Silver: XAG Rises to 2-Month High.

Silver prices rose to $68.2 per ounce on Wednesday, the highest in two months, on strong industrial demand and support from a reignition in the debasement trade. The US Treasury announced it would double the buyback of long-term maturities, adding to other efforts that limit the surge in longer ends of the curve. Besides lowering borrowing costs, the signal that the federal government is actively attempting to supress yields lifted the outlook on dollar liquidity, raised risks on higher deficit spending, and turned investors to repivot toward hard assets that defend across a lower purchasing power. In turn, industrial demand for silver also supported bids. Chinese imports of silver-bearing ores surged 62.5% annually in June to 219,000 tonnes, in line with an expanding production for solar panels and electricity grids to accommodate for the soaring electrification trend pushed by the central government.