Silver prices for July delivery surged $1.058, or 2.2 percent, to $48.599 an ounce.Silver prices have risen 5.5 percent this week and 57.1 percent in 2011.
China said its net imports of silver nearly quadrupled to more than 3,500 metric tons in 2010, boosted by sharp increases in demand by the industrial sector and the jewelry industry.
Silver demand in China and India has increased sharply in recent months as more investors use silver as a store of value.
About 70% of China’s silver demand comes from the industrial sectors. Silver is widely used in the production of electronic products, jewelry, industrial production, such as medical, solar power and water purification industries.
China is the world’s largest producer of solar power and electronics.
Silver price increased more than 80% in 2010.
Demand for silver in China and India is up 30 per cent in 2011.
In 2010 India consumed about 2,800 tonnes of silver, this year’s consumption is expected to rise to 5,000 tonnes, according to Albanian_Minerals President Sahit Muja and trading experts. (read more)
No comments:
Post a Comment