April 10/India imports a massive 125 tonnes of gold in March/no changes in GLD or SLV/GE buying back 50 billion USA stock and getting rid of GE capital/Greece receives another 1.2 billion euros of ELA as depositors continue to remove money from the banking system/

Good evening Ladies and Gentlemen:



Here are the following closes for gold and silver today:



Gold:  $1204.60 up $11.00 (comex closing time)

Silver: $16.37 up 20 cents (comex closing time)


In the access market 5:15 pm

Gold $1207.80

Silver: $16.49



Gold/silver trading:  see kitco charts on the right side of the commentary.



Following is a brief outline on gold and silver comex figures for today:


At the gold comex today,  we surprisingly had a poor delivery day, registering nil notices served for 0 oz.  Silver comex filed with  0 notices for nil oz .


Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 242.40 tonnes for a loss of 61 tonnes over that period. Lately the removals  have been rising!




In silver, the open interest fell by 305 contracts despite the fact that Wednesday’s silver price was down by 28 cents. The total silver OI continues to remain extremely high with today’s reading at 171,410 contracts. The front April month has an OI of 170 contracts for a loss of 15 contracts. We are still close to multi year high in the total OI complex despite a record low price. This dichotomy has been happening now for quite a while and defies logic. There is no doubt that the silver situation is scaring our bankers to no end.


We had 0 notices served upon for nil oz.



In gold,  the total comex gold OI rests tonight at 390,946 for a loss of only 108 contracts despite the fact that gold was down by a considerable $9.50 on Thursday. We had 0 notices served upon for nil oz.



Today, we had no changes in gold inventory at the GLD/  Gold Inventory rests at 736.04  tonnes

In silver, / the SLV/Inventory /we have no changes and thus the inventory tonight is 321.839 million oz


We have a few important stories to bring to your attention today…


1. Today we had the open interest in silver fall by a tiny 305 contracts despite the big 38 cent fall in price on Thursday.  The OI for gold fell by only 108 down to 390,946 contracts despite  the fact the price of gold fell considerably on Thursday to the tune of $9.50.

(report Harvey/)

2.Greece pays the iMF yesterday.  Today, it was announced that the ECB increased its ELA to Greece by 1.2 billion euros up to 73.2 billion euros.  Greece also released documents referencing the forced loan of Greece to Germany which basically bankrupted the nation. There was widespread famine due to the fact that food was hoarded away from the Greeks.  It lead to over 300,000 deaths

(courtesy Reuters/Zero hedge)

3.  Negative interest rates are good for gold.

(Mark O’Byrne)

4. GE is buying back 50 billion USA dollars worth of stock and also getting rid of GE capital, its former engine for growth.

5. Gold gets a huge boost today from India which reported a massive 125 tonnes of imports of gold into its country in March.

(courtesy GATA/Reuters)

6. COT report  which shows in gold that the bankers have dug in again.

In silver, they are having their problems



we have these and other stories for you tonight



Let us now head over to the comex and assess trading over there today.

Here are today’s comex results:


The total gold comex open interest fell by 108 contracts from 391,054 down to 390,946 despite the fact that gold was down by $9.50 on Thursday (at the comex close).  We are now in the active delivery month of April and here the OI fell by 269 contracts down to 2,462. We had 10 contracts filed upon on Thursday so we lost another 269 contracts or 26,900 oz will not stand for delivery in April. The next non active delivery month is May and here the OI rose by 36 contracts up to 457.  The next big active delivery contract month is June and here the OI fell by 246 contracts down to 263,692. June is the second biggest delivery month on the comex gold calendar. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was poor at 76,545  (Where on earth are the high frequency boys?). The confirmed volume on Thursday ( which includes the volume during regular business hours + access market sales the previous day) was poor at 116,229 contracts. Today we had 0 notices filed for 0 oz.

And now for the wild silver comex results.  Silver OI fell by a tiny 305 contracts from 171,715 down to 171,410  despite the fact that silver was down by 28 cents, with respect to Thursday’s trading . We are now in the non active delivery month of April and here the OI fell to 170 for a loss of 15 contracts.  We had 114 notices filed yesterday so we gained a huge 99 contracts or an additional 495,000 silver ounces will stand in this delivery month of April. The next big active delivery month is May and here the OI fell by 3,759 contracts down to 84,914 . The estimated volume today was poor at 26,056 contracts  (just comex sales during regular business hours. The confirmed volume yesterday  (regular plus access market) came in at 62,275 contracts which is excellent in volume. We had 0 notices filed for nil oz today.



