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Thursday, February 23, 2012
India’s silver imports are expected to rise 4.2% this year to to 5,000 tonnes. Investment demand for silver continues to break records worldwide, in the face of declining production. One day soon the paper markets will lose their grip on their influence over the price of the actual as physical buyers such as Sprott, China, and India suck up all available physical inventory.
MUMBAI – India’s silver imports may top 5,000 metric tons in 2012 due to strong investment demand, Prithviraj Kothari, the president of the Bombay Bullion Association, said Tuesday.
The country imported around 4,800 tons of silver last year, he said.
“Silver demand is expected to rise on firm industrial and investment demand,” he told reporters on the sidelines of a conference.
Though demand for silver may not pick up in the next few weeks as returns from debt instruments are better than that from silver, investment interest in the white metal is expected to grow as and when the country’s central bank starts lowering lending rates, Mr. Kothari said.