Silver 'Looking Horrible?' Prices Up in China, Japan

by MetalMiner IndX Reports on

Silver prices were mixed on MetalMiner’s daily index, as retail investors (e.g. buyers of US Mint silver coins) boost silver’s excitement.

But other indicators seem to say, “Not so fast.”

“Though the world may be witnessing recovery in growth, some silver-specific sectors – most notably the solar panel industry – are struggling,” according to the Financial Times. “And bankers say that Chinese interest in silver, either from investors or industrial users, remains unremarkable: the country’s net imports have fallen and Chinese silver premiums, a closely followed indicator of the strength of demand in the country, have remained weak.

“I still think silver looks horrible,” the FT quotes David Wilson of Citigroup as saying. “To me it looks like an oversupplied market and I can’t see why you’d want to buy it.”

Today’s Silver, Gold, Platinum, Palladium Prices

On Tuesday, September 3, the day’s biggest mover was Japanese silver, which saw a 2.0 percent increase. Indian silver fell 0.6 percent on Tuesday. The price of Chinese silver increased 0.5 percent. The price of US silver steadied following two days of dropping prices.

* Get the complete prices every day on the MetalMiner IndX℠

The price of Indian gold bullion fell 0.5 percent. Japanese gold bullion closed 0.5 percent lower. The price of Chinese gold bullion finished the market day up 0.2 percent per gram. After dropping for two days, the price of US gold bullion flattened.

Japanese platinum bar prices rose 1.0 percent. Chinese platinum bar ended the day after a 0.3 percent drop yesterday. US platinum bar held its value on Tuesday.

Chinese palladium bar prices declined 1.2 percent. For the fifth day since Wednesday, August 28, the drop-off has accelerated. Japanese palladium bar finished the day down 0.3 percent. The price of US palladium bar flattened following two days of declines.

FREE Download: The Monthly MMI® Report – covering the Precious markets.