Analysis: Driven by safe-haven demand and a weakening US dollar, silver is approaching $100 per ounce.

BlockBeats News, January 23rd, driven by safe-haven inflows, a weakening US dollar, and strong industrial demand, the silver price is approaching $100 per ounce. Silver has risen by about 12% since the beginning of this week, with a total increase of over 40% year-to-date.

Ole Hansen, Head of Commodity Strategy at Saxo Bank, stated that momentum and Fear of Missing Out (FOMO) are driving this rally, but he pointed out that this is not purely a speculative frenzy. Meanwhile, the price of platinum has also risen by 3.3%.