Silver imports in June 2013 : new record for India ?

Silver imports in June 2013 : new record for India ?

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Inde-Importations-Argent-Juin-2013Since Eric Sprott revealed that silver imports soared in May 2013, we’ve been waiting for the June data.

Until now, no news, excepted that we spotted articles talking about the total imports for gold and silver in June 2013, that collapsed to 2,45 billion from 8,4 billion. However, the sources state that India would have imported between 31.5 and 40 tons in June 2013 (Govt estimation is the lowest, while the Indian Jewelry Federation estimates it between 37 and 40 tons). No data about silver tonnage.

We still have enough data to estimate the silver imports for June 2013 in India. Which we did :

price/once once/kg price/kg Price 1 tonne tonnage Total imports in dollars
Gold

1300

32.1543408

41,800.64

41,800,643.09

40

1,672,025,723.47

Silver

21

32.1543408

675.24

675,241.16

1152.14

777,974,276.53

total

2,450,000,000.00

Even if we take into consideration the least favorable tonnage in gold (40 tons), India would have imported more than 1,150 tons of silver in June 2013. Which means the record of May (900 tons) would be beaten once again ! If we take into account the Govt estimates for gold (31,5 tons), and even using the purchase price of silver in June at its peak (22.74 dollars), Inda would have imported more than 1500 tons in June 2013 !!!

It is also interesting to note that the articles insist much on how gold imports collapsed, and occult the new trend in silver. Unless the data is bogus about gold imports, or the total purchased amount of gold and silver.

Sources :

http://www.kitco.com/news/2013-07-08/Indian%20Gold-Imports-Slump-In-June-Analysts-Expected-Recovery.html

http://articles.economictimes.indiatimes.com/2013-07-12/news/40536836_1_830-tonne-lower-imports-162-tonnes