by Wealth Wire - Wednesday, January 23rd, 2013
Bars Being Secured By HSBC – Buy $876 Million Worth From Poland
Silver is trading at $32.33/oz,
Silver has now rallied for 7 days due to the flood of inflows into silver backed ETF’s
and investment demand for coins and bars internationally. Analysts polled by Reuters expect silver to rise in 2013.
Holdings of iShares Silver Trust, the world's largest
silver ETF, stood at 10,689 tonnes on Jan. 22, up 604.9 tonnes, or nearly 6 percent, from the end of 2012.
By comparison, SPDR Gold Trust, the world's top gold
ETF, saw an outflow of nearly 15 tonnes so far this year.
has helped silver prices rally over 6% so far this year and 4.5% last week alone. The close above $32/oz yesterday
was bullish technically and could lead to silver testing the next level of resistance which is at $34/oz.
The U.S. Mint has sold out of 2013 American Eagle silver coins
and will resume sales the week of January 28 when the US Mint said inventory would be replenished.
Chinese silver turnover surged to 2,200 tonnes on Friday
and analysts say Chinese investor’s interest in silver is continuing to rise as many are looking at silver as
a cheaper alternative to gold.
trading volumes for the precious metal on the SGE soared in 2012.
Silver bullion imports by China remain robust too. Silver imports were 228 metric tons in
December, according to data released by the customs agency.
There are also rumours that Apple is experiencing delays in producing the new iMac
due to difficulty in sourcing industrial silver in volume in China. More silver than is typically used is utilised
in the new 21.5" Apple iMacs.