Silver Prices: New Chinese Futures Trading Supports Rally
We already told you that silver prices would rally this year, and developments last week could make the surge approach even faster. The white metal was trending down last week until dovish remarks from Team Bernanke following the Federal Open Market Committee meeting on April 25 reversed the price slide. Spot silver prices on the Comex ended the week at $31.27. But there's another reason supporting a long-term silver price climb. That reason lies in a news item out of China that many investors may have missed. China and Silver Prices On April 26, China Daily reported that the Shanghai Futures Exchange received approval to begin trading silver futures. Previously, Asian investors had to access international markets to trade silver futures, or else they could trade indirectly on local Chinese markets. "There has been an absence of a means of trading in silver in China," Wang Ruilei, an analyst with precious metal trader CGS Co Ltd, told China Daily . "The market will be bigger and more liquid with the advent of these futures contracts." The Chinese announcement allows for two major things to take place. To continue reading, please click here...
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