Silver seems to be shinning better than gold these days. It continues to rise to new highs, almost on a daily basis, and touched Rs70,000 a kg in India on Friday. Experts have failed to understand where the white metal is heading towards. During the last one year, silver price has unexpectedly increased by 149% or 2.5 times. Analysts and traders are still wondering the driving force behind such high silver prices. Traditionally, the trend of price growth of both bullion metals ” gold and silver ” has remained more or less similar. But, this has not been the case in the last one year.
Gold prices in India have shot up by 33% from `16,650 per 10 gram on April 22, 2010, to `22,000 on April 22, 2011, while silver prices have unexpectedly shot up by 149% from `28,090 per kg to `70,000 per kg.
It has become scary now, feels MD & CEO of National Spot Exchange Limited (NSEL), Anjani Sinha. World is highly bullish over silver. Despite climbing new peaks, buying of silver has been continuously rising. The rise of more than `1,000 per kg on daily basis is very unique, something never seen before,” he said.
