New York [US], February 9: Today, February 9th, the price of silver has risen compared to the close of last week. However, compared to the peak price recorded on January 29th, the price per kilogram of silver has decreased by approximately 40 million VND.
The spot price of silver in the global market, recorded at 8:45 AM (Vietnam time) today, is $80.66 per ounce, an increase of 3.81%.
Domestically, with the market opening, Ancarat Vietnam Precious Metals Joint Stock Company listed the buying and selling prices of silver per tael and per kilogram at: VND 3.024 million - VND 3.118 million and VND 80.64 million - VND 83.14 million respectively, an increase of VND 106,000 - VND 110,000 and VND 2.83 million - VND 2.93 million respectively compared to the closing price of last week.
Phu Quy Gold and Gemstone Company listed the buying and selling prices of silver per tael and per kilogram as follows: VND 3.041 million - VND 3.135 million and VND 81.09 million - VND 83.60 million. Compared to the closing price last week, the price of each tael of silver and each kilogram of silver increased by VND 140,000 - VND 144,000 and VND 3.74 million - VND 3.85 million respectively.
Silver prices opened higher at the start of the week, but compared to the peak price recorded on January 29th, which was nearly 120 million VND/kg for buying and over 123 million VND/kg for selling, the price per kilogram of silver has now decreased by about 40 million VND. Investors who bought at the peak are still a long way from "breaking even".
The recent price movements of gold and silver are causing unease among many investors, by any historical standard. Intraday fluctuations that were previously considered unthinkable for precious metals have now become commonplace.
Daily trading ranges have widened to levels rarely seen outside of crisis periods. According to international analysts, this volatility follows a period of extraordinary price increases. Silver prices surged to levels that made the market overly tense and crowded. From that perspective, the current correction and consolidation are not only predictable but also necessary. Beneath this volatility, the market is not weakening, but is self-correcting.
In the short term, silver is facing rather fragile technical conditions, with the $70/ounce mark currently acting as key support.
If this level is breached, the price could quickly slide to $65/ounce or even $60/ounce, equivalent to a drop of about 30-35% from the recent peak.
Source: Thanh Nein Newspaper
