AM fix was USD 1,715.00, EUR 1,317.71, and GBP 1,063.24 per ounce.
Yesterday’s AM fix was USD 1,708.50, EUR 1,321.04, and GBP 1,069.28 per
trading at $32.11/oz, €24.81/oz and £19.88/oz. Platinum is trading at $1,580.75/oz, palladium at $602.30/oz and
rhodium at $1,070/oz.
$6.00 or 0.35% in New York yesterday and closed at $1,700.90. Silver dropped
to $31.52 in NYC trading in the late morning but recovered in the afternoon
and finished with a gain of 0.19%.
slightly upward on low volumes Thursday as the US dollar limited gains on the
heels of the US Federal Reserve’s policy statement which will continue
Cross Currency Table – (Bloomberg)
Federal Reserve on Wednesday stuck to its plan to keep stimulating US growth
until the job market improves even as it acknowledged some parts of the
economy were looking a bit better. In a statement after a two-day meeting,
the central bank repeated its vow to keep rates near zero until mid-2015 and
its pledge to keep supporting growth while the recovery strengthens.”
keeping rates close to zero until mid 2015 and to
provide necessary means to support growth while the US economy recovers.
the UK Q3 GDP figures are out at 0800 GMT.
reports that Chinese silver demand is set to climb nearly 10% next year as
investors look to preserve their wealth.
as the 2nd largest world economy may be in an economic slump, investors are
seeking out silver as a value alternative investment. Silver climbed 15% this
year and ETF’s holding silver have gained 6.5%. Research from Beijing Antaike said that 33% of the country’s demand comes
from jewellery and coins, the rest for use in
photography, solar panels electrical appliances.
XAU/USD 3 Year – (Bloomberg)
producers and investors have hoarded the precious metal in the form of ingots
or unwrought silver.”
After the US Fed’s
QE1, (December 2008-March 2010) silver rocketed 53%, almost twice the jump as
gold, and for QE2, (ending June 2011) silver rose 24%. Morgan Stanley
predicts that silver will again return more than gold after QE3 was announced
statistics show that jewellery sales rose 19.3% for
the first eight months compared to last year.
bullish on silver, so I personally have stockpiled 3 tons of it at
home,” Yang Guohui, president at Hunan Yishui Rare & Precious Metals Recycling Co., said in
Xiamen on Oct. 17. Yishui is based in Yongxing County, Hunan province, where about 20 percent
of China’s silver is from, according to Huang Xiaoming,
head of the local precious metals management bureau.
The spread that
Chinese investors pay to the overseas prices is $40/kilogram which is due to
government tax and transportation costs. In May 2011, this grew to over
$200/kilogram on the Shanghai Gold Exchange amid mass speculation.
power may increase demand. The government is growing the number of
installations from 2.6 gigawatts in 2011 to 21 gigawatts by 2015.
from China who is the 3rd leading producer could reach 13,000 tons this year
from mining, smelting, refining and recycling, according to Wang Jian, deputy head of the China Nonferrous (1258) Metals