The Phaserl


STUNNING DEVELOPMENT: India Imports Record Amount Of Silver In November

from SRSrocco Report:

As the price of silver fell to a new low in November, India imported a record amount of the shiny metal.  Demand for the physical metal was so strong, India nearly imported the same amount of silver in the month of November that it did for the entire year in 2009.

Koos Jansen at, published a great article, India Silver Imported 6,789t YTD, showing just how much silver was imported into the country in October and November.

I took some of his recent data from that article and updated my graphs.  India imported a staggering 1,254 metric tons (mt) of silver in November and 1,243 mt in October for a total of 2,467 mt.  If we break down India’s silver imports on a quarterly basis, we can see just how big these numbers really are:

Quarterly Indian Silver Imports 2014

In just two months (Oct & Nov), India imported twice as much as in Jan-Apr, and a great deal more than the following two quarters.  If India imports at least 700 mt in December, the fourth quarter will be nearly double the amount imported during the second highest quarter, Apr-Jun.

As Koos stated in his article, India has already imported a record 6,789 mt of silver Jan-Nov.  If India does import 700 mt of silver in December, the total would reach 7,400+mt for the year.  This would be an increase of 27% compared to the previous record of 5,819 mt set in 2013.

Indian Silver Imports 2007-2014 UPDATE

As I mentioned at the top of the article, India imported 1,254 mt of silver just in November, compared to a total of 1,274 mt for 2009.  Furthermore, Indian silver imports in October and November (2,497 mt) were higher than the total in 2012 at 1,922 mt.  These are big figures indeed.

Just to give the reader a sense of how much silver India imported, lets compare it to total global silver mine supply:

2014 Estimated Global Silver Mine Supply = 825 Million oz

2014 Estimated Indian Silver Imports = 234 Million oz

India’s estimated 2014 silver imports at 7,400 mt equals 234 million oz (Moz) or 28% of total world mine supply of 825 Moz in 2014 (GFMS estimate with my adjustment).

As I stated in my article, BREAKING: Significant Drawdown of U.K. Silver Inventories Due To Record Silver Demand:

According to GFMS Silver Interim Report released on Nov 18th:

Meanwhile demand for silver bars and coins has soared in recent weeks as bargain hunting retail investors returned to the silver market after a disappointing first half of the year. Nowhere is this more evident than in India where imports of silver are up by 14% year-on-year for the January to October period and set for an annual record. With imports in the first ten months totalling a massive 169 Moz many vaults in the UK, traditionally the largest supplier to India, have seen significant drawdowns, leading to more supply flowing from China and Russia.

If London was already suffering a drawdown of silver inventories in October from huge Indian demand, how bad is the situation after another 1,254 mt was imported by India in November?  How tight is the wholesale silver market now?

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10 comments to STUNNING DEVELOPMENT: India Imports Record Amount Of Silver In November

  • Troyag

    Three years of underline positive news. China buying, India buying, stock piles and storages drained of Silver, under cost of production, Investor demand, ECT…..ECT. I am still stacking and only getting tiered of the stories and excuses.

  • Krell427

    The market is tighter than Oprah wearing Ariana’smini skirt.

    • Ed_B

      Oh, man, what a story this is. While stupidity COULD be the source of this problem, duplicity seems far more likely to me. This just so needs to be thoroughly investigated by whatever state police agency is responsible for this kind of fraud and anyone guilty of defrauding the Ukrainian people needs to have justice done upon them.

  • Troy

    My buddy just imported a monster box of eagles.

  • Andy

    I’m also getting sick of this, if these figures are to be believed, then where the hell is the supply coming from?
    SHSE had 81 tons in October, last time I looked they had 157 Tons SLV doesn’t have anywhere near that kind of inventory, and COMEX and LBMA haven’t shown any major drawdowns. Our friend Andy Hoffman tells us all the inventory numbers are BS, if this is the case then where is it coming from?

  • petedivine

    I’m very grateful for the insight that SGT Report provides and the opportunity to act on it. I’m sure we will reflect on these days once the big SHTF moment arrives and wish that we had just a little more time. At some point the U.S. will fall from power and its citizens will live in a very different world. I’m not happy the path our
    Nation has chosen, but I’m not looking forward to whatever it means to be a third world nation with a bunch of zombies in a country that I no longer recognize.

  • Ed_B

    “Our friend Andy Hoffman tells us all the inventory numbers are BS, if this is the case then where is it coming from?”

    Looks to me as if there are only 2 possibilities: 1) there IS inventory because at least some of the inventory numbers are legit; or 2) it is all coming from current silver production.

    At one time, the SLV was reported to have a HUGE stock of silver… several thousand tons, IIRC. The number 11,000 tons comes to mind but I’m not sure I am remembering that correctly. According to their web site, the SLV has about 10,500 tons of silver bullion in inventory. This is shown at: on the lower right side of the page. Whether or not this is accurate, I do not know. I would think that if it is independently audited then it is. If not, then who knows?

  • ArvLondon

    I’m still stacking but I believe that supply is on the up. Mining output figures from belangp and anothers show that silver mine output has been going up in the last few years, as have copper, iron and zinc output (of which silver is a by product).

    With the price going down over the last 2 years buying has gone up to soak up the extra supply, as eagle and maple sales have shown. Now with oil prices way down, I can only see mining costs coming down slightly. This should cause a further silver glut in the market, leading to lower prices. How low? Who knows?!

    Stack, but just stack smart.


  • Steelerdude

    Yup, everyone is buying silver…most silver coins sold at the mint last month, india…etc

    Where is the silver shortage everyone talks about…??? I only see that there is plenty!

    It really is worthless for people to report on record sales from other countries or the US mint….

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