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SUBSCRIBE to Our Channel: https://www.youtube.com/c/sdbullion?s... There is no first quarter on record with this size of Indian silver import throughput, following the nation's record-breaking over 76 million oz silver bullion import month of February 2024.

India continued pulling silver bullion float off the world market to the tune of nearly 28 million ounces last month, March 2024.

About half of the Indian silver import demand for March 2024 came through lower-duty UAE grain trade. My assumption is all of that is heading towards new green energy initiatives in batteries and solar demand inputs, helping to subsidize the effort to build an allegedly cleaner energy grid.

So, a large portion of this record Indian silver demand is not driven by store-of-value demand but rather by an emerging industrial powerhouse ramping up its silver inventory levels while spot prices are relatively still cheap.

To put this record size near 123 million ounces, the Indian market has imported through the first quarter of 2024. Think of it this way.

India, in the first quarter of this year, 2024, has imported as much silver bullion as the US Mint struck and sold off in 1 oz American Silver Eagle bullion coins in 2019, Covid 2020, 2021, 2022, 2023, and through Q1 2024 combined.

All this we covered this week.

It is basically the underlying silver market in the East at the moment.

A systemically mispriced powder keg market is waiting to explode in higher spot prices based on uber-bullish factors building.

The silver and gold spot price markets finally had a large selloff in price this week.

The spot gold price closed this week just under $2,350 oz, while the spot silver price closed the week above $27 oz.

The spot gold-silver ratio, which we will focus on to conclude this bullion market update, finished this week at 85.

Buckle in and get position-ready. When the pathetic $30 oz silver spot TAMP resistance price passes into support, the ride will still get windy and funner.

That will be all for our weekly SD Bullion Market Update.

And as always to you out there, take great care of yourselves and those you love.

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