Today on The Economy News
UK inflation comes in at new low - sterling falls
Good news for the UK consumer, bad news for those hoping for a stronger British pound.
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Silver prices are exposed to downside pressures say Barclays as industrial demand for silver continues to look slack
- Details
- Category: Silver Prices
- Published on Tuesday, 10 April 2012 11:18
The spot silver price is virtually unchanged on yesterday's closing level at 31.57.
Barclays have today released a note on the outlook for the silver price; at present the pressures on silver are to the downside.
Suki Cooper at Barclays notes that, "concerns around economic growth leaves industrial demand vulnerable and prices exposed to the downside."
A host of indicators point to weak industrial demand for silver.
On a product basis, semi-manufactured silver continued to decline in February, while silver powder and jewellery imports recovered but are still down for the year to date.
Semiconductor sales reached a record in 2011 despite market uncertainty, y/y growth was only 0.4% and sales started to slow towards the end of last year and this February marked the eighth consecutive month of weaker y/y sales and the fourth straight month of softer m/m sales.
"The weakness in Japan following the earthquake and tsunami was initially offset by growth elsewhere, but it was subsequently exacerbated by the decline in demand in Europe which continues to persist this year," notes Cooper.
Silver imports into China are down by a third y/y for the YTD, with exports at their lowest since the start of our database in January 2005, but China remains a net importer of silver.
Latest on The Economy News
- G4S plc : GFS shares slump after firm start; but retain 18-month shallow rising support around 246p
- Forecasts for BP plc and Royal Dutch Shell Plc : RDSA and BP both tipped to yield further gains for investors on technical considerations, momentum waning
- Pound euro exchange rate takes a hit: GBP/EUR breaks into 1.17s as UK inflation data is weaker than forecast
- Euro exchange rate outlook: "EUR bears need a full break below 1.28 to take the field" - UniCredit Bank say on EUR/USD pair
- Australian dollar outlook: RBA minutes marginally beneficial to AUD, forecasters at UniCredit say currency to remain week
- British Pound Sterling Live: GBP outlook deteriorates as UK inflation numbers undershoot expectations
- Australian dollar weakness forecasted yet lower by technical analyst; RBA decision will however be key event-risk on the horizon
