According to the article, India’s July gold imports hit three-year low on record prices: Government source:
India gold imports this July fell to 37.8 metric tons (mt) versus the 74.5 mt during the same month last year. However, we see quite the opposite for silver. With the higher gold price and the hike in import taxes, Indians switched to buying silver:
Indian silver imports more than tripled to 1,041 mt in July compared to 314 mt during the same month last year.
With Indian silver imports accounting for nearly 30% of total global mine supply in 2018, the situation in the silver market could become quite interesting if Indian demand really picked up this year. I am curious to see what the Indian silver imports will turn out be in August when the data is released as the silver price jumped more than $2 to $18.38 at the end of the month.
As the price of gold continues higher, it will make silver even more attractive to the masses. Even when silver reaches $25 an ounce, it’s much more affordable for the public than $1,600-$1,700 for gold.
COMING OUT SOON: I will be putting out a new video on Silver and the fundamental reasons why China might be the new BIG BUYER.