Saturday, January 15, 2011
Demand for Silver Bullion Soars in Australia
Silver has been one of the most neglected of all precious metals, but it is now the most wanted asset by all precious metal investors in Australia, according to Gold De Royale http://www.goldderoyale.com.au one of the nation’s largest online precious metals companies.
Silver outshone gold in 2010, with prices rising up by 80 percent, but it is still undervalued in relation to gold and hasn’t yet reached its 1980 peak of US$50 an ounce. In 2010, both gold and silver moved to new highs, with gold hitting an all-time high above US$1423 and silver moving above US$30 per ounce
"Silver bullion coins and bars are the metal of choice for our customers according to 2010 purchasing data," says Mr. George Vo, Precious Metals Sales Manager of Gold De Royale. Customers are buying silver bullion bars and coins as one would buy bread and milk.
"PAMP Swiss silver bullion and Panda silver bullion coins were the most sought after silver products”. Sales for PAMP Swiss silver bullion were so high that we now have a delivery delay of four to seven weeks for these products.
"Consumers have no trust in paper money and want hard assets such as silver and gold. Interestingly, however, this Christmas more people gave their loved ones silver coins compared with gold bars. This shows a dramatic shift in buying choices by consumers in the precious metals market."
Owing to the current debt crisis, geopolitical tensions, medium term inflation fears and currency debasement, Gold De Royale believes that silver prices will keep moving forward in 2011. "Silver prices may rise as high as $36 per ounce in 2011 if current market trends continue," says Mr. Vo.