Indian Silver Imports 2007 to 2013 ActualIt looks like the official sources grossly underestimated the amount of Indian silver buying in 2013.  When the Indian Government put restrictions on gold imports in 2013, their citizens switched to buying silver.
Thomson Reuters GFMS estimated that total Indian silver imports would be 5,200-5,400 metric tons in 2013.  However, Koos Jansen at InGoldWeTrust, recently published an article stated that the Indians actually imported 6,125 metric tons of silver in 2013.
If we had record silver imports by the Indians in 2013 and continued purchasing of every Silver Eagle allotted by the U.S. Mint… what happens to physical silver buying when things really get BAD IN THE FINANCIAL SYSTEM & ECONOMY??

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From the SRSRocco Report:

Indian Silver Imports 2007 to 2013 Actual

Koos located the total silver import figures from India’s customs department DGCIS.  The 2012 & 2013 figures were taken from Koos Jansen’s site and data for 2007-2011 are from Thomson Reuters GFMS.

Indian silver imports hit a record 6,125 metric tons in 2013 due a huge amount brought in during the last month of the year (DEC = 825 metric tons).  6,125 metric tons are nearly 200 million oz of silver.

U.S. Mint Continues To Sell “ALL” of its Allocated Silver Eagles

As I mentioned on Monday, the U.S. Mint put a limit of 1.1 million oz of Silver Eagles for their Authorized Dealers to purchase this week.  Yesterday the U.S. Mint updated their sales figures to 959,500.  I thought this might be the first week that the total allotment of Silver Eagles may not be sold.

However, the mint just released their final weekly figures:

Silver Eagles Update MAR 7 2014

I gather one or several of the Authorized Dealers bought the remaining 140,500 Silver Eagles today to sell over the weekend… because it may turn out to be quite interesting with the situation taking place in the Ukraine.

I still receive emails from readers who are concerned about the paper price of silver.  My response is to tell them to STEP AWAY from the Kitco screen and get some exercise.

If we had record silver imports by the Indians in 2013 and continued purchasing of every Silver Eagle allotted by the U.S. Mint… what happens to physical silver buying when things really get BAD IN THE FINANCIAL SYSTEM & ECONOMY??

 

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  1. Hey Doc 
    Check this Bloomberg article on how Solar has become a game of one-upsmanship in India.   The amount of Megawatts they are talking about is staggering but get this – no where is the massive amount of silver needed for these proposals mentioned.  And on top of this, both Japan and China have similar goals.  
    I wrote Bloomberg and suggested they should get a reporter to take a look at the issue because the massive demand is bound to hammer the silver price upward. 

    http://www.bloomberg.com/news/2014-03-12/modi-signals-solar-revolution-for-power-market-corporate-india.html

    JerseyJoe
     

    • No worries there JerseyJoe   India bought 197,000,000 ounces of silver last year  China did the same. But there is no shortage according to the dimwits at Bllomberg and elsewhere.  That doesn’t mean they are not buying hand over fist  They just don’t want the word to get out before they buy it all.

    • There are silver free solders they are using on solar panels these days. Drops efficiency a bit but lowers the cost significantly.

    • Silver shortage again?  Seems I recall a couple sweet deals on eagle premiums here on this site, Doc must not be seeing the shortage yet either, despite all the allocation talk. 

  2. Since when are we Amerikans told anything even remotely True?
     
    We are the most lied to populace on the planet.  When conversing with educated people from other countries and cultures, they tend to chuckle at us because we think that if anything happens around the world that our “TV’s” are going to not only tell us exactly what happened but when and why it accurately happened.
     
    Nothing could be further from the truth! In Russia, they are taught in schools how foolish we Americans are because we are duped. They normally have one source of information but in America, our wonderful TPTB dupe us into “selecting” one of TWO choices, making our selection appear to be valid.  They give us CNN and FOX, they give us Democrat and Republican, AP and Reuters,  Left vs. Right, etc. But Americans refuse to believe that BOTH SIDES are controlled by one entity, usually the one they’ll never mention, the so-called Puppet Masters.
     
