Silver Demand In China For Wealth Protection To Climb to Record 7,700 Tons!
Silver Demand In China For Wealth Protection To Climb to Record 7,700 Tons
Submitted by Tyler Durden on 10/25/2012 - 07:54 British Pound China Federal Reserve Gross Domestic Product Iran Morgan Stanley Precious Metals recovery Reuters Twitter United Kingdom
Bloomberg reports that Chinese silver demand is set to climb nearly 10% next year as investors look to preserve their wealth. Although China as the 2nd largest world economy may be in an economic slump, investors are seeking out silver as a value alternative investment. Silver climbed 15% this year and ETF’s holding silver have gained 6.5%. Research from Beijing Antaike said that 33% of the country’s demand comes from jewellery and coins, the rest for use in photography, solar panels electrical appliances. “Many producers and investors have hoarded the precious metal in the form of ingots or unwrought silver.” After the US Fed’s QE1, (December 2008-March 2010) silver rocketed 53%, almost twice the jump as gold, and for QE2, (ending June 2011) silver rose 24%. Morgan Stanley predicts that silver will again return more than gold after QE3 was announced this September. Chinese national statistics show that jewellery sales rose 19.3% for the first eight months compared to last year. “I’m bullish on silver, so I personally have stockpiled 3 tons of it at home,” Yang Guohui, president at Hunan Yishui Rare & Precious Metals Recycling Co., said in Xiamen on Oct. 17. Yishui is based in Yongxing County, Hunan province, where about 20 percent of China’s silver is from, according to Huang Xiaoming, head of the local precious metals management bureau.
more at: http://www.zerohedge.com/news/2012-1...cord-7700-tons
Re: Silver Demand In China For Wealth Protection To Climb to Record 7,700 Tons!
3T=6000 av pounds=87,5K t/oz @ $32.50=$2,843,750 in Yang Guohui's HOME.
Guohui is currently president of:
Hunan Yishui Rare & Precious Metals Recycling Co.,
Yongxing County,
Hunan province,
China.
Gives new meaning to putting your (hard) money where your mouth is. At least he isn't a dentist. LOL
Quote:
Originally Posted by
mamboni
WHEW!
Re: Silver Demand In China For Wealth Protection To Climb to Record 7,700 Tons!
I've been liquidating some numismatic modern proof coins with a slight premium over spot lately and a lot of them have ended up in China. Seems to be a trend indeed.
