Best of the Week
Most Popular
1. Best Cash ISA Savings Account for Soaring UK Inflation - February 2018 - Nadeem_Walayat
2.Gold Price Forecast 2018 - February Update - Nadeem_Walayat
3.Bitcoin Crypto Currencies Crash 2018, Are We Near the Bottom? - Nadeem_Walayat
4.Trump Bubble Bursts, Stock Market Panic Dow 1175 Point Crash Analysis - Nadeem_Walayat
5.Gold Corrects, Bitcoin Markets Crash, Whilst Stocks Plunge - Nadeem_Walayat
6.US Treasury Bonds: Fuse to Light the Bonfire - Jim_Willie_CB
7.Dow Falls 666 Points As Cryptocurrencies Crash And Krugman Emerges From His Van - Jeff_Berwick
8.Stock Market Roller Coaster Crash Ride Down to Dow Forecast 23,000 - Nadeem_Walayat
9.Trading the Shadows - Oil, Dollar, Stocks, Gold Trend Analysis - B.R. Hollister
10.Stock Market Analysis: Baying for Blood - Abalgorithm
Last 7 days
1 Week Later, Stock, Bond Market Risk Remains ‘On’ as 2 of 3 Amigos Ride On - 17th Feb 18
Crude Oil Prices: A Case of Dueling Narratives? - 17th Feb 18
Free 1000 Youtube Subscribers Services - YTpals, Subpals, SubmeNow Test - 17th Feb 18
How to Trade as We Near March Stock Market Top - 16th Feb 18
Bitcoin as Poison - 16th Feb 18
GDX Gold ETF Weathers Stock Market Selloff - 16th Feb 18
Casino Statistics and Demographics - 16th Feb 18
IS Today Thee Stock Market Turn Day? - 16th Feb 18
Huge SMIGGLE Shopping HAUL, Pencil Cases, Drinks Bottles, Back Packs, Toys.... - 16th Feb 18
Tesla Cash Keeps Burning at $320 a Share - 15th Feb 18
Big Conflict Ahead in the Financial Markets - 15th Feb 18
Stocks Extend Rally Off Friday's Low, But Short-Term Exhaustion Near - 15th Feb 18
Stock Market Out on a Limb... - 15th Feb 18
Things Only a True Friend Would Say About Gold - 14th Feb 18
Global Debt Crisis II Cometh - 14th Feb 18
Understanding Crude Oil Behavior - 14th Feb 18
Stock Market is Getting Scary... - 14th Feb 18
Stock Market - This Time is Different. Really?! - 13th Feb 18
Gold and Silver Long-term Buy, Short-term Sell Signal - 13th Feb 18
SPX Futures Are Sliding... - 13th Feb 18
Stock Market Topping Process Begins. The Bubble Finds its Pin - 13th Feb 18
Math Behind the Stock Market Crash and What’s Next – PART2 - 13th Feb 18
Gold Stocks Groundhog Week - 13th Feb 18
Platinum Looks Poised for Surprising Gains This Year - 12th Feb 18
Friday's S&P 500 Stock Market Bounce To Continue, But Selling May Resume - 12th Feb 18
The Inflation Trade and Bond Yields Rising Result in Equities Correction - 12th Feb 18
February 2018 Stock Market Crisis – What Next? - 12th Feb 18
How To Profit From The Bitcoin Bloodbath - 12th Feb 18
The Philippine Economic Dream Could Be Within the Reach  - 12th Feb 18
Is the Stock Market Correction Over? - 12th Feb 18
What Does the Stock Market Decline Mean for Gold - 12th Feb 18
Addicted to SMIGGLE Mega Review, Pencil Cases, Stationary, Back Packs, Drinking Bottles, Toys... - 12th Feb 18
Best Cash ISA Savings Account for Soaring UK Inflation - February 2018 - 11th Feb 18
The Fed’s Impossible Choice, In Three Charts - 11th Feb 18
US Stock Market, Gold, Silver and the Macro Backdrop - 11th Feb 18
After Two weeks of Stock Market Decline, People Are Ssking, “Are We There Yet?” - 11th Feb 18
How to Grow Tomatoes From Seeds, Homegrown Organic Money Saving Gardening - 11th Feb 18
Youtube KILLS ALL Small Channels with New DeMonetization Rules - 11th Feb 18
Lot of Stock Market Damage to Be Caused before New the Fed Chief Will React - 10th Feb 18
Best Ways to Make Money - 10th Feb 18
Stock Market Selling Unleashed! - 10th Feb 18
How to Get Free Youtube Subscribers to Get to 1000, YTpals, Subpals, SubmeNow, Do they Work? - 10th Feb 18
Stock Market Buy or Sell? This Insight May Help You Decide - 9th Feb 18
Stock Market Roller Coaster Crash Ride Down to Dow Forecast 23,000 - 9th Feb 18
What Is Stock Market Volatility Telling Us Now? - 9th Feb 18
Crude Oil $100 Price in 2019? - 9th Feb 18

Market Oracle FREE Newsletter

Urgent Stock Market Message

India Doubles Silver Imports - Bullion Coin, Bar and ETF Demand Surging

Commodities / Gold and Silver 2013 Sep 06, 2013 - 01:07 PM GMT

By: GoldCore

Commodities

Today’s AM fix was USD 1,368.25, EUR 1,042.24 and GBP 877.87 per ounce.
Yesterday’s AM fix was USD 1,391.75, EUR 1,054.60 and GBP 891.06 per ounce.

Gold fell $25.20 or 1.81% yesterday, closing at $1,368.70/oz. Silver slid $0.32 or 1.36%, closing at $23.21.


