China Imported a Record Amount of Silver in March

We have spotlighted China’s aggressive acquisition of gold as it has grown.  It illustrates what we call the world’s most important monetary megatrend: de-dollarization.  In addition to being the world’s largest gold producer, China has been a net buyer of gold now 17 consecutive months.

China’s gold imports in March reached a two-year high of 162 tons, or just over 5.2 million troy ounces

But China is not just stockpiling gold.  Along the way, China’s appetite for silver has reached historic proportions as well as you can see in the following chart:

Silver imports surged 78 percent in March over the prior month, to a record 836 tons in March, almost 27 million troy ounces.

So far this year China has imported 1,626 tons of silver.  That is more than 52 million troy ounces – the highest on record.

China is serious about both gold and silver!  It is protecting itself from currency – specifically U.S. dollar – debasement.  The spread of war may or may not be inevitable, but dollar debasement is.  That makes it the most likely dynamic to drive the next leg of the silver bull market.