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China Silver Demand to Climb to Record

October 25, 2012 in Precious Metals, Silver

By Bloomberg News – Oct 25, 2012 3:36 AM ET (http://www.bloomberg.com)

Silver demand in China, the world’s second-largest user, is set to jump as much as 10 percent next year to a record as investors look to preserve wealth, according to Beijing Antaike Information Development Co.

Consumption may climb to 7,700 metric tons after gaining 6 percent to 8 percent in 2012, Shi Heqing, an analyst at Beijing Antaike, said in an interview on Oct. 22. About 33 percent of the country’s demand comes from jewelry and coins, with the rest from industrial use in photography, solar and electrical appliances, according to Antaike, which has studied metals for two decades.

Investors in China are buying more silver as the second- largest economy slowed for a seventh quarter, the Shanghai Composite Index is heading for a third straight annual drop and property curbs are limiting prices. Silver climbed 15 percent this year and holdings by exchange traded funds gained 6.5 percent this year after touching 592 million ounces last week.

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