STRIEBRO – investori nakupujú striebro
Fyzické zásoby striebra sa zmenšujú a práve to ho robí pre investorov zaujímavým aktívom.
Investors buying physical bullion are boosting the cost of silver, a metals analyst told a commodities outlook session at the annual convention of the Prospectors and Developers Association of Canada (PDAC) in Toronto.
"That is the single most important factor pushing the price up," said Jeffrey Christian, CEO of CPM Group in New York. "They are not a residual actor; they are the single most active participants in the market."
During the silver market cycle, in a deficit market for silver, silver is sold from inventories and investors become net sellers, Christian said. During a surplus silver market, investors become net buyers, and it's during these periods when silver prices spike.
"That is the single most important factor driving the silver price up," Christian said. "The increase in silver prices is really a function of an increase in demand in the investors' markets and the futures markets."
Exchange traded funds have become very influential in the market in the past 10 years, holding more than 220 million ounces this year, up from less than 20 million in 2002.
According to Christian, exchange traded funds have absorbed an enormous amount of silver, reducing liquidity in the physical silver market; it also played a major role in the 56% hike in annual silver prices in 2006.
"It's an industrial metal in short supply, and with tighter supplies (than gold)," Christian said.
"Silver doesn't have those kinds of stocks lying around in bullion form any more, and that makes it a lot more interesting," Christian said.
Silver will also benefit from pretty strong fundamentals: supply versus fabrication demand.
Zdroj: CommodityOnline.com
05.03.2008
