INDIAN SILVER IMPORTS: On Track To Smash All Records

As it pertains to silver, something big is taking place in India.  While investors were amazed by the massive volume of Indian silver imports last year, 2015 may turn out to be a real whopper.  Indians are buying so much silver, they are on track to surpass 2014’s record by a wide margin. 

So, how much silver is India importing?  Well, according to Koos Jansen’s article at Bullionstar.com, India imported a record 7,063 metric tons of silver in 2014.   This was up 15% from 6,125 mt in 2013.  Which means, India imported 25% of world silver mine supply in 2014. 

So, how about 2015?  Well, ETF Securities just put out their Precious Metals Monthly Report for May 2015 and stated the following:

The latest data through April show India silver imports running about 30% above the 2014 record pace, on track for about 300 mn ounces of imports in 2015. India imports alone are on pace to consume about 1/3 of total global silver supply available in 2015.

Amazingly, India’s silver imports for the first four months of the year are 30% higher than 2014 and are on pace to reach 300 million oz (Moz).  Converting 300 Moz to metric tons, it turns out to be 9300 mt.  That’s a heck of a lot of silver.

Note:  1 metric ton = 32,151 troy oz.

I tried to get exact monthly data on India’s silver imports the year, but had to put together the chart below based on figures I acquired from various sources.  Please note, the chart below is an estimation of India’s silver imports Jan-Apr 2015:

Indian Silver Imports Jan-Apr 2015

According to the Indian monthly silver imports chart, by www.goldchartsrus.com, India imported approximately 1,990 mt during the first three months of 2015. In addition, ETF Securities stated in their May 2015 Report, Indian’s silver imports through April were 30% higher than 2014’s pace. I estimated total Indian silver imports were about 3,000 mt or 96+ Moz for the first four months of the year.

If Indian silver demand remains strong for the rest of the year, total imports may reach 9,000 mt (300 Moz) in 2015.  Total global silver mine supply was 877 Moz in 2014.  Thus, Indian silver imports in 2015 could consume a third of world mine supply compared to 25% the previous year.  I would imagine, if the price of silver remains in the $15-$17 range, Indian citizens will continue to purchase record amounts the shiny metal. 

Moreover, U.S. silver imports continue to be elevated in 2015 compared to last year.  As I mentioned in my article Why Is The U.S. Importing So Much Silver Bullion??, silver imports spiked in the beginning of 2015 even though market indicated a flat or slightly lower demand.  Thus, while Indian citizens are taking advantage of the current low silver price, it may be high net worth individuals or large institutions stockpiling silver bullion in the states.

I will be publishing an update next week on U.S. silver imports. 

Lastly, I am finishing up the last bit of work on THE SILVER CHART REPORT which I will roll out shortly.  It has 48 of my top silver charts over the past seven years, all updated, including many new ones never seen before.  This will provide the new and experienced precious metals investor a unique view of the silver market and industry not found in any other official publication.

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27 Comments on "INDIAN SILVER IMPORTS: On Track To Smash All Records"

  1. It seems that we go to the next lows.

    • silverfreaky,

      What would we do without your wonderful comments…LOL. Sure, the commercials may force another short-term decline in the price of silver, but I am in it for the medium to long term (2-5 years). Buying silver at $15, will turn out to be one of the best investments in the future.

      steve

  2. all us silver-buggers surely appreciate your hard work Steve..CUDOS
    silver will most certainly be gone by the end of 2015 at this rate,& then there is the behind the scenes gold default at the CRIMEX last week..very very interesting stuff going on with the PM’s fir sure..
    . .we sleep very well around here having gold & silver,plus a beautiful,diverse vegetable garden,as well as strawberry plants, &,rasberry,& blackberry bushes,a couple dwarf cherry tree,& 2 apple trees..WTSHTF the problem will be keeping hungry strangers & neighbors away,as folks around here think their food is grown in fields behind Kroger, Safeway,&,Giant Eagle,& many don’t have the slightest clue about growing food…the tuff it out,self surviving American is dead for all practical purposes..the men around here would be as comfortable in a skirt & blouse as jeans..no doubt TPTB ARE feminizing men,& destroying the family unit with their favorite weapon..TV & movies, as well as using poisoned vaccines,water,& food chemicals..
    can’t imagine not owning FIZZICKLE gold or silver in these perilous end of days..
    .go ahead &.throw your rusted gold & silver in the street..
    l be there in a jiffy with my F-150 to pick it up..

    • I love this post; great humor in an otherwise serious context. And without humor we all suffer.

      Haven’t heard anything about a behind-the-scenes CRIMEX default.

    • gary h,

      Glad to see you understand why its wise to have a garden and orchard. I spend a lot of time in our garden, small orchard and taking care of goats and chickens. I sure hope folks aren’t putting all their faith in gold and silver while sitting in a condo right in the middle of a large city. That may turn out to be a tough place to be when the Dollar crashes.

      steve

  3. Clearly, when society says GAY MARRIAGE and FACEBOOK are more important than precious metals
    THIS SHIT ISNT GOING TO END WELL. !

  4. Steve

    Just wanted to Thank You for being a Leader and educating those that are willing to open their minds and take action to help themselves / family / friends in securing their future in this upside down world. You do tremendous detailed work and share it with all.

    All the Best !

