Post Demonitization Indians Flock to Gold, Silver not so Much
March Indian Gold Imports Surge 342% Post Demonetization.
Indian Silver imports remain lackluster.
Indian gold imports of 106 tons in March were up 342% from 24 tons in March 2016.
Indian silver imports in March of 361 tons were down 20% from 449 tons in March 2016.
Indian Gold Imports
March Indian gold imports were 106 tons up 19% from February imports of 89 tons, and up 342% from 24 tons imported in March 2016.
Crowds throng jewellers to buy gold on Akshaya Tritiya across the country
30% More Gold Sold this Akshaya Tritiya
Indian Gold Imports March 2016 – March 2017
Indian gold imports were 582 tons (approximately 18,711,734 ounces) in 2016 down 38.7% from 949 tons (approx. 30,511,058 ounces) in 2015.
Indian Annual Gold Imports 1999 – 2017
In dollar terms, India imported 26x more gold than silver
2017 Indian Gold Imports:
February 89.152 tons= 2,866,496 ounces
March 105.61 tons = 3,395,440.35 ounces
Total 194,762 = 6,261,936 ounces
$7.708B at $1230 an ounce
2017 Indian Silver Imports:
February 162.699 tons = 5,230,894 ounces
March 361.36=11,617,993.8 ounces
Total 524.059= 16,848,888 ounce
$294 million at $17.50 an ounce
Silver is not a “Gold Substitute” in India
Indian Silver Imports March 2016 – March 2017
Indian Annual Silver Imports 1999 – 2017
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India’s Gold Reserves
According to the World Gold Council, as of December 2016, India held the tenth most gold of any nation.
The Indian gold import charts are derived from data pulled from the Indian Ministry of Commerce and Industry, Govt. of India by Nick Laird of Sharelynx and are updated monthly and archived on Smaulgld.com. Visit Nick’s gold and silver chart festival at Sharelynx
Click to see an overview of India and Silver and a 2016 Indian silver imports .
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