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Sprott:  “I just read some data on India.  It said that India, last year (in the) first five months, imported 1,900 tons of silver.  So far this year they have imported 2,400 tons.  Now to understand the significance of this I have to tell you that the amount of tons (of silver) mined (annually) is 25,000....

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“At 2,400 tons in the first five months, you are basically talking at least 5,000 tons (of silver) for the whole year.  That would be 20% of the world’s (annual) silver production.  And this is not going into industrial uses.  This is going into savings (for investment purposes).

And there is only a certain percent of the silver market which can go into savings because a lot goes into industrial.  But here is the ‘piece de resistance,’ they said (India) imported 720 tons in April (annualize 8,000 tons).  In May it went to 900 tons, annualized call it 11,000 (tons).  We’re going from 1,900 tons (of silver Indians were purchasing) to 11,000 tons, in a 25,000 ton market.  That’s impossible.  There’s not that amount of silver available for investment.

Here’s what’s interesting about these numbers, Eric:  As they (Indians) can’t buy gold, they are going to buy silver.  If you tell the Indian population they can’t buy gold, they want to buy something real.  They don’t want fiat paper.  They are going to buy silver.  And maybe in June or July, which we don’t have data on, when the restrictions and costs have shot up here (in India to buy gold), maybe they will buy even more (silver).

(Another example) It’s impossible for China to replace, if they imported over 800 tons of gold last year, and let’s say you couldn’t really buy it, the number they would have to buy is something like 48,000 tons of silver to replace that (gold equivalent).  We only mine 25,000 tons a year, and there’s only 10,000 tons of that available for investment.  And it looks to me like they (India and China) are buying it all right now.

So I think if this data is true we have the most phenomenal story for silver that you could possibly imagine.  We will just nail those paper sellers to the wall here.”

IMPORTANT - The extraordinary audio interviews with Eric Sprott and Andrew Maguire have now been released and you can listen to them by CLICKING HERE.  KWN will also be releasing written interviews all weekend with billionaire Eric Sprott and Andrew Maguire.

This is the first in a series of interviews with Sprott which will be released today that discusses the chaos behind the scenes that central planners are dealing with, the massive surge in demand for physical gold and silver, the recent smash in the gold and silver market and more.  In addition to the written interviews, the KWN Eric Sprott audio interview will be available shortly and you can listen to it by CLICKING HERE.

The audio interviews with Eric Sprott, Andrew Maguire, John Hathaway, Dr. Paul Craig Roberts, MEP Nigel Farage, Rob Arnott, Egon von Greyerz, Gerald Celente, Jim Grant and Art Cashin are available now.  Also, be sure to hear the other recent KWN interviews which include Marc Faber and Felix Zulauf by CLICKING HERE.

© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

Eric King

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