South Korea sides with silver as fiat industry fears downturn

The cryptocurrency market’s fluctuations have been dependent on various factors, and the current atmosphere has been subject to massive scrutiny from across all quarters. The fiat and the precious metals industry have also been going through subtle changes with South Korea becoming a popular hub for Silver.

Refinitiv Metals, an organization part of GlobalTrading recently commented on the silver bull run by tweeting:

“South Korean’s investment demand for silver has picked up right from the beginning of the year, as the confirmation of the Federal Reserve’s interest rate policy in January instigated a silver rush throughout the first three quarters of this year, increasing by over 75% YoY.”

In terms of tonnes traded, the second quarter of 2019 has been the most productive since the first quarter of 2013. The first quarter of 2013 started with sales reaching 3.5 tonnes, a figure that has rocketed up to 6.5 tonnes during the current market atmosphere.

According to the charts, the final quarter of 2017 was when the sales diminished to its lowest, which was around 2.2 tonnes.  The current market situation (especially after the US Fed’s decision to print over $200 billion in currency) is dire, and precious metal trade has never looked more lucrative.

During the publishing time, Silver was trading for 45453 on the MCX silver index. Silver and gold were one of the few commodities that have held up stronger than the fiat market as well as some cryptocurrencies. Silver’s performance was also noted by significant investment banked James Turk, according to whom:

“Gold and silver are close to an upside breakout, but it may take a few more days. $1490 and $17.50 are acting like a magnet. When they finally hurdle $1500 and $17.75, I expect that the precious metals are off to the races.”

While precious metals have been ruling the roost, the cryptocurrency market is not too far behind. Bitcoin, the world’s largest cryptocurrency, received an excellent start to the week as it came out of its price slump to trade for $8246.51. The market cap had also risen to a decent $148.47 billion, with a 24-hour market volume rate of $15.51 billion.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.