While silver prices have trended lower over the last 3 months, investor interest in it has been tracking upwards, according to an executive with the Silver Institute.
The institute released a report Oct. 22, produced by the CPM Group, stating that investors may increase their net silver purchases by as much as 1 billion additional ounces in various investment instruments over the next decade.
In an interview with Kitco News, Mike DiRienzo, executive director of the Silver Institute, said that he’s seen an uptick in investor interest in recent months.
“We’re seeing a lot more calls coming into the institute, not only about this report, but about how you can get into a silver play,” he said.
Following a two-day decline, the price of Japanese silver climbed up 3.9% to end at JPY 592.00 ($5.44) per 10 grams on Wednesday, October 29. After a 0.5% increase, US silver finished the day at $17.20 per ounce. Chinese silver gained 0.1% to finish at CNY 3,830 ($623.60) per kilogram. Indian silver stayed flat at around INR 38,901 ($634.55) per kilogram.
The price of Japanese gold bullion declined 0.3% to JPY 4,259 ($39.12) per gram. US gold bullion prices saw a 0.1% decline to $1,223 per ounce. The price of Indian gold bullion remained steady at INR 27,367 ($446.41) per 10 grams. The price of Chinese gold bullion showed little movement yesterday at CNY 241.97 ($39.40) per gram.
The price of US platinum bar increased 1.4% to $1,270 per ounce. After two flat days, the price of Chinese platinum bar inched up 0.8% yesterday to CNY 266.00 ($43.31). After falling for two days, the price of Japanese platinum bar rose 0.5% to JPY 4,372 ($40.16) per gram.
The price of Japanese palladium bar increased 1.5% to JPY 2,716 ($24.95) per gram. At CNY 173.00 ($28.17), the price of Chinese palladium bar finished the market day up 1.2% per gram. US palladium bar prices inched up 1.2% to $790.00 per ounce.