All Demand On India’s Biggest Metal Buying Day For Silver
Silverbugs are nervous as it seems the lull in the price for precious metals have shaken all the buyers out of the tree. But this isn’t true everywhere.
Silver sales have almost doubled over last year for India’s Dhanteras.
India suffered a considerable slump on Dhanteras, the biggest gold buying day in the country. High gold prices and shortage problems have kept customers away from gold. But, it has not kept them away from silver, as the Dhanteras in 2013 saw increased demand for silver ornaments and articles.
The sale of gold ornaments and coins fell by over 40% compared to last year. The response to gold coins was basically nil. Only 2 gram gold bars seemed to show any volume.
90% of customers purchased 10 gram silver coins instead, and customers seemed disinterested in buying gold at these prices, though gold is comparatively lower than the previous year.
Reports from all over the country are signaling this is one of the worst Dhanteras ever seen. A tight supply crunch led to empty shelf cases, and long queues nor crowded shops were a concern for shoppers. All demand was for silver coins, jewelry and household articles made out of silver.