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Measuring Indian Precious Metal Imports – Koos Jansen and Turd Ferguson
TND Guest Contributor: Turd Ferguson |
Another great piece of work from Koos Jansen that you simply must be sure to read and consider.
Much has already been made of the insatiable physical gold demand coming out of India. The removal of some import-export restrictions has caused gold imports to surge even higher, making India the second-largest gold importer on the planet, behind China.
What’s not discussed as frequently is India’s demand for silver and this is where’s Koos’ new article is so important. In a world that is already seeming to exist solely upon flow of available silver, adding this extraordinary level of demand from India should only exacerbate what is already a tenuous situation.
The Silver Institute calculated total silver mine supply for 2013 to be approximately 819,000,000 troy ounces. This is about 25,500 metric tonnes. (https://www.silverinstitute.org/site/supply-demand/silver-production/) The Silver Institute also estimated the 2013 level of scrap silver to be 192,000,000 ounces. This is about 6,000 metric tonnes. (https://www.silverinstitute.org/site/supply-demand/) According to the data listed in Koos’ article, after importing a record 1,254 metric tonnes of silver in November alone, total Indian silver demand for 2014 is on pace to exceed 7,400 metric tonnes.
So, let’s do some math. If we divide 31,500 by 7,400 we get 23.5%. Yes, you read that right. For the year 2014, the country of India alone will import nearly 1/4 of total global silver mine and scrap supply. All the while, spec algos continue to parade onto the short side of the paper silver game, pressing price lower and lower. Therefore, it’s easy to conclude that something has to give in 2015.
Click here to read Koos Jansen’s latest.
Chew on that over the weekend — TF
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Craig Hemke (aka Turd Ferguson) is a former stockbroker, mutual fund wholesaler and commodities options trader with over 25 years of experience. He jumped off the corporate ladder in 2008 and now is the proprietor of the popular website TFMetalsReport.com as well as the author of a subscription service hosted at the same website. Click here to learn more about his exclusive reports.
Source: http://thenewsdoctors.com/measuring-indian-precious-metal-imports-koos-jansen-and-turd-ferguson/
