by Koos Jansen, Bullion Star:
India’s customs department, Directorate General of Commercial Intelligence & Statistics (DGCIS), just released the QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES for December 2014. According to the DGCIS the figures for December are provisional and subject to change, however, I’ve been tracking these quick estimates for months and they are reasonably accurate, compared to the official numbers that lag a few months.
In December India imported $182.31 million in silver; divided by an average price of $16.3 an ounce this accounts for 11,188,095 ounces, or 348 tonnes, down 72 % from 1,254 tonnes in November. The total gross amount of silver imported in 2014 accounted for a whopping 7,063 tonnes, up 15 % from the shocking 6,125 tonnes in 2013. As far as my data goes back (2009) net silver import 2014, 7,055 tonnes, is a record.
Please follow SGT Report on Twitter & help share the message.