China Swallows Silver at Record Pace, Draining Global Stocks to the Bone | Metals Mine

  • China Swallows Silver at Record Pace, Draining Global Stocks to the Bone

    From fxleaders.com

    According to Chinese customs data released on Friday, the largest buyer in the world received over 790 tons in the first two months, including nearly 470 tons in February—the highest amount ever for that month. Due to strong demand, local prices have risen significantly above global benchmarks, reducing already low exchange reserves and prompting the acquisition of metal from overseas. A wave of speculative buying from China and other countries drove silver prices up by roughly 70% at the beginning of the year, but by the end of January, they abruptly gave up their gains. This is the most volatile start to a year ... (full story)

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