Silver is 'common man's gold' in India as bullion expensive

Bloomberg) Silver is 'common man's gold' in India as bullion expensive

The metal is still 48 times cheaper than gold per ounce.

Demand for silver in India, where imports of the metal surged more than sixfold in the first half of 2010, is increasing as investors seek an alternative to higher-priced gold, according to a trader.

"It is increasing day by day," Ketan Shroff, Managing Director of Pushpak Bullions Pvt, said in a phone interview. Demand probably climbed at least 20% to 30% in the past six months, he said.

Silver futures in New York reached a three-decade high of $31.275 an ounce on Jan. 3, after rallying 84% in 2010. The metal is still 48 times cheaper than gold per ounce, data on the Bloomberg show. Gold for immediate delivery reached a record $1,431.25 an ounce on Dec. 7.

"People are accumulating silver since gold is getting unaffordable to the common man," Shroff said in an interview on Jan. 7. Silver "has become the common man's gold."

Weddings and festivals, and higher gold prices will likely fuel demand for silver in the medium term, broker Karvy Comtrade Ltd said in a report Nov. 2. Imports surged more than six times to $1.7 billion in the first-half of 2010, according to Karvy.

(FT Alphaville) World's Richest Man Enters the Silver Market

Here's some juicy stock market RAW to kick off 2011 - Carlos Slim, the world's richest man is looking to enter the silver market in a big way.

And that big way, according to KingWorldNews, is a bid for Fresnillo, the Mexican based mining company that is poised to become the world's biggest silver producer.