GoldCore - Asians Take Shine to Silver
Our friends at Stephen Flood's and Mark O'Byrne's GoldCore.com said Friday, October 5: "Precious metals have all run up with the recent loose money policies enacted by various governments. Clearly the market darling of late is silver which is now gaining favour in Asia for its value appeal. Spot silver traded in New York has risen by 27% since the end of June, while the price of spot gold has increased by a meek 12%."
GoldCore continued... "Futures contracts for silver at India's largest commodity exchange, the Multi Commodity Exchange, rocketed 30% in September compared with July, while volumes fell by 10% for gold futures contracts over the same period.
Indian rupee weakness sent gold prices in rupees to an all time high this year, while silver never exceeded the record it hit last April. Rupee-denominated silver is currently being quoted around 20% below the record.
Indian investors have ceased purchasing because the 2 weeks ending Oct. 15th is regarded as inauspicious. The buying will commence and peak during the week ahead of the Hindu festival of Diwali on November 13th.
Silver is used both as a precious-metal investment and in applications that use its conductivity like smart phones and semiconductors, where consumption is continuing to grow at fever pitch."
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