India Imported More Silver In September Than The US Mint Has Sold ALL YEAR

India’s silver demand has grown exponentially over the last ten years, and the September imports show massive increases in demand. Here’s more…

by Louis Cammarosano of Smaulgld

September 2017 Indian silver imports were up 152% from 225 tons in September 2016.

Indian silver demand has increased exponentially over the past ten years. India, however, has historically been known as a nation with a penchant for gold. Indeed, India has gold giving holidays as the yellow metal is revered for its beauty and as a store of generational wealth. Yet, the Indian government has placed import duties on gold, added a sales tax and initiated a gold monetization scheme designed to get Indians to turn in their gold to in exchange for interest bearing bonds.

While the Indian government’s anti-gold initiatives have dented official gold demand in India, black market sales and imports continue. Silver has been a direct beneficiary of the campaign against gold. Indians prize silver for its beauty and also give it as gifts. It’s not substitute for gold, but it is viewed favorably.