Times of India:

"July silver imports highest in 5 years"

AHMEDABAD: Silver imports recorded a staggering 258.65% growth at 857 metric tonnes (http://bit.ly/n60VSL) in the first four months (April-July) of 2013-14 as compared to 239 MT by July 2012.

The imports of 274.922 MT in July are the highest in last five years in the first four months of a financial year. In fact, silver imports in July 2013 are the second highest in any month in the last five years.

On the other hand, gold has seen a steep decline in imports in June (only 8.908 MT) compared to 37.618 MT in May, the second lowest in last five years. Overall, in the first four months, gold imports have grown by 104.27% at 78 MT.

Experts say traders are importing more silver because of trade restrictions on gold by the Government of India since June 3. The decrease in silver prices over the last three months is also driving imports. "Due to restrictions on gold, these figures were expected and traders are waiting for gold prices to fall further before they start buying," said Kishore Javeri of Javeri and Company.

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