Physical investment in silver over the past two months has increased worldwide, primarily bolstered by demand from the two largest markets, the United States and India, according to Valcambi Suisse.

The demand for American Eagle 1-ounce silver bullion coins in September reached 4.14 million coins, with 4,365,000 recorded in October through noon Oct. 29 with additional sales expected.

October's sales of American Eagle silver bullion coins by the U.S. Mint are already the third highest monthly total for calendar year 2014. March leads the way with 5,354,000 coins followed by January with 4,775,000.

The calendar year 2014 total tallies 36,616,000 silver American Eagle bulllion coins.

Festival buying

According to Valcambi Suisse, weaker silver prices are encouraging bargain hunting. In India, specifically, festival buying for Dusshera and Diwali has also driven demand.

"In spite of this apparent support, the silver price has, so far, failed to regain much of the ground it lost to gold last month (when the gold:silver ratio briefly exceeded 72:1, having started the year at around 62:1)," according to Valcambi Suisse. "Looking ahead, the recent strength of physical investment seems unlikely to be maintained in the coming months."

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