#silversqueeze

[searcher]

Sal talks about predictions.

Big Bank Makes Bold Prediction For Silver & Makes Stunning Statement​

Jun 7, 2024 #silver #gold #preciousmetals


12:53

 

[pmbug]

New Delhi: India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to USD 10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. ...
...
GTRI Founder Ajay Srivastava said the current import of gold and silver from the UAE is unsustainable as the UAE does not mine gold or silver or add sufficient value to imports.
...
Further, the report stated that silver imports from the UAE increased multifold to USD 1.74 billion in 2023-24 from a meagre USD 29.2 million in 2022-23 due to India charging an 8 per cent duty under the CEPA versus a 15 per cent duty from other countries.

"The large 7 per cent tariff arbitrage resulted in a loss of revenue for India of Rs 1,010 crore in FY24. Revenue loss will increase as India has committed to make tariffs zero on unlimited quantities of silver from the UAE within next 8 years," it added.

It said this trade is unusual because the UAE just imports large silver and gold bars, melt and convert these into silver grains and unwrought gold for exports.
...
On gold bars, the report said India agreed to import 200 metric tons of gold annually from the UAE with a 1 per cent tariff concession and due to this gold imports rose 147.6 per cent from USD 3 billion in FY23 to USD 7.6 billion in FY24, causing India to lose Rs 635 crore in revenue in FY24.
...

https://www.msn.com/en-ca/news/other/gold-silver-import-surges-210-in-2023-24/ar-BB1olLcA

...
Imports of gold hit a three-month high of $3.33 billion in May, although this was 9.7% lower than the gold import bill a year ago. Gold imports had tripled year-on-year in April to $3.11 billion. The value of silver imports shot up by over 400% ...

Exports up 9% but trade gap widened in May

Editors pick Exports up 9% but trade gap widened in May

www.thehindu.com

I can't find a clear report on how many ounces/tonnes of silver were imported, but it seems like enough that the UAE is crying Uncle.

 

[Casey Jones]

One of the second-tier podcasts, not sure which one - Man in America, or similar - lesser-known ones...one had a former government insider on, who was talking in passing, about silver.

His assertion is, there are several TONS of silver into each cruise missile being launched or given to You Crane. Upon "use" of each of these missiles, the silver is lost - vaporized.

So for that reason, the "Defense" Department is working with Treasury and major banksters to keep the manipulated price of silver, DOWN - to enable warmongers, er, defense contractors, to obtain needed material at a needed price.

Prices will only be allowed up to keep pace with "inflation" (officially-claimed rates) as a pressure-relief and to prevent wholesale rebellion in the world silver markets.

Thoughts? Likely? Pure BS? I have no way of validating this.

 

[pmbug]

...
His assertion is, there are several TONS of silver into each cruise missile ...
...
Thoughts? Likely? Pure BS? I have no way of validating this.

It's TONS now? Last I saw, the claim making the rounds of social media was 500 ounces. Of course, no one can produce any documentation or evidence to support the claim.

What I know to be true though, is that the government is having to source silver on the open market so they do have an interest in buying silver as cheap as possible:

https://www.pmbug.com/threads/silver-demand-drivers.6364/post-101889

 

[Casey Jones]

It's TONS now? Last I saw, the claim making the rounds of social media was 500 ounces. Of course, no one can produce any documentation or evidence to support the claim.

I hear ya. The amount grows with repetition.

The asserter was a finance guy, not a munitions engineer, so he's probably not given the exact specs. Also he was talking to a non-technical audience. Perhaps he meant per-quantity ordered - since most military contracts are for batch lots. That even holds true for things like vehicles - I used to use old Postal jeeps as beater trucks. On the manufacturer's plate, they had the purchase-order number. There weren't model years, there was year of bid, and date of delivery.

So, to silver...the amount is in question. But lack of specifics, doesn't surprise me - if someone were asserting specifics, I'd be more suspicious. These are DEFENSE contractors - controlling leaks is the critical key to their business. Congressional graft, through to cost-plus bids, on to delivery, quality that may or may not meet bid specifics...it all comes down to controlling information.

Important factor here is, it represents a "vital interest" to the government (the MIC, actually) in controlling the price of silver. I'm inclined to believe it, in the general if not in the exact specifics.

 

[Cigarlover]

A cruise missile weighs 3300 lbs. So, several tons of silver per would be very interesting unless they have figured out anti gravity.

 

[EchelonPL]

It's TONS now? Last I saw, the claim making the rounds of social media was 500 ounces. Of course, no one can produce any documentation or evidence to support the claim.

What I know to be true though, is that the government is having to source silver on the open market so they do have an interest in buying silver as cheap as possible:

https://www.pmbug.com/threads/silver-demand-drivers.6364/post-101889

It was 100oz in the cruise missiles from the gulf war. The old block point missiles have likely had weight savings and electronics updates since then. So it’s likely less than 100oz per cruise missile now. Wouldn’t surprise me if they squeeze out half the content in the last 30 years of upgrades.

 

[searcher]

Sal talked about this in 2018. He mentions @pmbug.

Is There Really 500 Oz Of Silver In A Tomahawk Cruise Missile?​

10:29

 

[searcher]

Here's the thread Sal mentioned:

Al Jazeera: Each cruise missile contains 15 kg of silver

Old report from when we were bombing Libya:Note each cruise missile contains approx. 15kg of silver in wiring, contacts, solder and batteries. http://ausbullion.blogspot.com/2011/03/1650kg-of-silver-fired-at-libya-to.html Now you can impress your friends with trivia when the Tomahawks start...

www.pmbug.com

 

[pmbug]

Second day in a row SFE increases vault holdings. This time by nearly 50%!

 

[Cigarlover]

I don't know where it came from but mines don't stop producing. Not yet anyway. One of the reasons I don't get overly excited about the vault numbers around the world. Some months the numbers go down but other months they get refilled.
On a positive note, silver has had a very nice run this year so far. Even a pullback to the 26 level would be very positive for the metal if it holds. That will be the level where I add to miners.

 

[pmbug]

It appears that the silver flowing in to the SFE vaults last week came from the SGE vaults. The price of silver in China is climbing again and the SFE vaults are draining again.

 

[pmbug]

 

[WinkWink]

 

[Peter89]

Short term price prediction
Big increase of physical demand from India expected in September
Comex (jp Morgan) will have to deliver

Start at 38:45

 

[pmbug]

Update on India's silver imports:

India's silver imports are on course to nearly double this year due to rising demand from solar panel and electronics makers, and as investors bet the metal will give better returns than gold, leading importers said on Friday.

Higher imports by the world's biggest silver consumer could give further support to global prices , which are close to their highest level in more than a decade. India imported 3,625 metric tons of the white metal last year.

This year's purchases could rise to between 6,500 and 7,000 tons due to the rising industrial demand, said Chirag Thakkar, CEO of Amrapali Group Gujarat, a leading silver importer.

India's silver imports in the first half of 2024 jumped to 4,554 tons from 560 tons a year ago, trade ministry data showed.
...

https://www.reuters.com/world/india/indias-silver-imports-double-demand-solar-investment-2024-08-23/

 

[pmbug]

Silver prices rise above $31.00, fueled by robust Indian festive demand and a significant reduction in import duties from 15% to 6%.

India’s silver imports surged to $1.33 billion in August 2024, marking a sharp increase from $158 million during the same period in 2023.
...

Silver (XAG) Daily Forecast: Strong Indian Demand and Duties Drive Prices Higher

Silver prices climb on robust Indian demand, driven by festive seasons and lower import duties. Is a breakout above $31.45 next?

www.fxempire.com