    So when financial articles are written with ‘statistics’, you can be sure they are lnot real but made up to steer the gum chewing public exactly where they want their opinion to go. You can be absolutely sure that if the TPTB want your opinion, they will give it to you, using the controlled Mainstream Media. But just like the magicians trick, you will never know what happened.
     
    Just like the above article proves, we will never get the truth because we don’t really matter.  It is still beyond me why anyone would be foolish enough to take their hard earned paper and invest it in ‘paper’ only to receive paper back of which they extract taxes, fees and exposure to inflation. Ask yourself this: Why does the Chinese government tell there peasants to convert their ‘paper’ to Gold and Silver? Look it up.
     
    Now, back to our TV’s forcing us to follow missing planes, stocks going up and down and the Ukraine, the greatest distraction diverting one of the largest financial scandals in history developing world wide as we speak.
     
    Keep stacking folks, keep stacking.
     
     
     
     

  3. “It looks like the official sources grossly underestimated the amount of Indian silver buying in 2013.”
     
    Oh, no!  Say it ain’t so, Steve!  How do we know when “official info sources” are lying?  Their lips are moving?  Their fingers are moving over a keyboard?  Yep, either will do.
     
    “However, Koos Jansen at InGoldWeTrust, recently published an article stated that the Indians actually imported 6,125 metric tons of silver in 2013.”
     
    Yes, as AG says, this is about 197M ozs. of silver.  Not only is this a LOT of silver but it is also about 80% more silver than India has averaged over the past 7 years, which was about 3450 metric tons annually.  An 80% rise over the previous average amount seems rather significant.  I am sure that when a stock rises by 80%, we hear ALL about it… 24/7 for days, in fact.  Yet, when PMs do this, the info is nowhere to be found on the MSM.  Typical.  This is one of the reasons why they are losing listeners / viewers in droves.  No, they still retain a strong lock on the sheeple segment of the population but the rest of us have pretty much assigned them to their proper position… on the ash heap of journalistic history.
     
    With all this buying going on, one can only wonder why silver prices remain so retarded.  Is the cartel’s grip really THAT firm? Somehow, that seems unlikely.  The situation virtually HAS to be more complex than just that.

    “If we had record silver imports by the Indians in 2013 and continued purchasing of every Silver Eagle allotted by the U.S. Mint… what happens to physical silver buying when things really get BAD IN THE FINANCIAL SYSTEM & ECONOMY??”

    Well, economic theory seems to suggest that prices would have to rise significantly in the face of such demand coupled with limited supply.  Unfortunately, a lot of people no longer see, or never knew, that silver was once MONEY, so when paper money fails, will they have any idea that they should be getting into gold and silver ASAP? Maybe. But then again, maybe not. Maybe they will simply go nuts instead. That would not be an uncommon response in human beings to severe adverse stimuli.

    • They may not buy gold and silver, but they will know to buy something that holds value, instinct will take over (i.e. germans getting paid and running to the store to buy bread before it inflated out of their price range).
       
      Gold is great for a lot of reasons, one of the best is a little of it is worth a lot of money which makes it easy to store and transport, but also easy to steal.

    • Yes, instinct WILL take over but it first has to be awakened.  One can only wonder how much shock will have to be absorbed to accomplish that.  Perhaps the stores will make up some dual price signs again as they did in the 1980 era… items cost this much in FRNs or 1/50th to 1/100th of that in face value pre-1965 US silver coins.  Something like that WILL open some eyes.
       
      Gold does have some fine attributes that humans have appreciated ever since the first nugget was found and made into something nice.  That’s not likely to change any time soon.  Yes, it is portable, which is good, for the most part.
       
