Holdings of iShares Silver Trust, the world's biggest silver ETF, stood at 10,689 tonnes on Jan. 22, up 604.9 tonnes, or almost 6 percent, in the end of 2012. By contrast, SPDR Gold Trust, the world's leading gold ETF, saw an outflow of almost 15 tonnes so far this year.
This has made it easier for silver prices rally over 6% so far this year and 4.5% last week alone. The close above $32/oz yesterday was bullish technically as well as could result in silver testing the next level of resistance that is at $34/oz.
The U.S. Mint has sold out of 2013 American Eagle silver coins and can resume sales the week of January 28 when the US Mint stated inventory could be replenished.
Chinese silver turnover surged to 2,200 tonnes on Friday as well as analysts say Chinese investor’s interest in silver is going forward to rise as many are searching at silver as being a less expensive option to gold. Gold Coins, Silver Coins, Rare Coins Learn More >> http://www.silverdollar.cc/
Therefore, trading volumes for the valuable metal on the SGE soared in 2012.
Silver bullion imports by China stay robust too. Silver imports had been 228 metric tons in December, based on information released from the customs agency.
You will find also rumors that Apple is experiencing delays in creating the new iMac due to difficulty in locating industrial silver in quantity in China. More silver than is usually utilized is utilized in the new 21.5" Apple iMac.
HSBC has silently moved into acquiring big amounts of silver bullion. The bank has secured another deal to purchase silver bars from KGHM which brings their total purchases of silver from KGHM alone in the last 12 months to $876 million or PLN 3.65 billion. KGHM is one of the biggest producers of silver in the globe and is the second-largest manufacturer of refined silver in the globe. They create silver bars registered under the brand KGHM HG which are attested to by “Good Delivery” certificates issued from the London Bullion Market Association and also the Dubai Multi Commodities Centre.
Listed precious metals producer KGHM signed an estimated PLN 1.67 billion deal on 2013 sales of silver to HSBC, KGHM stated in a marketplace filing yesterday. The deal puts the total worth of deals between KGHM and HSBC in the last 12 months to PLN 3.65 billion or $876 million, the filing stated.
The Management Board of KGHM announced that on 21 January 2013 a contract was entered into in between KGHM and HSBC Bank USA N.A., London Branch for silver sales in 2013.
The estimated worth of the contract is PLN 1,672,260,469.66. As a result of entering into this contract, the total estimated worth of contracts entered into in between KGHM and HSBC Bank USA N.A., London Branch over the last 12 months exceeded 10% of the equity of the Business and amounts to PLN 3,654,120,061.59.
The highest-value contract signed throughout this period will be the above-mentioned contract. The criteria utilized for describing the contract as substantial is the fact that the total estimated worth of the contracts exceeds 10% of the equity of KGHM. KGHM is one of the biggest businesses in Poland and one of the biggest mining & metallurgy businesses in the world. The primary customers of Polish silver in recent years have been the United Kingdom, Germany and Belgium. HSBC seems to be one of their main customers now.
Highly regarded and erudite, James Steel, the chief commodity analyst at HSBC Securities (USA) Inc. continues to be bullish on silver and recently stated how “silver tends to track gold, except it over performs in a bull market” as well as how he was “moderately bullish on silver” in 2013. HSBC did not comment around the deal and it only came to light as KGHM is a listed business and had to report the deal which was then picked up in Polish media.
The significant deal could simply be HSBC obtaining supply for the NYSE listed ETFS Physical Silver, as they are the custodian. Or perhaps it could be that senior people in HSBC are worried about securing supply as they anticipate robust investment demand to continue and also possibly increase resulting in higher prices for silver in 2013 and beyond. Our recommendation is to buy silver now. How High Will Silver Go? Learn More Kitco Silver >> http://www.silverdollar.cc