Indians are buying silver.
India ranks as the second largest gold consumer in the world, behind only China, but Indians also have an appetite for the white metal. After a drop in silver demand last year, Indians are once again buying.
According to Bloomberg, India has imported around 5,500 tons of silver this year, and imports could grow to around 6,000 tons in 2018. That compares with a four-year low of just 3,000 tons in 2016.
We saw signs of resurgence in the Indian silver market in the fall. According to the Economic Times, silver demand was up 15% during this Dhanteras and Diwali festival season on increased purchases of coins, idols, and silverware. Analysts attributed the surge in silver buying to lack of consumer confidence in the economy and silver’s relatively low price.
This post was published at Schiffgold on DECEMBER 15, 2017.