Silver demand soars

We reported last week on the lift in demand for solar panels around the world, but investment demand too is surging for silver.  In lieu of import restrictions on gold, India (previously the world’s biggest buyer of gold) is turning to silver in a massive way with imports up 259% to July  over the same period last year (mind you Pakistan’s gold imports are up 102% as Indian’s find other ways in…).  Last week the US Mint reported sales of Silver Eagles were up to 4.4m in July taking the year to date total to a record 29.45m! Tellingly too, the July ratio of sales of silver eagles to gold eagles was 95:1 or 50% more silver in dollar value than gold.  We’ve raised before how out of whack the current 65:1 price ratio is when compared to it’s historically much lower ratio.  Like the namesake US Eagle coins, silver could be set to soar…