After drawing almost hysterical support earlier in the year.
(1888PressRelease) July 08, 2011 - MIAMI, FL - After drawing almost hysterical support earlier in the year, silver appeared to have lost its charm, settling into a less exciting position where it more or less held its ground due to industrial demand and some safe haven buying. To some extent it has tended to be 'dragged along' by its big brother, gold, as a hedge against unpredictable economic issues. In China, however, it seems that silver 'hysteria' is alive and well.
According to Michael Montgomery, writing for Silver Investing News, demand for silver in China is soaring. Imports of silver to China have reached record levels and there seems to be no early end in sight. Montgomery feels that the growth comes not only from demand from industry but also from investors buying the metal as a hedge against inflation. There is a growing demand for silver and gold coins from China's burgeoning middle class who have concerns about their economy and increasing inflation. China has just raised bank rates again in an attempt to curb inflation, which is accelerating alarmingly and is now over 6%. In 2010 imports of silver to China quadrupled and market analysts predict demand in China, and also India, to increase by as much as 30% this year.
Silver bullion is also gaining popularity in the US where the 'poor man's gold' syndrome is making silver coins very attractive to investors who are not in a position to buy quantities of gold. The US mint has produced over 20 million silver eagle coins so far this year and demand for the silver coins has reached an all-time high.
Pan American Metals of Miami (PAMM) has a team of seasoned brokers and traders, ably led by Bill Hionas, available to assist investors wishing to buy silver, or other precious metals. PAMM was showing silver up 62 cents at $36.06, July 6.
Pan American Metals of Miami, LLC is a group of traders, investors and brokers who combine many years of experience to help clients invest in bullion. PAMM provides an individual investment service and is based in Miami, Florida for convenient access to both North and South American investors.