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China: Silver bars shine bright in China
Storyline: Silver bars shine bright in China [Voice_over] In China, silver is having a golden moment. On September 22, the London spot price of silver extended its gains to hit a 14-year high, surpassing 43 U.S. dollars per ounce. In China, the price rally is fueling robust demand for silver bars. Employees at a silver processing plant in south China's Shenzhen say they've recently shifted focus from semi-finished products, like silver wire for jewelry manufacturers, to investment bars due to high demand. [Sound_bite] Guan Zhuoheng, head, silver processing company: "Orders for jewelry-related semi-finished products have decreased from a peak of 1.5 tonnes per day to about 700-800 kilograms. Conversely, demand for investment silver bars has grown by more than 50 percent. Our production has jumped from two to three tonnes per month previously to over 10 tonnes now, and we are working overtime to fulfill orders." [Voice_over] The growth momentum is equally palpable in the sales sector. At the city's Shuibei market, China's largest gold and jewelry trading hub, one precious metals dealer has reported a notable increase in silver bar sales. [Sound_bite] Zheng Tieyong, head, brand project department, precious metals dealer: "Sales for silver products have nearly doubled. For example, the previous sales ratio for platinum, silver, and gold was approximately 1:1:8. It has now shifted to about 1:3:6. This one-kilogram silver bar is one of our best-sellers and is particularly favored by our experienced investment-focused clientele." [Voice_over] The price of silver has grown substantially this year. In January, the cost of a one-kilo silver bar was about 1,000 U.S. Dollars, but by mid-September, it was around 1400. [Restrictions : No access Chinese mainland]
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