       

    • @ ed_b
      concerning one of your comment :
      “Of course, with solar energy cell production increasing while silver ore quality decreases, it is only a matter of time before demand outstrips supply.  When, not if, that happens, we will see silver prices take off like never before.  The rate of decrease in silver ozs. per ton of available ore is significant and more rapid than I would have thought possible. “
      I think you already read this article :

      http://siamkidd.blogspot.fr/2013/01/silver-to-become-extinct-by-2020.html

      Since I’m not english native, this article is for me one of the most informative. the problem is that the author is a silver bullion & coins seller, with very aggressive marketing, so can we believe him?
      I would like that someone (I contacted the auteur but he didn’t answered) take this article like a starting point, and/or update it once a year. Moreover, Like we spoke in a previous post, with price increasing, silver will be replaced in some case with cheaper materials, recycling will increase, some mining will become economically profitable etc…. and that’s not taken into account in this article

  4. no wonder silver is doing so well. thanks silver doctors. you sure no your stuff! love them beach balls showing how silver has gone parabolic so many times both ways the last several years. keep up the great analysis….it sure helps not a bit!

  5. Koos Jansen is proving to be quite the sleuth. I’ve been hungry to hear more information on the ‘quiet’ internals of foreign countries we learn far too little of. However critical our alternative analysts might be, too many merely reflect and speculate on ‘spoon fed’ data they see reported by gov-co NewSpeak ‘news’.

    Jansen’s digging into the ‘local news’ and un-touted statistics has been turning up some real jewels. Koos is my ‘delivery man’ of choice these days. I hope he’s enterprising enough to pair up with a managerial type who can help kick off and co-ordinate a professional analytical organization, specializing in data recovery of his sort, extracting important PM info from lots of other countries we never hear about, yet taken together form up a wholly different insight from the government propaganda machines.

    • “I hope he’s enterprising enough to pair up with a managerial type who can help kick off and co-ordinate a professional analytical organization, specializing in data recovery of his sort, extracting important PM info from lots of other countries we never hear about, yet taken together form up a wholly different insight from the government propaganda machines.”
       
      Indeed, Pat.  Let us also hope that he is wise enough to pair up with a partner with a strong security background too so that he doesn’t have any, um, accidents of the type that seem to be killing off younger bankers and others in the financial arena.  He needs to remember that, “It’s not paranoia if they really ARE out to get you”.  And those who cross the banksters have a habit of dying suddenly.
       

  6. To give the Indian silver sales a little perspective. The U.S. Mint sold 42,000,000oz of ASE alone.How many of them went to India I don’t know. The U.S, mint also sells a lot of other silver products that never get mention! But, the U.S. private mints sell many multiples in coins & bars  of what the government mint sells. It is safe to say the U.S. market bought about the same amount as India and likewise China (with 1/3 of their populations!). Canada had massive buying too. This doesn’t even include the rest of the world! This much silver can’t be coming from the mines. So where is it all coming from and how long can they keep selling? Whoever it is I hope it’s when they’ve sold every last ounce to us.

    • @mikeyj80
       
      These are not fresh numbers but the last I read world production was something just under 800M ounces of silver produced per year with about 200M additional ounces coming from scrap recycling.  It could be somewhat more or less than this but this should be reasonably close.
       

    • You’re welcome, Mike.
       
      The term “plenty” seems to be somewhat elastic.  Much depends on what industry requires and how much countries like India and China want to scoop up.  As with oil, I expect little to no price pressure until demand closes in on that last % or two of available supply.  THEN we will see whether the supply is plenty, adequate, or less than this.  If it is less, even by just a little, prices WILL zoom as the bidding begins in earnest.
       
      Of course, with solar energy cell production increasing while silver ore quality decreases, it is only a matter of time before demand outstrips supply.  When, not if, that happens, we will see silver prices take off like never before.  The rate of decrease in silver ozs. per ton of available ore is significant and more rapid than I would have thought possible.  I can’t say when this will result in substantial problems for the silver buyers out there but that day is definitely coming.  At a guess and perhaps a WAG at that, I would say that this will occur sometime in the next 5-10 years.  If so, then working on building a nice stack before that time arrives could be a very smart idea.
       

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