Silver imports climb to record, as gold shipments fall
Apr 04, 2015 - 12:00 am GMT+3
Apr 04, 2015 12:00 am
Turkey's silver imports climbed 67 percent to the highest on record last month as inbound shipments of gold declined to the lowest level since July, according to a person with direct knowledge of the data.
Silver imports rose to 54.6 metric tons in March from 32.7 tons a month earlier, said the person with knowledge of the data compiled by the Istanbul Gold Exchange. That's the highest since at least 1999, data on the bourse's website show. Gold shipments fell 10 percent to 1.9 tons, the person said. Silver retreated to a three-month low in mid-March, before rebounding, and Turkey has imported at least 32 tons of the metal every month since November. Investor holdings in silver-backed funds are near the lowest in more than a year, and gold-backed assets are nearing the lowest since 2009 amid speculation that U.S. interest rates will increase, curbing demand for precious metals, which generally offer returns only through price gains. Silver is the best-performing precious metal this year, gaining 6.8 percent to $16.776 an ounce in London, according to Bloomberg generic pricing. Prices plunged 38 percent over the past two years. Gold traded at $1,200.50 an ounce in London on Friday, up 1.4 percent this year.