Japanese Silver Imports RobustAbsolutely no surprise that Japanese silver imports are up 50% year to year at over 1400 tonnes. Just remember that a very sizable chuck of physical silver is NOT purchased on the spot market but directly from producers. Nonetheless spot silver should blow through $15 before Christmas. As stated earlier EXN is GROSSLY undervalued!!!!!!! Not for long. SMF069
Japanese Precious Metals Imports Robust
Friday, December 01, 2006 5:26:44 AM
Author: John Reade, Robin Bhar UBS Metals Daily
Precious metals with predominantly industrial applications, ie all except gold, continue to be in keen demand in Japan based on recently published import data for the year to October. Year to date palladium imports - used in autocatalysts, electronics and dentistry - were steady at 65t while platinum imports of 55.6t in the first ten months of this year are 6% higher despite the soaring platinum price and no sign of any recovery in platinum jewellery demand from Japan. Silver imports take the prize for strongest performer, up 50% y/y at 1423 tonnes or 45 million ounces. Silver demand fell sharply in 2002 for a mixture of cyclical reasons and declining photographic demand but have recovered since then, especially over the past twelve months. Gold imports increased in October to 6.7t, the strongest for the year, but high prices have hit imports this year which totaled 28t in the first ten months of 2006 compared to 48t in the same period of 2005 and 62t in the first 10m of 2004. We have heard reports of investor dis-hoarding of gold in Japan this year which is probably limiting gold import requirements.