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Silver demand likely to depend on Indian investors
Silver demand likely to depend on Indian investors
At a time where strong physical demand is the only thing keeping weak silver longs from panicking, many are focused on seasonal Indian demand and the strengthening rupee.
Author: Dr. Jeffrey Lewis
Posted: Tuesday , 16 Oct 2012
Silver-Coin-Investor.com -
With the Indian rupee having gained 7.3 percent against the U.S. Dollar since the end of August alone, silver prices expressed in rupees will likely soften in the near term.
This led at least one analyst to predict that silver’s price direction in the short term could depend on Indian investors.
Combined with seasonal demand, a strengthening rupee could impact physical demand for silver going forward at a time where strong physical demand is the only thing left keeping many weak silver longs from panicking.
Large Not-For-Profit Seller Reported
Furthermore, in relatively thin market conditions surrounding the Columbus Day U.S. holiday weekend, the silver market once again reportedly saw a very obvious and large “not for profit” seller start to show up.
The all-too-familiar resulting decline in silver futures prices seemed designed to trigger stops placed by weak longs, thereby causing even longer term silver holders to express concern.
However, the manipulation does not seem to working this time. The longs have remainedwith some traders merely buying dips in the day to day price action. Tuesday’s session was a good example of this.
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The only thing keeping silver from going thru the roof is market manipulation.