India Imports More Silver In May 2017 than the US Mint Sold Silver Eagles In 2015!
India Imports More Silver In May 2017 than the US Mint Sold Silver Eagles In 2015! by Rory, The Daily Coin
With the silver price moving to the downside it seems India is back on the silver train in a big way. With an increase of more than 1,900% year over year India imported more silver ounces in the month of May than the U.S. Mint sold Silver Eagles in 2015, their best year ever! That’s a lot of silver.
Why would the silver price continually drop as India is continually removing millions and millions of ounces every business day during the month of May?
With a total greater than 47 million ounces of silver imported into India that means every business day in the month of May India was importing more than 2 million ounces of bullion grade silver – not dore’ bars, which are counted different, if at all. Is this silver for their solar program? Only if they are suddenly competing with China to manufacture solar panels, which is highly unlikely. Is this a replacement for gold for the citizens? With the government continually changing the tax laws for gold imports it seems the people are just as comfortable with stacking silver as they are with stacking gold. The taxes are a lot different on silver than gold.
Louis breaks it down in the video below.
STUNNING SKYROCKETING SILVER INDIAN IMPORTS IN MAY