Investors are adding to holdings as silver becomes cheaper relative to gold. Silver plunged 36 percent in 2013, the most in three decades, exceeding a 28 percent decline in gold as equities climbed, the U.S. economy improved and inflation remained muted. Assets in exchange-traded products backed by silver rose 1.9 percent in 2014, climbing for a third year, as gold holdings were little changed. American citizens are his largest group of customers, said Gregersen.
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