The Indian appetite for gold is well known, and apparently, now Indians are hungry for silver as well. US-to-India silver sales positively exploded in the six months ending Feb 2019, going from 2 metric tons to — wait for it — 517 tons.
Now that’s what we call a big jump. India’s economy has been struggling with changing VAT taxes, currency recalls, and a host of other measures meant to reduce illegal drug trafficking and metal trading, and boost revenue from taxes.
These measures succeeded in spooking the Indian consumer to the point where they all but shut down expensive purchases, deeply hurting precious metal sales last year.
Now it looks like consumers are figuring out the new environment and returning to their customary purchases.