In India's largest commodity bourse, Multi-Commodity Exchange of India (MCX), silver continues to be one of the hot favourites for investors with total value of contracts traded at Indian Rupees 302863.283 crore when compared to INR 247071.058 cr for fortnight August 1-15, 2011.
The Hunan South Rare and Precious Metal Exchange is functioning from central China’s Hunan province in Yongxing County.The area is known as the ‘Silver City of China’ because of its abundant silver output, about 25 percent of the country’s annual silver production, according to Cao Minghui, general manager of the Exchange. The Exchange's aim is to achieve a goal of 1 trillion yuan in annual trading volume by the end of 2015, Cao said.
The Hong Kong Mercantile Exchange (HKMEx) has begun trading a dollar-denominated silver futures contract. The silver contract is being traded in lots of 1,000 ounces and be delivered in Hong Kong. According to HKMEx, the silver contract will enable buyers and sellers in China to trade effectively wiht their counter parts across the world, while at the same time allowing investors to gain exposre to Silver price movements and broadern their investment portfolio. Silver demand in China has risen 67% in China and 17% globally between 2008 and 2010.
Trade Dollar
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| Today's Chinese have succumbed to the world of debt by buying paper substitutes for the real McCoy =The silver Trade Dollar was minted by the US Mint as a response to other nation’s large silver coins that circulated freely in the Far East. These coins were often counterstamped with small Chinese characters called ‘chop marks’. The chopmarks meant that the merchant had accepted the coin at its silver value and attests to the coins fineness. The Trade Dollar was designed by William Barber. The coin features a seated Liberty on bales of cotton. She faces left toward the Orient. In her left hand she holds a ribbon inscribed with the word LIBERTY. In her right hand she holds up an olive branch that symbolizes peace. The 13 coins represent the 13 colonies. |
HKMEx silver contract isn additioin to its US dollar 32 troy ounces Gold futures contract currently being traded on the Exchange. HKMEx also plans to launch gold and silver futures contracts denominated in renminbi later this year.
In India's MCX, silver volumes have risen to 51194,628 metric tonnes in August 1-15 period, while that of gold was 984.545 MT. Silver September contract has risen 5% in August at MCX to Rs 61690 on Wednesday.
India's National Spot exchange which wintessed 605% growth in e-gold average monthly turnover in first four months of Financial Year 2011-12 at RS 3082.62 cr also is witnessing increased interest in e-silver. I thas nine delivery centers in India and e-Silver is denominated in 100 gm, 1 kg, 5 kg and 30 kg. E-gold & E silver are investment product that permits holding the bullion in demat form. The segment is on the lines of the cash segment in equity, and offers commodities in the demat form in smaller denominations, accoridng to NSEL. E-Silver contracts recorded a turnover of Rs 54273.56 cr as on August 8, NSEL informs.
