Socio-Economics History Blog

Socio-Economics History Blog

Silver Sales Set to Outshine Gold in India!

by mosesman

Silver_rocket

  • Silver sales set to outshine gold in India! 
    by Shivom Seth, http://www.mineweb.com/ 
    Investors in India are bullish on silver, saying the white metal is in position for a potentially spectacular move over the next year and more.
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    Indian retailers are bullish on silver. With supplies tightening, deliveries are slowing down this week in the bullion market in Mumbai. What has also buoyed sentiment is that silver continues to lead precious metals, and sales have jumped over 24% this year.
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    Snapping a two day losing trend, both the major precious metals, gold and silver, bounced back in the Mumbai market on buying by retailers at existing low levels. While gold rebounded to $575 (Rs 31,205) per 10 grams (US$1788/oz), silver gained by 1.38% to $1,159.49 (Rs 62,930) per kilo ($36.06/oz).
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    “Strong support is expected in the Silver March contract around $1,159 (Rs 62,900) ($36.05) from the start of the week,” said analysts tracking the white metal. Traders have been taking long position in the Silver March contract above $1,161.49 (Rs 63,050) ($36.13) for target near $1,178.88 (Rs 64,000) ($36.67) for this week, they added.
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    Silver prices have remained steady at around $32 since mid-May. “Though everybody has been gushing about the returns that gold has given over the past four years, it is the white metal that has streaked ahead,” said Manjusha Madani, bullion analyst at an investment house.
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    She added that silver prices have jumped from $304.39 (Rs 16,525) per kilo ($9.47/oz) in 2008 to $1,381.95 (Rs 75,020) per kilo ($42.98) in 2011, a gain of 354%. Though prices have dropped per kilo, it does not mean that the potential in silver is exhausted, she added.
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    An analyst report had also shown how silver had risen about 53% from December 2008 through March 2010, twice as much as gold. Silver is expected to keep beating gold.
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    “More and more people are realising the value of investing in silver coins and bullion bars in India,” added Jayeshbhai Shah, a bullion retailer at Mumbai’s Zaveri Bazaar. “The value of silver has increased rather steadily for the last few years. People who have never invested before are now investing in silver, because they know that buying silver is a great way to ensure that their money is there when they need it,” he added.
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