Indian Silver Prices Sink Following High October Imports

Mineweb reported that silver, which has been “uncharacteristically volatile” these past few months, now appears to be evening off lower in India. Traders believe that the drop is the result of a 40-percent rise in the country’s silver imports during October.

As quoted in the market news:

In India, silver imports jumped 40% to 338 tonnes in October from 241 tonnes in September. ‘The decline in domestic silver prices is mainly driven by expectations that the US Fed would taper its $85 billion monthly bond and mortgage backed securities purchases. Bears are expected to continue dominating the silver market, and this may pull gold prices, too, at least in the short term,’ said a research note from broking firm Primary Trade.

Click here to read the full Mineweb report.