The latest out of India indicates "frantic" buying of silver coins at the delight of the NY cartel. As is always the case with precious metals, rising prices fuel even more demand.
Regards - VHF
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Silver coins zoom to record high on festival demand
Economic Times
August 14, 2009
NEW DELHI: Silver coins zoomed to an all-time high of Rs 30,000 per 100 pieces in the bullion market on Thursday on frantic buying by stockists for seasonal demand amid firming overseas front.
Gold also inched up by Rs 100 to trade at Rs 15,200 per ten grams in tandem with the rising trend.
Buying activity gathered momentum on retailers buying for the festival like 'Janmashtmi' and coming marriage season, which was further fuelled on reports that the white metal in overseas markets crossed 15 dollar an ounce.
While silver in domestic markets shot up to Rs 23,000 per kg, in futures trade it spurted by nearly two per cent to Rs 24,375 per kg on the Multi Commodity Exchange. It traded higher by 0.3 per cent to 15.07 dollar an ounce in Asian region on weakening dollar.
At the same time, gold received support on reports of its fifth week gain in overseas markets as investors sought an alternative to a weakening dollar.
