India Silver prices seen jumping 80% to historic Rs
100,000/kg by 2012-end(MARKET VIEW)
Bullion traders in India
are calculating that Silver prices could rocket to new historic highs by the end
of 2012. Silver imports had surged to 4800 tonnes in 2012 and demand, though
weak in the first quarter of 2012, is expected to pick up as higher prices
attract investors.
"The trend is fast picking up. Investors and jewellery lovers prefer
more of silver jewellery as gold prices go up consistently. If the positive
sentiments can keep up the pace, silver prices may go over Rs 1 lakh, beating
last year's Rs 75,000 levels", Economic Times quotes Ketan Shroff, managing
director of Pushpak Bullions – one of the biggest suppliers of bullion in
India.
MCX current month silver prices are trading at Rs 55,500/kg and an
increase to Rs 100,000/kg will come to an 80% surge on current
prices.
International silver prices are trading at $80/oz and an 80% rise
will mean prices of around $54/oz. Earlier, silver expert David Morgan had
predicted that silver prices could hit $60/oz in 2012. Many other analysts have
also been bullish on this precious metal and have argued the case of silver
prices reaching new all time highs during the year.
- Umesh Shanmugam
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