CHINA PLAYING A MAJOR ROLE IN GLOBAL SILVER MARKET
DECEMBER 21, 2012
The latest report from the Silver Institute reveals what most participants of the silver market suspected- China has become the largest physical market for silver in the world.
The report indicates total Chinese silver demand has grown to a whopping 170.7 million ounces annually, from just 70 million ounces a decade ago.
Chinese investment demand for silver reached 17 million ounces in 2011, up from 9.8 million ounces in 2009.
As with China’s gold accumulation, it is likely that China’s unofficial hoarding of silver vastly exceeds the publicly admitted 17 million ounces annually.