Sunday, January 27, 2013

HSBC Buy $876 Million Worth of Silver Bars

HSBC has quietly moved into acquiring large amounts of silver bullion. The bank has secured another deal to buy silver bars from KGHM which brings their total purchases of silver from KGHM alone in the last 12 months to $876 million or PLN 3.65 billion. KGHM is one of the largest producers of silver in the world and is the second-largest producer of refined silver in the world.
...
KGHM is one of the largest companies in Poland and one of the largest mining & metallurgy companies in the world. The main customers of Polish silver in recent years have been the United Kingdom, Germany and Belgium. HSBC appears to be one of their main customers now.

Respected and erudite, James Steel, the chief commodity analyst at HSBC Securities (USA) Inc. continues to be bullish on silver and recently said how “silver tends to track gold, except it over performs in a bull market” and how he was “moderately bullish on silver” in 2013.

No comments:

Post a Comment