    • Tim,

      Thanks for the kudos and I appreciate your comments to the blog. As I have stated several times, while we have been surprised how long the Fed & Central Banks were able to prop up this Dead Zombie Economy, we will be shocked how fast it falls apart.

      So, buying and holding precious metals now, is a hell of a lot better than trying to get them after the GREAT COLLAPSE.

      steve

  5. Nice. The West is buying less as the price goes down – the East buys more.

    So my conclusion is, simply: The East will live, while the West will die.

    • Just like the old roman empire in its last days when all the wealth moved from the west to the east and the western empire crumbled and was overrun by barbarians

  6. Steve,

    No surprise another Asian country is hoarding PM’s at low prices. They must feel as I do that the end is coming soon. I’ll be getting more soon before the rigged pricing ends. My guess is a year from now (if not this fall) the current prices will be a steal and many will be scrambling for their lives to get some. Better to have a secure spot on the lifeboat and do what the Asians do.

    • Mark,

      Agreed. Very few people realize just how little silver there is available. Now, I am not saying there is a shortage. However, global silver stockpiles have continued to decline due to annual deficits. When the next financial crisis arrives, there just won’t be any silver to purchase… unless at considerably higher prices.

      steve

  7. To the people who say silver is going down in price:

    Since the CRIMEX has the tail wagging the dog a slight decrease in the short run is possible.

    But to get lower than now [which is below average miner/refiner production costs] one has to go back over 5 years, when production costs were lower. See historical charts
    http://www.kitcosilver.com/charts.html

    I’d bet silver the CRIMEX manipulated spot won’t go 1 dollar lower….ever.

    The CRIMEX is all in on suppressing any competition to fiat currency until their ability to do so is broken. If the S hasn’t hit the F before the break from manipulated to real price discovery, that break will be the catalyst of TSHTF.

    I’d estimate 97% of the public has no idea how critical suppression of G & S prices are to preventing the collapse of fiat currency faith & confidence.

    Move out of the way, the Asian trucks are backing up for the clearance sale. Or is it a going-out-of-business-sale?

    • 97% is too low, 99.97%, that i think is closer to The real #. I have not met anyone who gets it.

      • You may be right because of the 2-3% of accumulators many of them are buying thinking they will make a lot of fiat on the resale of what they have bought.

  8. You are correct. No one gets it. I work in an office of 250 people and not one of them “get it”.
    I have a large group of friends and family, none of them get it.
    It is very isolating. Think ill put on my tinfoil hat now.

    • It’s what they call the “glazed eyes” syndrome! Any subject that the sheeple can’t grasp quickly is anathema to them. Their concentration/attention span is limited to almost point zero! That’s what the politicians and the Elite, rely on.

      • Silver crow, must be cause you work in a full full shop? I work in the maritime, and 1/3 of the sailors over the age of thirty are stalkers! No matter which ship I’m on, there are stalkers. Worst I’ve ever seen it is 1/5. I’d wager many blue collar “professionals” might carry similar statistics?

        • Haha, dumb phone thinks its so smart, but screws up Lang. Comprehension constantly. That was Fu-fu shop. And those sailors are STACKERS not stalkers (although, if your wearing a short skirt, who knows…) Lol try to interpret the intellectual enigma that is SMARTPHONE.

  9. I’m sure the Satanists at the Vatican will cough up more metals when they are needed to suppress the paper price.

    • If the Vatican has a lo of gold they will cough it up to get things they want or need; not expressly to suppress the price.

      And they could have tons; that won’t suppress the price for long. And it is unlikely to end up being sold to the CRIMEX.

  10. Silverwillwin | June 11, 2015 at 11:13 am | Reply

    It is a real tragedy that most Americans don’t and can’t get a grip for what lies ahead in the form of real danger .
    The importance of a bug out plan cannot be stressed enough. There are just too many arrows of direction pointing to hitting a wall for many.
    People who live in countries such as India and China understand such atrocities and have a built in smartness as a result.
    The fat and happy smile by the lazy American sitting on their couch and love seat , buying into the American Dream bs will soon find their mouths turning into a big ” O ” as they realize a very un-welcomed sucking force.

    Ignorance is bliss.

  11. “Ignorence is bliss” until reality arrives.

    It is very enlightening to see that those countries with a cultural memory of severe deprivation, whether war, pestilence, natural disasters, etc., are the ones buying PMs at an unbelievable rate. While most north americans believe it “can’t happen here” and if it does Uncle Sam will come to the rescue.

    Those of us that come from families whose parents were depression babies learned how to hunt & fish, to garden and how to can and smoke to preserve what we need to survive and what has real value.

    Only God can help those that don’t and when the SHTF there will be blood in the streets.

    The final, unbelievable lows in PMs are coming soon.

    Be ready. Buy for cash and stash.

    SteveW

    • All you say is certainly true. I would like to add that for most, I believe it was our military that taught us we could and are very capable of putting a fellow human being in the cross hairs, and squeeeze. Lets all hope those days don’t come to pass. STACK.

  12. Steve,

    Just ran across an article today about silver that gives more perspective to the value. Also, you are referenced by name concerning an earlier article you wrote. Take a bow!

    http://goldsilverworlds.com/investing/150000-cigarettes-or-3275-ounces-of-silver/

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