A gold vault that can store 2,000 metric tons, double China’s projected consumption this year, opened in Shanghai this month as owner Malca-Amit Global Ltd. seeks to benefit from rising demand in Asia’s largest economy.
China may have bought 300 metric tons of gold in the first half of this year to diversify its foreign- exchange reserves, the world’s largest, according to Philip Klapwijk of Precious Metals Insights Ltd.
Silver prices may climb more than gold this year as economic growth triggers demand for plasma televisions, batteries and other industrial applications, GFMS Ltd. Executive Chairman Philip Klapwijk said.
Silver prices may peak near $35 an ounce next year and average close to $30 on strong investment demand and continuing growth in industrial consumption, Philip Klapwijk, chairman of GFMS Ltd., a London-based research company, said today in Shanghai.
The silver market this year will remain in “substantial surplus” even as the metal is being “absorbed” by investors, GFMS Chairman Philip Klapwijk said in slides prepared for delivery at a Beijing conference today.