One of the biggest drivers of demand in the silver market in 2022 was a record-setting year of imports into India. That fueled a drain in the silver inventories on the COMEX and LBMA, although the inventory levels were somewhat static over the past year as Indian silver demand in 2023 has been almost non-existent following the surge of demand in 2022.
However, after months of low figures, both gold and silver import numbers surged in October, with India importing almost 4 million ounces of gold and 60 million ounces of silver. At the same time, the LBMA showed its first inventory decline of the year, as 39 million ounces of silver were removed from their vaults.
In today’s show we look at the precious metals flows over the past month, and talk about how the gold and silver prices have responded since the breakout of a new conflict in the Middle East. Steve Cope of Silver Viper Minerals also talks about some of the latest projections from the Silver Institute, and where we stand with the potential end of the Federal Reserve’s interest rate hiking campaign.
So to stay up to date on the latest news impacting the gold and silver prices, click to watch this video now!