Tuesday, November 1, 2011

India's 4th Quarter Silver Imports to Rise 50% YOY

US Mint silver eagle sales are setting all-time recordsChina is slashing silver exports again by 10 M oz in 2012.  The CFTC is preparing to implement position limits in silver. India's silver imports are set to surge 50% year over year during the 4th quarter to 10.6 Million ounces for the quarter.  This is 1/3 of total COMEX registered supply, and equal to total the pace of annual US mine supply!  

2012 is shaping up to be a bad year to be the head of The Morgue's commodities desk.

MUMBAI: India's fluctuating silver imports are likely to rise 50 percent year on year in October-December quarter as investors shy away from the expensive yellow metal.

India, the world's largest importer of silver, could import 250-300 tonnes of silver during the quarter, said Prithviraj Kothari, president of the Bombay Bullion Association.
Kothari at the Bombay Bullion Association expects total silver imports in 2011 to surpass 4,000 tonnes. This despite a 30 percent on month fall in the imports in May this year.

In 2010, the country's silver imports more than doubled to 3,029 tonnes, data from Thomson Reuters GFMS showed.
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