India’s Silver Imports Up Almost 200% In March

India’s silver bar imports jumped by nearly 200% in March according to data published by India’s Gems and Jewelry Export Promotion Council – LINK.  On a trailing twelve month basis (April 2016 – March 2016), India’s silver imports jumped 33% over same period a year earlier.

John Brimelow (Brimelow’s Gold Jottings) commented in his early a.m. report that:  “This suggests silver fabrication may have continued during the jeweler’s strike. Silver is not subject to the disputed duty. Silver was also almost unprecedentedly cheap compared to gold in March.

Silver is poised to explode higher in price, which is why the bullion banks have printed a record number of paper silver Comex contracts with which to throw at the market.  It’s my view that this market intervention scheme, which has sustained for over three decades, is on the verge of failing.

Global silver production declined in 2015, with silver production in Mexico down 6%. Mexico produces 31% of the global mine silver supply,  The Daily Coin interviewed First Majestic’s Keith Neumeyer, who explains why silver is more rare than the market understands – you can access that interview here:  Daily Coin / Keith Neumeyer

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