Silver Rises on Demand for Commodity ETFs
Silver returned to growth today, recovering from the its lowest level since September 13 set yesterday. The main driver for the growth is considered to be the increased holdings of the precious metal by the silver
According to the news and data service, the total amount of silver held by ETFs is only 0.6 percent below the peak level of April 2011. The demand seems to be busted by the global tendency to ease the monetary policy and print more money. Analysts point out that should the new rally is gold start, silver is likely to outperform its more expensive counterpart.
Despite the growing popularity of
As of 15:09 GMT, the spot silver is trading at $34.22 per troy ounce — up from the opening rate of $33.99 per troy ounce. The current weekly low was set yesterday at $33.48 per troy ounce.
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