Major Buyers Continue To Stockpile Silver As U.S. Silver Imports Surge In April

How much?  Let’s look at the chart below:

As we can see, U.S. silver imports surged to 531 metric tons (mt) in April, up from 459 mt in March.  Total U.S. silver imports in the first four months of the year are up a stunning 505 metric tons (2,035 mt) compared to the same period last year (1,530 mt).

As I mentioned in my previous article, Why Is The U.S. Importing So Much Silver?:

Well, if we look at the three major market indicators below, we can certainly see, they don’t justify an increase in silver bullion demand:

1) U.S. Industrial silver consumption continues to decline

2) U.S. Silver Eagle sales were flat year-over-year.

3) Comex silver inventories Jan-Feb net build was only 1.3 Moz

According to the recently released 2015 World Silver Survey, U.S. industrial silver fabrication continued to fall in 2014.  Total U.S. silver fabrication declined from 138 Moz in 2011, to 132.7 Moz in 2012, 127.4 Moz in 2013, and down again in 2014 to 125.4 Moz.  So, if the U.S. Q1 2015 GDP growth was only 0.2%, I would imagine U.S. industrial silver consumption also declined.

Now, if we look at the change in U.S. Silver Eagle sales… this doesn’t help us either.  The U.S. Mint sold a total of 8.5 million Silver Eagles in the first two months of 2014 and 2015.  As we can plainly see, no need for more silver at the U.S. Mint.