Indian silver demand recovers strongly

India imported 48 tons of gold in January, 354 percent more than in the same month last year. Imports of silver rose by 385% in the same period. India’s holdings of silver ETPs have also risen by around 523 tons year-on-year. In 2022, India imported a record 9,450 tons of silver. Last year, however, demand collapsed and in 2023, only 3,475 tons of silver found its way to India. But now imports have increased. Firstly, stocks have fallen and secondly, demand for the current festive and wedding season has picked up. The price of silver has also weakened somewhat.

The decline in inflation and the government’s efforts to revive the rural sector have also helped. After only 17 tons of silver were imported in February 2023, around 500 tons of silver are expected to be imported in February 2024. A further recovery of the rural economy is generally expected in the coming months, not least because harvest results have also improved. If industrial demand then improves and the continuing strength of the urban economy is also taken into account, silver should be in good demand.

The Silver Institute expects global demand for silver to reach 1.2 billion ounces in 2024. Industry is forecasting a new record demand. The automotive industry is installing more and more electronic components, and the photovoltaic sector is increasing demand for silver with more efficient solar cells. So, let’s take a look at silver in the ground.

Sierra Madre Gold and Silver – https://www.commodity-tv.com/ondemand/companies/profil/sierra-madre-gold-silver/ – scores particularly well with its La Guitarra project in Mexico, the revitalization of a previously producing mine.

Vizsla Silver – https://www.commodity-tv.com/ondemand/companies/profil/vizsla-silver-corp/ – is developing its main project, the high-grade Panuco silver-gold project, also located in Mexico.

Current company information and press releases from Sierra Madre Gold and Silver (- https://www.resource-capital.ch/en/companies/sierra-madre-gold-and-silver-ltd/ -) and Vizsla Silver (- https://www.resource-capital.ch/en/companies/vizsla-silver-corp/ -).

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