INDIAN SILVER IMPORTS: Near Record At A Quarter Of Global Mine Supply
As the article states, India imported 2,882 tonnes of silver in the first six months of the year, down slightly from the previous record set last year at 2,980 tonnes. We must remember, the Indian government enacted restrictions on gold imports in 2013… forcing its citizens to purchase silver instead.
On top of this, we had the huge smash in the paper price of silver from a high of $32 in the beginning of 2013, to a low of $18 in June. Again, even with falling silver imports in June, total silver imports are expected to reach 5,000 tonnes in 2014.
Just to put into perspective the amount of Indian silver imports, let’s look at the following chart:
