Why Is The U.S. Importing So Much Silver Bullion?
During the first two months of 2014, the United States imported 583 metric tons (mt) of silver bullion, 335 mt for January and 248 mt in February. This turns out to be 18.7 million oz (Moz) of silver bullion. However, something changed in 2015.
Not only did U.S. silver bullion imports increase this year…. they surged 44% to 838 mt:
The U.S. imported 421 mt of silver bullion in January and 417 mt in February. This was an increase of 255 mt, or 8.2 Moz…. in just two months. Why would the U.S. be importing more silver bullion? That’s an excellent question. First, let’s take a look at where this silver came from.
Last year, of the total 583 mt of U.S. silver bullion imports (Jan-Feb), 562 mt came from Mexico and Canada. These two countries accounted for 96% of the total. If we look at the chart , we can see the change in 2015.