Are Gold And Silver Ready To Rumble?
London (Mar 2) At first glance, silver appears to be moving in step with gold. Gold's up 11% year to date and up over 7% month to date, while silver's up 10% for the year and gaining 11% for the month.
"The silver market is showing quiet strength and major support has been defined in the $19 to $20 levels for May Silver." Commented Karl Schott, a silver specialist with the EMA. The fundamentals have not changed and in fact have gotten stronger.
"Silver is finding its own support independent of gold due to strong buying from China and India and an increase in industrial production of electronics," including smart phones, said ERIK sPROTT. in a recent phone interview.
Now let's deal with some reality in the real physical gold market in 2013. The supply/demand data suggests to us that physical demand was overwhelmingly greater than mine supply.
World Gold Supply and Demand 2013, in Tonnes
Source: Seeking Alpha