Silver Shortage Blamed on “Miner Hedging” as Price Rises with Gold, Global Inflation Data Eyed
By: Adrian Ash
THE PRICE OF gold and silver rose back to last week’s highs early in London on Monday, hitting $1364 and $30 per ounce respectively even as the US Dollar rose to 1-month highs on the currency market.
European stock markets slipped but government bonds and commodity prices were little changed after China reported a further rise in its imports, led by a 5.7% rise in copper demand.
“Physical market is still absent,” said one Hong Kong gold dealer in a note, citing a “lukewarm” premium and low trading volumes in Asia’s bullion markets despite the return of Chinese traders after the Lunar New Year.
“There is plenty of data out this week,” says Standard Bank today, “but of particular importance to precious metals will be the inflation numbers” due from China, the US and the UK.