The price of silver is continuing it’s march higher on Wednesday, edging closer to $22 an ounce as investors and traders continue to see a high demand for the metal, indicating that the commodities market is really getting excited about gold and silver again.
Latest Silver Price
The spot price of silver reached its highest level since October 2013 at $22.17 yesterday as buying demand pushed the precious metal above last Tuesday’s peak of $21.97. This afternoon an ounce of silver stands at $21.78.
Silver – Relatively Rewarding
Silver has posted gains for each of the past 10 weeks. The price of the world’s second most popular precious metal has increased nearly 11 percent since the end of 2013.
“I don’t think we’re back in the middle of a commodities super cycle at the moment, but returns this year should be relatively rewarding,” writes Mark Luschini, chief investment strategist at Janney Montgomery Scott in the US.
Demand for Physical Silver
Demand for silver is picking up as both India and China have increased their net imports of silver over the past several years, with China going from being a big net exporter of silver, to a net importer since 2010. In 2009 China had net exports of 1,260 metric tons. However, in 2012, China became a net importer of 82 metric tons of silver.
Meanwhile, India, which claims to be the largest consumer of silver in the world saw the best season for Indian weddings last year as which fueled the strong demand for the white metal more than gold bullion.
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Price of silver marches closer to $22 an ounce on investor buying demand
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