ZOID RESEARCH 14-NOV-2014 : SILVER

As been our updates in prior weeks, we are not witnessing any special or separate factor which might be impacting silver commodity which owing to its usage in both precious and industrial metal is simply following the move in them. Additionally, silver is depicting further subdued pricing related developments as the commodity is simply being driven by weaker gold. This week we saw Base metals remain mixed however silver whose 50-55% worth of consumption is dependent on industrial usage still underperformed gold by a wide margin, thanks to its higher beta. Note that USDX, Equity
movement and largely weaker inflation data from major economies particularly EU and China is haunting the demand for Bullion commodities including silver. Meanwhile looking at physical demand for silver, sales of American Eagle silver coins sold by US Mint jumped 40% in October to the highest in 21 months, notwithstanding a huge fall in Comex price of the commodity in the month.

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