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« Rick Rule: Speculative Profits Are Made On The Delta Between Stupidity & Fact | Main | The SK Momentum System: Our Key to Trading Equities »
Wednesday
Dec032014

MASSIVE INDIAN SILVER IMPORTS: Setting Up For Another Big Record Year

 

With the paper price of silver now below the break-even for the majority of the primary silver mining companies, India imported a massive 1,243 metric tons of silver in October alone.  What is quite interesting about this figure is that it comes in at one metric ton shy of the previous record set in May, 2011 at 1,244 mt (Source: Koos Jansen article).

Why are these two records interesting?  Because, the huge imports in October were a result of a new low price in silver, while the record set in May took place when silver was at the opposite all-time high.  When the price fell like a rock in May, 2011 (from a high of $49 after 5 consecutive CME Group margin hikes), investor in India thought this was a great bargain.

Of course, the Fed and Central Banks had another plan for gold and silver… three years worth of gut-wrenching declines.   Total Indian silver imports in 2011 were 4,120 metric tons (mt).  As the price of silver continued to drift lower, demand for the shiny metal in India declined significantly in 2012 to a mere 1,922 mt.

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