500 oz Cast Silver Bar Added to Kitco’s Product Portfolio

Kitco Metals Inc. recently announced the addition of a new silver product to its portfolio, the Kitco 500 oz Cast Silver Bar.

The bar is not only unique in size, but it is also minted from .9999 pure silver. Most silver bars have an upper purity of .999 fine.

The 500 oz silver bar features a "confidence-inspiring" Kitco logo, reminding buyers of Kitco’s buy-back policy. The company guarantees to repurchase its Signature Silver Products at or above the prevailing spot price of silver.

"Investing in silver bars used to be a balancing act. You could choose small bars, but these carry very high manufacturing premiums," said Peter Hug, the company’s Director of Investments. "Alternatively, you could choose standard-sized bars, but these are of uneven weights and can be quite expensive." We "decided to offer clients a happy medium with the 500 oz Cast Silver Bar. Clients are no longer forced to buy or sell too little or too much at once," added Hug.

The 500 oz cast silver bar is produced by Sunshine Mint, the same company that provides coin blanks to the United States Mint for its one-ounce American Silver Eagle and 5 oz silver bullion coin products.

"The Sunshine Mint (a household name in the business of all things silver) has outdone itself with this one," noted Jon Nadler, senior analyst at Kitco Metals Inc. "This writer held one of these perfect-looking ingots the other day and experienced instant silver lust. Not a cheap item, by any means, but definitely one that — when held — embodies the essence of physical ownership in the white metal and reinforces the powerful effects of the ‘fondle factor.’"

U.S. silver prices ended the first week of November with $1.447 gain, marking a 9 percent weekly increase and the highest close since March 1980. The metal has surged 59 percent in 2010. With 30-year high silver prices, demand has risen for physical silver, such as silver rounds, silver bars, 90% silver coins and the aforementioned Silver Eagles — the bullion silver coins just leaped to an annual sales record of more than 28 million in 2010.

About Kitco Metals Inc.

Founded in 1977, the company is one of the world’s premier retailers of precious metals. A mainstay of Kitco’s business is the award-winning website www.kitco.com. Featuring an online precious metals store, live spot prices, market commentaries, news and usable market information, the website attracts nearly a million visitors every day. From its offices in Montreal, New York, Hong Kong and Shanghai, the company provides top-quality products and services that are trusted by customers around the world.