Gold traded near its two week low in London, on track for its first consecutive weekly drop since July, as investors await the U.S. employment data (12:30GMT) that will foreshadow the U.S. Fed’s imminent decision on tapering. Yesterday, The Bank of England and European Central Bank kept their policies unchanged. Last night, the Bank of Japan did the same in line with expectations. The G-20 meeting in St. Petersburg of political and finance ministers began yesterday and has already created clashes amongst superpowers regarding the U.S. military strikes planned against Syria.

Silver Prices Dow Despite Lack of ETF Selling - (Bloomberg)

U.S. Mint gold and silver eagles sales fell sharply in August but it is important to note that demand for the entire year is set to be close to or at a new record and the fall comes after the huge record demand seen in recent months.

The U.S. Mint’s sales of silver coins are heading for a record again this year, with sales of 33 million ounces (1,026 tonnes) to late August already matching the level of the whole of 2012.

Many other mints including the Perth Mint, the Royal Canadian Mint and the Austrian Mint have also seen a fall in sales recently but are set for record or near record sales again this year.

The Royal Canadian Mint has just this week reported a surge in revenue and profitability for the second quarter of 2013. Revenue increased by 93.8% to $1.05 billion, while profit increased 93.0% to $11.0 million. This represented the first time in the Mint's history that quarterly revenue exceeded $1 billion. The strong results were driven by a sharp increase in bullion demand.

“This unprecedented result was due to the soaring demand for the Mint’s world-renowned gold and silver maple leaf bullion coins and sustained popularity of our expertly handcrafted numismatic products,” said mint president and CEO, Ian E. Bennett.

There was a 144% jump in gold maple leaf sales over the same period last year and a 60% surge in the the sale of Silver Maple Leaf coins to 6.4 million ounces from 4.0 million.

Silver Maple sales look like they may reach 24 million oz in 2013 which will beat the sales of 18.1 million in 2012 and possibly the 23.1 million record seen in 2011.

If one combines, Silver Maple and Silver Eagle sales, they look like they may be more than 68 million oz in 2013.

This demand from retail and high net worth store of wealth buyers, from just two mints, represents more than 10% of total world silver production of 787 million ounces in 2012.

Adding the sales of commemorative silver coins as well as sales from the other official mints, total figures for 2013 will more than likely top 2011's total of 118.2 million oz (2013 World Silver Survey).

Import restrictions and the war on gold in India, once the largest buyer of gold soon to be surpassed by China, has led to a surge in Indian silver imports which have doubled.

Thomson Reuters GFMS analyst Sudheesh Nambiath, estimates that India’s total silver imports have more than doubled from last year, reaching nearly 3,000 tonnes in the first half of 2013 compared with 1,900 tonnes in the whole of 2012, according to the Financial Times.

EU trade data show silver exports to India from the UK – traditionally the country’s top supplier – were 1,415 tonnes in the quarter to June, more than triple the previous year’s level and the highest quarterly total since 2008.

“Because of the restrictions on gold, traders shifted towards silver,” Mr Nambiath told the Financial Times, adding that demand for silver jewellery was likely to rise 20% year-on-year and that manufacturers already had full order books through to December.

There are also some positive signs from increasingly important China. Chinese investors demand for silver helped push prices to 31-year highs in 2011.

Inventories of silver on the Shanghai Futures Exchange have fallen sharply, down 60% since mid-February. And silver trading volumes on the Shanghai Gold Exchange (SGE) in the first half of the year were 36% higher even than the first half of 2011.

Another important bullish factor is investment demand in the western world which has remained robust. Silver ETF holdings have risen 6% since late 2012 from 0.608 billion ounces to 0.644 billion ounces today.

Silver ETF holdings have held up extremely well relative to gold ETFs, as investors have increased purchases for the past two years. As silver plummeted in value, certain silver investors continued to accumulate on the dip .

This is in marked contrast to the gold ETFs which have seen significant liquidations this year.

SPDR Gold Holdings fell 0.2% to 919.23 metric tons yesterday meaning that holdings have dropped 32% this year according to the SPDR data. Overall gold ETFs have seen a 25% fall in holdings or a liquidation of some 680 tonnes - much of which has been gobbled up in Asia.

“The smart money is getting in,” one trading house executive told the Financial Times. “I think lower prices are really starting to have an effect on demand.

Silver Shorts Cover En Masses As Price Rebounds - (Bloomberg)

Silver prices are down 21% in the same period, year to date despite robust demand for silver coins, bars and ETFs.

Silver has recently begun to recover from very oversold levels and has already risen 30% from the low of $18.23/oz seen on June 28th.

For the latest news and commentary on financial markets and gold please follow us on Twitter.

GOLDNOMICS - CASH OR GOLD BULLION?




'GoldNomics' can be viewed by clicking on the image above or on our YouTube channel:
www.youtube.com/goldcorelimited

This update can be found on the GoldCore blog here.

Yours sincerely,
Mark O'Byrne
Exective Director

IRL
63
FITZWILLIAM SQUARE
DUBLIN 2

E info@goldcore.com

UK
NO. 1 CORNHILL
LONDON 2
EC3V 3ND

IRL +353 (0)1 632 5010
UK +44 (0)203 086 9200
US +1 (302)635 1160

W www.goldcore.com

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.

GoldCore is committed to complying with the requirements of the Data Protection Act. This means that in the provision of our services, appropriate personal information is processed and kept securely. It also means that we will never sell your details to a third party. The information you provide will remain confidential and may be used for the provision of related services. Such information may be disclosed in confidence to agents or service providers, regulatory bodies and group companies. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information. The details you are being asked to supply may be used to provide you with information about other products and services either from GoldCore or other group companies or to provide services which any member of the group has arranged for you with a third party. If you do not wish to receive such contact, please write to the Marketing Manager GoldCore, 63 Fitzwilliam Square, Dublin 2 marking the envelope 'data protection'

GoldCore Archive

© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules