India Silver Imports Tripled In July As Prices Rise

As the silver price began to take off in July, Indian silver imports surged three-fold versus the same period last year.  Something must have motivated the Indians to import more silver because the summer months haven’t typically been a strong buying season.  However, one factor that may have caused the huge increase of Indian silver demand in July may have been due to the big jump in the gold price.

According to the article, India’s July gold imports hit three-year low on record prices: Government source:

India’s gold imports in July plunged 55% from a year ago to the lowest level in three years as a rally in local prices to a record high and a hike in import taxes curtailed demand, a government source said on Monday.

If we look at India’s July gold imports for the past three years, we can plainly see the higher price has indeed impacted demand:

India gold imports this July fell to 37.8 metric tons (mt) versus the 74.5 mt during the same month last year. However, we see quite the opposite for silver.  With the higher gold price and the hike in import taxes, Indians switched to buying silver:

Indian silver imports more than tripled to 1,041 mt in July compared to 314 mt during the same month last year.

Furthermore, we can see that Indian silver imports in July 2017 were also quite low at 327 mt.  Normally, Indian precious metals demand picks up in September after a successful Monsoon season.  However, we are seeing increased demand for silver in June and July this year:

With Indian silver imports accounting for nearly 30% of total global mine supply in 2018, the situation in the silver market could become quite interesting if Indian demand really picked up this year. I am curious to see what the Indian silver imports will turn out be in August when the data is released as the silver price jumped more than $2 to $18.38 at the end of the month.

Will Indian silver demand continue to be strong in August even though prices are rising quickly?  At some point, investors are going to learn that there really isn’t that much physical silver to go around.  As I mentioned in a previous video, there’s about the same amount of physical silver investment in the world, 2.45 billion oz compared to 2.4 billion oz of gold.

As the price of gold continues higher, it will make silver even more attractive to the masses.  Even when silver reaches $25 an ounce, it’s much more affordable for the public than $1,600-$1,700 for gold.

COMING OUT SOON: I will be putting out a new video on Silver and the fundamental reasons why China might be the new BIG BUYER.

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petedivine
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petedivine

When you consider several Billion people (India/China/greater Asia) switching from monetary gold to monetary silver at a time when silver mine supply is in decline could be setting the stage for an amazing rise in the price of silver. Meanwhile, the price of Gold won’t just sit at $1500. Central Banks, big moneyed interests, and eventually western investment flows will continue forcing gold prices up. We’re talking Billions or perhaps Trillions of Dollar based reserves moving into Gold and silver. You really can’t estimate the final peak since loose Dollar monetary policies don’t have a limit. The government and their… Read more »

DisappearingCulture
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DisappearingCulture

“India’s July gold imports hit three-year low on record prices: Government source.” It isn’t just the higher gold price, it is also the tariffs or importation surcharges on gold. And of course there are articles pointing to increasing smuggling of gold into India because of that. But like drugs coming into the U.S., only a tiny fraction of what is smuggled in is caught by authorities. Meanwhile if they don’t have those surcharges on silver, and they have massive solar and other silver-using industries needing it, and they realize the price may continue to rise on silver, that would also… Read more »

Brant Lee
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Brant Lee

Plus the fact that Indians were burnt BAD by the currency demonetization in 2016 requiring citizens to deposit into banks most of their cash. Instead of cash, Indians are looking to stuff silver and gold under the mattress now. A good lesson for us all to learn.

DisappearingCulture
Guest
DisappearingCulture

And as many have already heard, worshiped people like Buffet point out gold [and silver] don’t generate any investment income. But they look pretty good compared to negative-yield bonds.

Eric
Guest
Eric

Gold and Silver have outperformed Berkshire Hathaway since 2000.

OutLookingIn
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OutLookingIn

I wonder what Warren has to say about his Kraft holdings?
This venerable old company is dangerously close to chapter eleven.
Warren teamed up with a corporate raider and now Kraft is on the skids.
It’s operating profit is barely enough to cover the interest on it’s debt.

Paco
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Paco

Buffe is just a puppet, a front for real money powers

Eric
Guest
Eric

Meanwhile… western idiots continue to consume resources by accumulating more debt.

Sandman
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Sandman

You mean like Silver?!

OutLookingIn
Guest
OutLookingIn

The silver shorts are in trouble.

Before the long weekend just ended, overall open interest in silver stood at 224,288 contracts, proving a reduction of 4,083 contracts. Now the OOI stands at 224,170 contracts, with only 118 contracts leaving.
The September delivery open interest is at 6,724 fully funded demands for physical silver, which is 33,620,000 Troy Ounces! That’s right – over thirty three million!
Now the big question remains. Does the Comex have the physical, or are there promissory notes in the process of being issued?
The silver shorts are in a world of hurt.

4 oz
Guest
4 oz

Steve…..I gotta tell ya: There is just something about having to pay $4 more for each American Silver Eagle than I was paying back at Memorial Day that I find so refreshing….

OutLookingIn
Guest
OutLookingIn

Historically, when the gold/silver ratio breaks below its current trend, the price of both metals break much higher.
The rising ratio trend has been in place for eight years now, currently sitting at 80.95 on the bottom line of the trend channel. Today it broke below the trend at 79.71 which means much higher prices.

John M
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John M

I just bought 2 ten ounce bars and a 5 ounce bar for close to spot (had to drive 3 hours to get there but it was in an electric so didn’t cost much more than tire wear). I was thinking that man, I shouldn’t have bought all that after silver is up 4 bucks BUT, then I started thinking well hell it could go to 50 or 100, not a bad deal over all.

Brant Lee
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Brant Lee

It seems for those of us living in the US, we forget how currencies such as the Rupee have fallen in value. For most of the world, precious metals have already been an essential investment in the last eight years while all of us in the US have been crying the blues over fallen values against the dollar.

OutLookingIn
Guest
OutLookingIn

Let Loose the Hounds!

C.B.’s, bullion banks, Comex, LBMA, et.el.
All are coming out this morning, with all guns blazing at the price of gold and silver.
Tomorrows short count should be very interesting.

DisappearingCulture
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DisappearingCulture

The Empire Strikes Back? LOL

james r
Guest
james r

Job report tomorrow

OutLookingIn
Guest
OutLookingIn

The perfect recipe for attacking price and short covering.
New trade talks scheduled
A good ISM Service Index number
Strong ADP number
Non-farms payroll tomorrow
Unemployment rate
Average hourly wage earnings
Jerome “The Fed Head” Powell will speak
Watch for everything including the kitchen sink, to get thrown at forcing down gold and silver pricing.

OutLookingIn
Guest
OutLookingIn

Just as surmised, including the kitchen sink!
The good news?
Silvers overall open interest fell by 7,393 for the week.

james r
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james r

Huge massive spike in metals tomorrow?

Could be if the job report is lousy and the shorts are piled high.

Warren
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Warren

You need to learn the silver and gold markets spoofing Merrill Lynch and bank of America spoofing and JPMorgan and pleads guilty to spoofing

Warren
Guest
Warren

John Edmonds and christian trunz are convicted of spoofing the silver markets for 9years

TOMMY
Guest

TODAY I THINK WAS THE LAST DAY TO BUY AT THIS LOW PRICE THE STRONG HANDS WILL BUY THE DIPS LIKE TODAY.I BOUGHT BOTH JNUG & USLV AND SILVER ROUNDS.THE NEXT MOVE UP IS GOING TO START TO WAKE UP THE MASSES.I WILL TRADE THE STOCKS TO ADD SILVER TO MY STACK.

TOMMY
Guest

BY THE WAY STEVE YOUR THINKING OF ENERGY TO SILVER & GOLD IS AHEAD OF IT’S TIME I THINK HISTORY WILL SHOW YOU ARE SPOT ON.ONE THING WHEN I TRY TO POST YOUR SITE ON YAHOO THEY DELETE IT I WAS POSTING ABOUT EXXON 7 BILLION OF ADD DEBT.