Last Updated : 02 February 2013 at 11:10 IST
Silver gets significant investor support but still struggling: Barclays
Silver has struggled to break $32/oz. This is despite silver investment demand having started 2013 on a strong note: the US Mint has reported silver coin sales hit an all-time high in January at 230.8 tonnes, surpassing the previous record set only two years earlier.
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LONDON (Commodity Online): Gold is without near-term structural support from the physical market and remains at the mercy of macro news, while silver has garnered significant investor support but is still struggling, Barclays notes in its latest report.
Silver investment demand has started 2013 on a strong note: the US Mint has reported silver coin sales hit an all-time high in January at 230.8 tonnes, surpassing the previous record set only two years earlier.
Meanwhile, volume traded on the Shanghai Gold Exchange, which is indicative of short-term investor interest, was more than 10mn for the third straight month and is triple the level recorded at the start of 2012.
However, net redemptions have weighed upon silver ETP flows over the past week (down 264 tonnes), taking flows for the year-to-date to 372 tonnes after the second-highest daily inflow recorded earlier in the year.
Despite this strength, silver has struggled to break $32/oz, the Bank noted.
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