Silver investment is breaking records in 2010--Silver Institute 30 year high

Silver investment is breaking records in 2010--Silver Institute

Recent data gathered by the Silver Institute reveals record silver investment, as well as soaring bullion coin demand.

Author: Dorothy Kosich
Posted:  Tuesday , 02 Nov 2010

RENO - 
The Silver Institute noted Monday that silver investment has soared this year with record highs in silver-backed ETFs as U.S. silver bullion coin demand remains "exceptionally strong."
Total global holdings in silver ETFs now stand at 448,997,000 million ounces with 326 million ounces being held by the iShares Silver Trust alone, the Silver Institute said.
Net assets in the iShares Silver Trust totaled $7.8 billion as of October 29^th.
Other notable silver ETFs are being managed by ETF Securities and Zurcher Kantonalbank, with Sprott Inc. recently announcing its IPO for the Sprott Physical Silver Trust, which will be listed on the Toronto and NYSE Arca exchanges.
The Silver Institute also advised that silver bullion coins are "also particularly buoyant" this year with sales of the U.S. Mint's one-ounce Silver American Eagle Bullion coin already surpassing 28 million coins this year. The Mint believes sales could exceed last year's record of 28.7 million coins.
The Royal Canadian Mint is reporting that this year's sales of its Silver Maple Leaf bullion coin are already 30% higher than last year's sales to date, the Institute said.
"Today, the silver price is approaching $25 per ounce and thorugh 2010, the silver price has risen an impressive 47% to levels not seen in 30 years," Silver Institute Executive Director Mike DiRienzo observed Monday. "While this is primarily due to solid investment demand, there is evidence that industrial demand for silver is also on the rise, and that too bodes very well for silver in the long run."



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