Bloomberg News: India's Massive Silver Demand Cutting World's Warehouse Stocks
Article by Swansy Afonso and Sing Yee Ong in Bloomberg News
Indian silver consumption is forecast to surge by around 80% to a record this year, as traders draw down inventories in warehouses from London to Hong Kong after two Covid-riddled years.
This year, silver sales are back on track. Local purchases may surpass 8,000 tons in 2022 from about 4,500 tons last year, said Chirag Sheth, principal consultant at Metals Focus Ltd. That’s up from an April estimate of 5,900 tons.
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