Posted on 07/09/2016 6:25:39 PM PDT by TigerLikesRooster
After Bitcoin, Chinese Go Crazy About Silver
By Valentin Schmid, Epoch Times
July 5, 2016 AT 3:30 PM
Last Updated: July 7, 2016 12:06 pm
Chinese speculators have the reputation of buying anything and everything that is going up.
Real estate, the stock market, copper, bitcoin, and now silver. Futures in Shanghai reached their upside limit when prices hit $21.13 per ounce, up 6.9 percent on the day. Chinese are behind the bulk of the buying as volumes on the Shanghai futures exchange exploded to 95 billion yuan ($14.2 billion) last Friday.
The price has since retreated to a tad below 20, but the overall performance over the second quarter is best in class, up 17 percent.
At least considering traditional asset classes. Bitcoin, the preferred Chinese capital outflow vehicle is up 66 percent in Chinese yuan over the same time period. After peaking on June 16, it has leveled off a bit, a good chance for Chinese traders to focus on silver again. Like Bitcoin, silver is not part of the Chinese banking system and provides insurance for a possible debt restructuring.
Throughout history, the Chinese have been alternating between currency systems based on silver and currency systems based on paper money. Genghis Khan was the first emperor to force his citizens to use paper money, Chiang Kai-shek’s Nationalist Party was the last one to switch silver for paper in 1935.
"The fact that the traded volume goes up while the open interest goes down is a clear indication that day traders have taken over for now."— Ole Hansen, Saxo Bank
(Excerpt) Read more at theepochtimes.com ...
suspend in water wait a month...check ppm...no power required..
And thats ALL I have to say About THAT
Are they counterfeiting silver bars?
Yes, big time. They sell them on the markets on DarkNet. Most of the fakes are 10 oz Engelhard bars. If I buy bars now I stick to Sunshine that has the mintmark SI security feature.
Good to know. I’ll have to check my inventory. I wonder at what point they get caught in the buyer/seller chain. In my area I have not heard of many turning up. Maybe it would be better buying dime/quarter/halve junk silver or alternatively buying directly from the mint?
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