(1888PressRelease) Demand from Asia is driving up silver prices.
MIAMI, FL - Silver continues to have a shiny future. Silver demand from Asia is soaring, in China alone, demand rose 67% in just two years between 2008 and 2010, and the Hong Kong Mercantile Exchange has entered the silver futures market as a major player. As 'poor man's gold', silver offers a very accessible entry point into the precious metals market and continuing concerns over international debt crises are also helping to support a strong rise in silver.
Percentage rise, silver has more than doubled gold's rise during the first part of 2011 (26% compared with 12%). Additionally, the Hong Kong Mercantile Exchange's entry into the market is likely to be a real game changer, opening the door for silver prices to skyrocket.
"Silver is likely to go substantially up in the next decade," says Jim Rogers, Quantum Fund co-founder, in a recent interview with CNBC. Rogers sees silver demand coming partly from currency devaluation and partly from increased industrial need and is calling for a long-term bull market in silver. Silver dealers are gearing up for an increase in sales in the next couple of weeks as international debt fears drive consumers to make safe haven purchases. The sharp drop in price seen in early May could have frightened off some new investors but it now seems likely that silver will not only return to the $50 level but will quickly surpass it.
"Silver makes an excellent entry point into the world of bullion investing," says Bill Hionas of Pan American Metals of Miami. Pan American Metals of Miami was showing silver just over the $40 mark at $40.27, Monday, July 25.
Pan American Metals of Miami, LLC is a group of traders, investors and brokers who combine many years of experience to help clients invest in bullion. PAMM provides an individual investment service and is based in Miami, Florida for convenient access to both North and South American investors.
Pan American Metals of Miami, LLC
Email: dbailey ( @ ) investpanam dot com