Silver investment demand surges 30% as silver ETF holdings robust

Today’s AM fix was USD 1,577.00, EUR 1,049.10 and GBP 1,204.18 per ounce. Yesterday’s AM fix was USD 1,580.50, EUR 1,213.25 and GBP 1,054.02 per ounce.

Silver is trading at $28.81/oz, €22.04/oz and £19.24/oz. Platinum is trading at $1,604.50/oz, palladium at $760.00/oz and rhodium at $1,200/oz.

Gold fell $5.70 or 0.36% closed at $1,577.70/oz. Silver slid $0.19 or 0.65% to $28.86. 

Gold and Silver ETF Holdings

Gold appears to be consolidating just below the $1,600/oz level. It is 0.3% higher in dollar terms for the week, 0.4% higher in pound terms and 2.3% higher against the yen which has fallen sharply this week. 

While it is 5% lower YTD in dollar and euro terms, it has risen nearly 2% and 4% in pound and yen terms so far in 2013. 

Cross Currency Table – (Bloomberg)

Physical demand continues to be supportive of gold according to UBS. In their note today they say that physical demand prospects out of China remain positive in the weeks ahead. UBS said Asia remains a net buyer and although premiums on the Shanghai Gold Exchange have fallen, volumes remain elevated.

Meanwhile Chinese banks are also buying gold in international markets.  The spread between Shanghai and spot gold prices narrowed from about $20 an ounce over the past few days to below $15. Reuters reported that there was "strong buying from Chinese banks" in the overseas market which had helped push up the premium in onshore prices.

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