CHIRAG SHETH
Silver dealers face overstocking fears as investment demand dries up after 40% price fall
With investment demand for silver dwindling, refiners and dealers are inundated with rising stockpiles. The precious metal’s prices have dropped more than forty percent since the beginning of the year, negatively affecting investor morale. Cautious buying continues due to heavy losses faced by earlier investors. Coupled with an expected dip in industrial consumption, market conditions remain tense. Nevertheless, a few long-term investors perceive this correction as a timely diversification opportunity.
Silver imports in 2023 expected to fall a third to 6,000 tonnes as high prices hit demand
"Imports went up in 2022 as demand rose after two years of Covid-19. But now the situation has normalised and imports will come down. But the high prices will dent the demand by 15 -20 per cent," said Chirag Sheth, principal consultant of Metals Focus, an independent precious metals research consultancy.
Silver imports may touch pre-covid levels this year
In July alone, India imported a record 1,700 tonnes of silver, while in 2021, in the first seven months silver imports were a meagre 110 tonnes, said Chirag Sheth, principal consultant, South Asia, Metals Focus.
Gold sales in India’s festival quarter seen weakest since 2008
Still, demand will fare better than the first nine months of the year, when it suffered after India imposed one of the world’s strictest lockdowns in March to contain the virus.
Silver loses shine in top buyer as prices rocket to record high
Imports by the world’s biggest consumer may tumble by as much as 50% this year from about 6,000 tons in 2019
Silver glitters in India as record prices dull gold’s luster
Imports of the poor man’s gold jumped 72% from a year earlier to 543.21 tons in August.
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Compulsory hallmarking to shield jewellery buyers
There are around 650 hallmarking centres across the country.
Spike in gold imports from year ago attributed to jewellers strike in 2016
The jewellers last year had protested against imposition of 1% excise levy on ornaments in the Budget for FY17. This slowed down imports.
Titan jumps 3% as GST Council cuts tax on jewellery-making charges
The GST Council meeting had earlier fixed GST on precious metals and diamonds, including jewellery, at 3 per cent.
METAL MANIA - Gold imports rise 200% as cash makes a comeback
Gold worth $3.85 billion was imported in April this year, up more than 200 per cent.
30% more gold sold this Akshaya Tritiya
Sales have likely touched 23.5 tonnes compared with 18 tonnes last year.
Double trouble for gold harvest scheme clients
GST on gold and ornaments has not yet been fixed. The levy subsumes VAT, charged on sale of goods or services, and excise, charged on clearance -from factory to the manufacturer.
Demonetisation impact: Silver imports likely to shrink to the lowest levels since 2012
Silver is so ingrained in Indian tradition that the country’s currency, the rupee, is named after ‘Rup,’ the Sanskrit word for silver.
Gold and silver will remain volatile: Chirag Sheth
Greece referendum is leading a lot of confusion in the bullion market and we expect bullion to remain fairly volatile, especially gold and silver.
ECB rate cut may lead to upmove in crude: Chirag Sheth
"If traders were looking at a short kind of move, they could look at buying crude above 4620-4625 kind of range for a Rs 40-50 on the upside."
Crude oil prices to move up by $3-4 in medium term: Chirag Sheth, Latin Manharlal Commodities
If we look at from a year perspective, crude oil prices have also not moved up. It has been trading into this range for now quite sometime.
Silver prices could trade between 52100-53800: Chirag Sheth, Latin Manharlal Commodities
Market will right now be a range bound market. We will look out for fresh trigger for market to move towards the range of 55-57.
Gold, silver prices could move little higher: Chirag Sheth, Latin Manharlal Commodities
We could see a minor pullback in gold and silver, especially given the fact that there is a festive demand in India.
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