Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Retail Silver Interest Soaring, says Sharps Pixley
May 18, 2020 - (Gold Market Wire) - Retail premiums for silver coins and bars have moved from 30% to 40% in less than a month as refinery backlogs leave a shortage of metal in the market, said Giles Maber, Director of Sales at Sharps Pixley, London.
“A lot of refineries are trying to catch up with orders because of Covid-19 and they are prioritizing Gold, which is leaving silver out of the picture.” Maber said. “Less than 1% of our interest has been on the sell side in the past week, which is highly unusual... and for the first time we are seriously seeing enquiries from 'stackers', which is not something we have seen before,” he told Gold Market Wire.
“These are not enquiries from 'preppers' but are really coming from normal retail buyers who are getting concerned about the value of the British pound and are worried about the global monetary system...they believe silver may become a new currency.”
The British pound recently traded as low as 1.14 GBP/USD.
“The recent disruptions in manufacturing and supply are feeding into the market,” Maber said.