India Hoards Silver; Massive Disconnect In Stocks & Bonds

(MoneyMetalsExchange)

Not only did Governor Abbott of Texas announce they’re going to build a new depository, he made sure in his press release, he said a gold and silver depository. That’s important because silver is mentioned there, not just as an industrial metal, but it’s in the same vein as a monetary metal. Texas has always been a little bit different, but I think different in a good way, because they believe in rights. Not only do they want their gold, they want their gold back on their own ground and they also stated that they’re going to put some kind of bill where it cannot be confiscated from the federal government.

Money Metals FIMAGEI sat down with Mike Gleason from Money Metals Exchange for a candid interview on the promising developments with states reasserting their rights to make gold and silver legal tender.  Here is a brief exchange I had with Mike on this issue:

Steve St. Angelo:  This is interesting because Utah passed gold and silver as legal tender, I believe it was in 2013 or beginning of … 2012, 2013. Arizona did that last year (actually it was this year). They also passed a bill that makes gold and silver legal tender. So if you wanted to pay your taxes to Utah or to Arizona, you could do it in gold and silver and if you could find people to trade with goods and services and they would take gold and silver, you are legal to do that in those states. We’re seeing the states now take control in getting back to a more sound money. I think what Texas is doing, you may see this increase in other states.

 Mike Gleason: Switching gears a little bit. India has certainly been making news for the amount of silver it’s been importing of late. The Indians have certainly been known for their affinity for gold for centuries, but their appetite for silver seems to have really expanded. Talk about that. Why do you think that’s happening?

Steve St Angelo: India is on track to import 9,000 metric tons. They’ve already imported 3,000 in the first 4 months of the year. This is actually up from 7,000 last year. Now the United States has been one of the largest importers of silver in the world and the reason why is we have a lot of industrial applications. We imported about 5,000. In certain years it’s 6,000, especially during 2011. It was 6,000 because there was a lot of investment demand. India tends to be more of a roller coaster ride. When they import a lot of silver bullion, they imported a record 108 million ounces of silver bar in 2008 during the crisis. They had a very high imports back then. In 2012, when silver actually plummeted, imports fell as well. They see silver as a steal at this price. Some say, because the gold taxes are high. They were purchasing a lot of silver bullion back in 2008 when there wasn’t any gold taxes.

You can check out the full interview at the Money Metals Exchange.

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THE SILVER CHART REPORT Rolls Out Tomorrow

SIlver Chart Cover Graphic 3D shadowLastly, I wanted to mention the release of THE SILVER CHART REPORT tomorrow (Tuesday).  The report has 48 silver charts from some of my work over the past six years (all updated), including many new ones never seen before.

The report includes a silver price chart that I believe very few, if any in the precious metal community have ever seen before.  Even though my readers have seen a few of my silver price charts in previous articles, this one is brand new.  One look at this chart, and the investor will clearly see why silver  traded a certain way over the past 100+ years.

THE SILVER CHART REPORT is made up of five sections that cover the silver market and industry like no other single publication on the internet.

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8 Comments on "India Hoards Silver; Massive Disconnect In Stocks & Bonds"

  1. Steve,

    I wish my state was like Texas and looked after their citizens concerning gold & silver. With the market fallout today and the Greece debacle on front stage, silver actually fell again! Even gold only went up only a few bucks so the riggers must fast at work squashing the rally! I’ll take it as a gift, for now, so as to accumulate more PM’s like the Asians do.

    I keep warning those around me to consider alternatives to paper assets and all they give me is a glazed look. The video I saw of a guy trying to sell a 10oz silver bar for $10 says it all. If the collapse happens as fast as you predict I’ll be making a lot more friends in short order! The video of this ignorance is something ALL should view and play back once the reset is here….

    http://schiffgold.com/commentaries/americans-totally-oblivious-to-value-of-precious-metals-are-you/

    • “I keep warning those around me to consider alternatives to paper assets and all they give me is a glazed look. The video I saw of a guy trying to sell a 10oz silver bar for $10 says it all. If the collapse happens as fast as you predict I’ll be making a lot more friends in short order!”

      You care about the fate of others. That’s good; shows you have compassion. However I recommend you be quiet about anything in your possession that desperate people might go after in a crisis…food, silver, cash, etc.

      • No doubt! I never reveal what I have at home and tell others the same if they wish to “dive in”. I also suggest they don’t say anything on social media which attracts all the wrong attention – NSA included!

  2. Anyone with a heartbeat ,will today, officially recognize the manipulation at hand, when Greek banks shut their doors and silver goes down.

  3. Silverwillwin | June 30, 2015 at 5:40 am | Reply

    Smoke and mirrors have been physical silver’s nemesis ever since it posed a real threat to the Federal Reserve’s currency. This one phony tactic maneuver alone has what it takes to rocket the true value upward when the time is right.
    It will be clear to all when this breakaway occurs , by shear force .

  4. “So when you look at the top 3, which are India, 9,000 metric tons. The United States has actually increased its silver imports and I think I’ve mentioned in several interviews and articles, that we really don’t have the extra demand for silver. Somebody is acquiring this extra silver that’s coming into the country. We’re on track to import 6 and China is going to import 3,000 (are on track too). That’s 18,000 metric tons. There’s only 27,000 metric tons of mine supply. China is holding on to all their silver that they mine. Really, if you minus them out, there’s only 5,000 metric tons Mike, for the rest of the world. So India is putting severe stress on the wholesale demand for silver and I think if we see fireworks coming toward the 3rd, 4th quarter of this year, we could actually see their imports increase, which would cause even more stress. ”

    IN REGARD TO THIS SENTENCE FROM ABOVE “Really, if you minus them out, there’s only 5,000 metric tons Mike, for the rest of the world” …WHAT DO YOU KNOW ABOUT RECYCLED SUPPLY INTO THE MARKET? KEEP US POSTED STEVE ON WHAT YOU LEARN FROM HERE.

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