CHINESE & INDIA SILVER DEMAND TO REACH ALMOST 12,000 METRIC TONNES IN 2012

By SRSrocco:
According to this GoldCore article posted on SD this morning, the Chinese silver demand will hit 7,700 metric tonnes in 2012. Last year India’s silver demand was 4,000+ metric tonnes. We can safely assume they should have about the same figure in 2012.
This means Indian and Chinese silver demand alone will account for 50% of global silver mine supply!!!

2012 SILVER DEMAND

CHINESE SILVER = 7,700 mt

INDIA = 4,000+ mt

TOTAL = 12,000 metric tonnes?

12,000 metric tonnes = 386 million oz (more than half of 2011 global silver supply)

This would be nearly 50% of all the silver that was mined in 2011. Of course we do have a good amount of silver coming from recycling… but regardless, this is a significant demand from just two countries.

While it is true that these two countries have the largest population, I believe we have just begun to see how much silver they will be consuming in the future.