In an effort to stem the tide of a widening current account deficit, India has employed higher taxes on gold and platinum imports, but those tariffs do not apply to silver. “Indian imports are robust, where silver demand seems to be benefiting from government policies aimed at constraining gold demand,” said James Steel, a metals analyst at HSBC, in an interview with Francesca Freeman of the Wall Street Journal.
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ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of GLD.