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SINGAPORE/NEW YORK, Nov 5 (Reuters) – A tumble in silver prices to four-year lows has triggered a global scramble by consumers to purchase silver coins and bars as the metal has reached its cheapest level relative to gold in more than five years.
Retailers and distributors in Asia and the United States said they were struggling to get supplies of items such as Canadian Maple Leaf silver coins.
Demand for silver has been strong over the past few months, but retailers say buying interest has soared in recent days as the metal has slid towards its lowest since 2010.
Silver fell to 4-1/2 year lows at $15.17 an ounce on Wednesday, down 21 percent this year so far. “We have seen a significant uptake in demand for silver in recent days, both for coins and for 1,000 ounce bars,” Mark O’Byrne, research director of bullion dealer GoldCore, said.
“Silver Maples are being snapped up by U.S. and Asian buyers as the premiums are lower than for silver Eagles. Silver Philharmonics continue to be popular in Europe as they too are cheaper than Eagles, with a similar premium to Maples.”
Gold and silver Philharmonics are issued by the Austrian Mint, while the U.S. Mint issues American Eagle coins.
Demand for silver coins and bars accounted for more than a fifth of total demand in 2013, according to a report by the Silver Institute.
An ounce of gold is now about equal in price to 74 ounces of silver, the biggest spread between them since early 2009. Due to its greater affordability, silver sales tend to outstrip gold in volume terms and attract a lot more retail buyers.
“Supply of silver from some mints has been delayed,” said Brian Lan, managing director of Singapore-based retailer GoldSilver Central.
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