Koos Jansen
BullionStar Blogs
Koos Jansen
Posted on 15 Sep 2015 by

Economic Times: India imported 138t Gold In August. Annualized 998t

Last week I reported India had shipped in 126 tonnes of gold in August according to provisional data. Newswire The Economic Times today reports India has imported 138 tonnes of gold in August, which is 9 % more than my estimate.

India Gold trade 8-2015 2

India Yearly Gross Gold Import 8-2015

Year to date India has imported 666 tonnes of gold, up 69 % year on year. Annualized gold import is set to reach 998 tonnes – the second highest amount on record and 35 % of this year’s world mining production.

Currently precious metals demand from India is strong, which fits with alleged scarcity in the gold market.

Official data on the website of the DGCIS has yet to be released, although I think The Economic Times got their hands on a preview sheet from the DGCIS.

Silver import data was not disclosed by The Economic Times. When it’s released I will update this post below.

UPDATE: September 18, 2015:

India’s custom department, the DGCIS, has just released the first official import numbers for gold and silver in August 2015. As expected, gold import totalled at 4.95 billion USD (138 tonnes), the same as The Economic Times reported on 16 September 2015, though silver bullion import appeared to be 363.41 million USD, which equates to 757 tonnes. This is very remarkable because according to preliminary data from InfoDrive India imported 1,400 tonnes of silver bullion in August. The difference being 643 tonnes – eyebrows raised.

Until I know what went wrong here – I can check if other countries release their silver export data to India for August within a couple of weeks – I can only go with the official data currently at my disposal. Below you can find the adjusted charts.

India Silver import trade 8-2015 2

India Yearly Gross Silver Import 8-2015 2

“Official data” points out India has imported 6,138 tonnes in the first eight months of 2015, up 75 % from last year. Annualized India silver bullion import is set to reach 9,207 tonnes, up 30 % y/y.

Koos Jansen
E-mail Koos Jansen on:

  • http://Caseresearch.com silverthumb

    I’d sure like to know how much gold China and the US Treasury REALLY have. I strongly believe, backed by evidence coming to light of gold movement in the last few years, that China is massively understating while the US is vastly OVERSTATING the amount of gold each has.

    The affinity of Indian citizens for gold has led to the likelyhood that Indians hold more gold than the EU, Russia, and the US COMBINED. I don’t see the Indian people turning in their gold for worthless pieces of paper. How do I know they’re worthless? Because if its going to lower gold imports, that means they have little gold backing those “documents “. The government has been trying this ruse in successive iterations for a few years now. Indians haven’t gone for it yet. Gold is for people who don’t trust paper, this minority will someday become a majority. Can’t eat gold you say? Can’t eat paper either, but bring me gold, and I will give you the food you desire.

    • Au_Nuts

      Bring me paper…and I’ll wipe something with it.

  • Ron Bruce

    While The US Treasury is supposed to be holding 8000+ tons of gold, does anyone know, or have an opinion, how much and the location of the the ex-Chinese, ex- Japanese gold that McArthur supposedly returned to USA from the Phillipines?

    • Au_Nuts

      I have it.

Copyright Information: BullionStar permits you to copy and publicize blog posts or quotes and charts from blog posts provided that a link to the blog post's URL or to https://www.bullionstar.com is included in your introduction of the blog post together with the name BullionStar. The link must be target="_blank" without rel="nofollow". All other rights are reserved. BullionStar reserves the right to withdraw the permission to copy content for any or all websites at any time.