Silver Hits Highest Price Since March 7, 1980

 

Surging Gold Demand a “Global Phenomenon” - Chinese Demand For Silver “Voracious”

Submitted by Tyler Durden on 02/17/2011 08:12 -0500

The World Gold Council reports that the increase in investment demand is a 'global phenomenon', reporting a 19% year-on-year rise across the world in its most recent report this morning. In China alone, gold investment demand jumped 70% last year as Chinese people bought gold as a store of value. Demand is projected to grow a further 40 percent to 50 percent this year and jewelry demand will expand by 8 percent to 10 percent this year. Gold imports by India, the largest buyer of gold in the world, climbed to a record of 918 metric tonnes in 2010, driven by a surge in jewelry demand with Indians continuing to buy jewelry as a store of value. Given the degree of demand for silver in China and internationally the forecast that silver could reach $36 an ounce this year, by Bloomberg analysts, is looking very conservative. Those continuing to calling gold and silver “bubbles” continue to ignore the facts and the many, many extremely important developments in the gold and silver bullion markets.

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