The bold buying Silver
Adam Pike, News Editor
1 Oct 2014, 10:15 a.m.
Despite silvers recent price decline investors are still adding to their silver Exchange Traded Fund (ETF) positions. Holdings in the world’s largest silver ETF’s are now just shy of their all-time high which was recorded in October 2013. Last week silver fell for the eleventh consecutive week, the longest losing streak since 1968.
Both gold and silver have been been hammered as a result of a strengthening U.S. dollar and speculation the Federal Reserve raising interest rates. A rising dollar makes dollar denominated precious metals more expensive in sterling.
Despite the price of both metals declining investors added close to $99 million to the world’s largest silver ETF and $167.7 million to the SPDR gold ETF last week alone. The gold silver ratio currently stands at 70.98
The platinum price fell over 1% yesterday to $1,276.50 per ounce, its lowest level since October 2009.
Gold is currently trading at £745.76 per ounce, silver £10.52 per ounce, platinum £788.28 per ounce and palladium £475.07 per ounce.