Silver coins hot up in India as gold sales weaken
"The high price of gold, however, has many investors betting on silver. ``People's appetite for investing in the white metal has sky-rocketed lately, with most consumers coming in and picking up silver coins in double digits,'' said Sonamull Shah, bullion trader.
An official at Nakoda Bullion added, ``Coin sales are picking up here. Compared to the last two months, sales are showing good recovery, since all those who cannot afford gold are now buying silver.''
Small-sized silver bars and coins are dominating most retail counters now, with consumers choosing the cheaper white metal in hopes of future price gains. Demand from industries and domestic coin makers is also keeping spot prices firm.
India is the largest importer as well as consumer of silver, with the average domestic consumption of the metal around 3,600 tonne per annum."