U.S. Mint Sales of Silver Coins Reach Record in 2013 First Half
CME is catering for the demand by introducing a 1,000 ounce physical silver futures contract “due to demand from customers”.
“The smaller size will provide market participants with greater flexibility to manage their silver price risk, and serve as a more cost-effective tool for individual investors or others looking to hedge against economic uncertainty.”
The CME said it is deliverable against existing benchmark silver futures contracts.
Sales of silver coins by the U.S. Mint have set a record high in the first half of 2013 seeing the best start to a year ever. Silver bullion coins were first offered in 1986.
Falling prices and concerns about being able to take delivery of coins amid continuing concerns about the US economy and currency debasement have led to the record demand.
Platinum ‘Supply Squeeze’ Likely To Lead to Record Prices
Today’s AM fix was USD 1,378.50, EUR 1,030.35 and GBP 880.32 per ounce.
Yesterday’s AM fix was USD 1,386.00, EUR 1,038.59 and GBP 881.79 per ounce.
Gold was little changed on Tuesday as investors awaited guidance from a Federal Reserve meeting on the outlook for the bank’s still incredibly ultra loose stimulus programme, amid mixed U.S. economic data.
Uncertainty about the tenure of Federal Reserve Chairman Bernanke and the possibility of his early retirement may lead to increased risk aversion which will support gold.