Bloomberg reports that Chinese silver demand is set to climb nearly 10% next year as investors look to preserve their wealth. Although China as the 2nd largest world economy may be in an economic slump, investors are seeking out silver as a value alternative investment. Silver climbed 15% this year and ETF’s holding silver have gained 6.5%. Research from Beijing Antaike said that 33% of the country’s demand comes from jewellery and coins, the rest for use in photography, solar panels electrical appliances. “Many producers and investors have hoarded the precious metal in the form of ingots or unwrought silver.” After the US Fed’s QE1, (December 2008-March 2010) silver rocketed 53%, almost twice the jump as gold, and for QE2, (ending June 2011) silver rose 24%. Morgan Stanley predicts that silver will again return more than gold after QE3 was announced this September. Chinese national statistics show that jewellery sales rose 19.3% for the first eight months compared to last year. “I’m bullish on silver, so I personally have stockpiled 3 tons of it at home,” Yang Guohui, president at Hunan Yishui Rare & Precious Metals Recycling Co., said in Xiamen on Oct. 17. Yishui is based in Yongxing County, Hunan province, where about 20 percent of China’s silver is from, according to Huang Xiaoming, head of the local precious metals management bureau.
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