Silver Bullion, one of the oldest physical silver dealers in Singapore, stated its sales have tripled since last October to about $6 million a month. The firm launched trading through a web site in April 2009 and has noticed income develop from $7.6 million in 2010 to $31.5 million last year.
Another dealer, GoldSilver Central, stated it has noticed more demand for silver than gold - surprising even the founding partners themselves. About 60 per cent of GoldSilver's sales are from silver. "Initially, when we first started (last March), a lot of my partners had been skeptical; we had only one or two believers in silver. The majority of them had been really gold buffs," stated MD Brian Lan. "They had been fairly shocked that silver did nicely, and that there had been a lot of individuals searching for silver as an investment tool."
Probably the most well-liked silver goods would be the Mapleleaf coins of the Royal Canadian Mint, the American Eagles coins, as well as 100-ounce bars, the dealers stated.
The GST waiver announcement catalyzed interest in investing in physical precious metals, with more new investors purchasing following last October, when the waiver took effect.
In addition to kicking up more demand, the GST waiver has also drawn new players in to the physical silver marketplace here. Swedish dealer Liberty Silver setup an outfit called Bullionstar in Singapore last August. Although it has not started trading, enquiries have been "overwhelming"
Although silver is frequently regarded as a poor man's gold, these investing in it are primarily experts in their 20s to 40s, who're nicely educated and searching for alternative methods of investment, dealers stated. Rare Coins, Silver Coins, Gold Coins, Learn more >> http://www.silverpricestoday.cc/
Stated Gregor Gregersen, founder of Silver Bullion: "We do not need to sell. The majority of our clients, once they come, would have currently study through the web." These investors are often concerned with how central banks are looking for to increase development through printing cash, top to the debasement of currencies and inflation.
The US Federal Reserve in December introduced treasury purchases of US$45 billion a month, adding to its US$40 billion a month acquisitions of mortgage debt launched below the third round of quantitative easing (QE3) last September. The new bond purchasing followed two earlier rounds of quantitative easing in which the central bank purchased US$2.3 trillion in securities. The excessive printing of cash will result in an international monetary collapse, rendering cash worthless, some think. When that occurs, precious metals like gold and silver will probably be the primary means of trade, and therefore they act more as insurance than investment, based on this view.
The price of silver has tripled since the finish of 2008, when QE1 was launched. Analysts anticipate it to rise from its present US$30 an ounce to US$40 next year.
Advocates of silver also point to its low worth relative to gold (1:50) as compared to the 16:1 ratio of all-natural occurrence underground - an indication of its possible to rise more than gold, they say.
Silver can also be more extensively utilized for industrial applications, from solar panels to medical devices. Demand for these may also increase as financial development picks up, they purpose.
"When individuals see a $50 note along with a silver coin, probably individuals will go for the $50 note," stated Mr. Lan. "We can really educate the marketplace a bit more . . . I think there is nonetheless a lot more to come." My recommendation would be to buy silver today. How high will silver go? Learn more >> http://silverpricestoday.cc/