While India imported 1,900 tonnes of silver in 2012, in the first five months of 2013 alone, imports have touched 2,400 tonnes. According to industry estimates, silver imports during the January-March quarter stood at 760 tonnes. Imports shot up to 720 tonnes in April alone, and in May they further swelled by 920 tonnes.2 Let’s put these numbers in perspective, according to the Silver Institute, the world produced 24,478 tonnes of silver in 2012, implying that Indians have imported almost 10% of world production so far this year. If they continue to import at the same rate as they have in May, over the next 12 months India could import close to half of world silver production which is a truly staggering shift in demand for silver
Your talking physical silver here but SLWs price is dictated by the paper product of the JP Morgans. I hear silver and gold coin sales are off the chart since the price of paper silver and gold dropped last week.
The dislocation between between paper and physical will not last. What has just happened was a much needed shake out of both gold and slver. A new bull market is about to begin that will be far more intense than anything seen so far. The governemnts of the world have lost control and paper currencies are in a death spiral. SLW will be a 10 bagger from here.
India silver imports will likely go higher with the governments recent efforts to stop gold imports. May require a bit of a cultural shift, but looks like it is already happening. This is a development I will continue to monitor.