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China: Could Silver be the new Gold?

Monday, 13 June 2011

China: Could Silver be the new Gold?
China encourages silver as an investment

China: A key player in the silver World

silver chinese panda
Silver is searing hot in China as imports are set to hit a new high. The white metal's widespread use in industry and jewellery has ensured that though commodities may drift lower in the near term on worries about the global economy, the silver market is likely to remain bullish, maintain analysts.

For the first time, China's net imports of silver hit a record high as they quadrupled in 2010 to 3,500 tonnes. Though many commodities have been affected by softer Chinese and US economic data and worries about Greece's debt, in China silver continues to be strong,'' said a bullion analyst with a foreign brokerage house here.

Analysts have said that the economic situation across the globe - a slowing US economy, Europe's debt crisis, a weak dollar - may all help life the fortunes of the white metal.

Reports indicated that US payrolls grew at the slowest pace in eight months in May, and the dollar has slid to a one-month low against six major currencies. Silver and gold will definitely rise as both the precious metals move in tandem with the negative data,'' said Sonamull Shah, bullion retailer.

Moreover, with the news that China Universal Asset Management Company has got the go-ahead from the nation's financial market regulator to start a fund that will invest holdings in overseas exchange traded products backed by precious metals, traders insist that precious metals are set to get a fillip.

Both traders and analysts have been tracking news and data emanating from China to understand how the silver price will move. But, it is not just China.

Reports have indicated that Turkey imported 25.7 tonnes of silver in May, up from 61 kilograms in April. The surge shows that Middle Eastern demand for silver, which has not been noteworthy to date, may soon become an important catalyst for higher silver prices.

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