitcoin,” and that he has no interest in them.
Influential economist Peter Schiff also weighed in on the silver rally, stating that “precious metals are getting ready to melt up.”
“This is an unmistakable market signal that the Fed’s upcoming rate cut is a huge mistake,” Schiff said. “Inflation is high and rising. The Fed needs to hike rates, not cut them.”
It’s worth highlighting that consumer inflation for August came in hotter than expected, but traders have increased the odds of a rate cut, focusing more on weak job numbers than the inflation print.
Photo: MMD Creative / Shutterstock
Read Next:
