Silver coins are gaining favor among investors and sales could rise to a record high in 2013, thanks to a sharp fall in the precious metal’s price.
Demand for silver, which is sought after by investors and industrial users alike, is expected to rise, consultancy Thomson Reuters GFMS said in a recent report. The industrial sector accounts for about 45% of global silver consumption, it said.
Already, sales of the U.S. Mint’s American Eagle silver coins have surpassed 2012 levels, as investors are snapping silver coins up “at a breakneck pace,” said Dallas-based precious metals dealer Dillon Gage Inc. The dealer expects American Eagle silver coin sales in the U.S. to exceed a record of 39.868 million troy ounces set in 2011. Silver coin sales totalled 39.17 million ounces in the 10 months ended Oct. 31, eclipsing the 33.74 million ounces sold in 2012, it said.
Billionaire Paulson Sticks With Gold Wager as Prices Rebound
Billionaire hedge fund manager John Paulson, who cut his gold holdings by more than half in the second quarter, maintained his bet on the metal over the next three months as prices rebounded.
Paulson & Co., the largest investor in the SPDR Gold Trust, the biggest exchange-traded product for the metal, held 10.23 million shares as of Sept. 30, unchanged from June 30, according to a government filing yesterday. Billionaire George Soros took a stake in the Market Vectors Gold Miners ETF.