Silver imports to India double to 3000 tons in 1st half of 2013
Import restrictions and the war on gold in India, once the largest buyer of gold soon to be surpassed by China, has led to a surge in Indian silver imports which have doubled.
Thomson Reuters GFMS analyst Sudheesh Nambiath, estimates that India’s total silver imports have more than doubled from last year, reaching nearly 3,000 tonnes in the first half of 2013 compared with 1,900 tonnes in the whole of 2012, according to the Financial Times.
EU trade data show silver exports to India from the UK – traditionally the country’s top supplier – were 1,415 tonnes in the quarter to June, more than triple the previous year’s level and the highest quarterly total since 2008.
“Because of the restrictions on gold, traders shifted towards silver,” Mr Nambiath told the Financial Times, adding that demand for silver jewellery was likely to rise 20% year-on-year and that manufacturers already had full order books through to December.
There are also some positive signs from increasingly important China. Chinese investors demand for silver helped push prices to 31-year highs in 2011.
Inventories of silver on the Shanghai Futures Exchange have fallen sharply, down 60% since mid-February. And silver trading volumes on the Shanghai Gold Exchange (SGE) in the first half of the year were 36% higher even than the first half of 2011.
Another important bullish factor is investment demand in the western world which has remained robust. Silver ETF holdings have risen 6% since late 2012 from 0.608 billion ounces to 0.644 billion ounces today.
weird....just today they were talking about the hard economic times, and devaluation of the rupee....while I guess one train of thought is for that reason people are going into PM. But I would not think so (I would be managing my day to day finances, and not speculating in investments).
typical sloppy reporting....this is what I found "
EU trade data show silver exports to India from the UK – traditionally the country’s top supplier – were 1,415 tonnes in the quarter to June, more than triple the previous year’s level and the highest quarterly total since 2008"
the all supplier first half data they reported did not have it as a triple, but up substantially (they said it was due to gold buying restrictions"
The article headlines state imports double....somebody (?) switched the headline I guess.