According to CCTV Finance's "First Time" report, the effect of the soaring gold price continues to spill over, and the price of silver also rises.
What is the impact of silver's rise on the market?
In a silver jewelry wholesale market in Shanghai's Yu Garden, the reporter learned that in recent times, whether it is silver bars and silver coins for investment, or decorative ancient silver bracelets and earrings, they have been sought after by consumers. Many stores have seen a significant increase in customer traffic and sales, and spot silver prices have also risen from about 5.4 yuan per gram in early March to about 6.8 yuan per gram, an increase of more than 20%.
Shao Yongjiang, head of a jewelry plaza in Shanghai: During this period of time, the passenger flow of our plaza has increased significantly compared with before, with an increase of about 20% to 30%, and consumers' interest in silver jewelry is constantly improving.
Chen Yunlin, sales manager of a jewelry company in Shanghai: The purchase volume of silver bars or silver plate raw materials for investment attributes has increased significantly, and the silver bars in the store have been basically sold out.
Industry insiders said that the sharp rise was mainly driven by the sharp rise in gold prices, and it is expected that spot silver sales will remain strong. In addition, the application of silver in photovoltaic, new energy and other industrial fields continues to expand, and the demand continues to increase, which also has a certain supporting effect on prices.
Gu Fengda, chief analyst of non-ferrous metals at Guosen Futures: The industrial attributes of silver are stronger, and the driving force of consumption mainly comes from the backsheet and silver paste of photovoltaics, while the demand for physical silver and the demand for jewelry consumption account for about 3 to 4 percent. The recent rapid rise in gold and silver prices is worth watching, as the rise in gold and silver prices has exceeded 15% this year, and in less than 4 months, the risk of a short-term correction from high levels is increasing.
Source: CCTV Finance
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