Silver Rises Thanks to Industrial Purchasing

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Silver was up in most indexes today as industrial and coin purchasers began picking the beleaguered precious metal, lowering supply and driving up prices. Silver lost 30% of its value in 2013 and hasn’t rebounded much this year but low prices are freeing up industrial users to stockpile silver to account for several years of raw material.

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On Friday, June 6, US silver jumped up 1.3 percent, landing at $19.04 per ounce and making it the day’s biggest increase. After a 0.3 percent increase, Indian silver finished the day at INR 40,113 ($678.24) per kilogram. Chinese silver closed 0.1 percent lower at CNY 4,085 ($655.52) per kilogram. The price of Japanese silver remained steady at JPY 618.00 ($6.03) per 10 grams.

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Chinese gold bullion saw its price rise 0.8 percent to CNY 252.54 ($40.53) per gram. After a 0.8 percent increase, the price of US gold bullion finished the day at $1,253 per ounce. At INR 25,886 ($437.69), the price of Indian gold bullion finished the market day up 0.3 percent per 10 grams. The price of Japanese gold bullion remained essentially flat at JPY 4,116 ($40.19) per gram.

Chinese platinum bar prices rose 0.7 percent to CNY 307.00 ($49.26) per gram. US platinum bar prices inched up 0.4 percent to $1,440 per ounce. Japanese platinum bar saw little change in its price last Friday at JPY 4,726 ($46.14) per gram.

US palladium bar finished the day up 0.2 percent to $836.00 per ounce. The price of Japanese palladium bar held steady at JPY 2,765 ($27.00) per gram. Chinese palladium bar held its value last Friday at CNY 188.00 ($30.17) per gram.

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