April initial standings

April 10.2015



Withdrawals from Dealers Inventory in oz  nil
Withdrawals from Customer Inventory in oz 56,172.741 oz (Scotia)
Deposits to the Dealer Inventory in oz nil
Deposits to the Customer Inventory, in oz nil
No of oz served (contracts) today 0 contracts (nil oz)
No of oz to be served (notices)   2462 contracts(246,200) oz
Total monthly oz gold served (contracts) so far this month 686 contracts(68,600 oz)
Total accumulative withdrawals  of gold from the Dealers inventory this month   oz

Total accumulative withdrawal of gold from the Customer inventory this month

  219,944.8 oz

Today, we had 0 dealer transaction

total Dealer withdrawals: nil oz



we had 0 dealer deposits


total dealer deposit: nil oz


we had 1 customer withdrawal


i) Out of Scotia:  56,172.741 oz

total customer withdrawal: 56,172.741 oz


we had 0 customer deposit:


total customer deposit: nil oz


We had 1 adjustment

Out of the Scotia vault:

64,654.979 oz leaves the dealer vault and heads to the customer vault of Scotia.

Today, 0 notices was issued from JPMorgan dealer account and 10 notices were issued from their client or customer account. The total of all issuance by all participants equates to 0 contracts of which 0 notices were stopped (received) by JPMorgan dealer and 0 notices were stopped (received) by JPMorgan customer account

To calculate the total number of gold ounces standing for the March contract month, we take the total number of notices filed so far for the month (686) x 100 oz  or  68,600 oz , to which we add the difference between the open interest for the front month of April (2462) and the number of notices served upon today (0) x 100 oz equals the number of ounces standing.

Thus the initial standings for gold for the April contract month:

No of notices served so far (686) x 100 oz  or ounces + {OI for the front month (2462) – the number of  notices served upon today (0) x 100 oz which equals 314,800 oz or 9.79 tonnes of gold.


we lost 259 contracts or 25,900 oz of gold that will not stand for delivery in April





Total dealer inventory: 567,333.085 or 17.646 tonnes

Total gold inventory (dealer and customer) = 7,793,472.603  oz. (242.40) tonnes)


Several weeks ago we had total gold inventory of 303 tonnes, so during this short time period 61 tonnes have been net transferred out. However I believe that the gold that enters the gold comex is not real.  I cannot see continual additions of strictly kilobars.






And now for silver


April silver initial standings

April 10 2015:



Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory 2,198,179.88 oz (CNT,HSBC)
Deposits to the Dealer Inventory  nil
Deposits to the Customer Inventory 893,037.576 (JPM)
No of oz served (contracts) 0 contracts  (nil oz)
No of oz to be served (notices) 170 contracts(850,000 oz)
Total monthly oz silver served (contracts) 315 contracts (1,575,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month  548,169.5 oz
Total accumulative withdrawal  of silver from the Customer inventory this month  6,730,092.6oz

Today, we had 0 deposits

Today, we had 0 deposits into the dealer account:


total dealer deposit: nil   oz


we had 0 dealer withdrawals:


total dealer withdrawal: nil oz


We had 1 customer deposits:

i) Into JPM<:  893,037.576 oz


total customer deposits:  893,037.576  oz

*this is the third day in a row that we had a huge deposit  silver arrive at JPMorgan customer side.


We had 2 customer withdrawals:



ii) Out of HSBC:  1,008,763.408 oz

iii) Out of CNT: 1,189,416.08 oz


total withdrawals;  2,198,179.88 oz


we had 0 adjustments:



Total dealer inventory: 63.235 million oz

Total of all silver inventory (dealer and customer) 175.068 million oz


The total number of notices filed today is represented by 0 contracts for nil oz. To calculate the number of silver ounces that will stand for delivery in April, we take the total number of notices filed for the month so far at (315) x 5,000 oz    = 1,575,000 oz to which we add the difference between the open interest for the front month of April (170) and the number of notices served upon today (0) x 5000 oz equals the number of ounces standing.

Thus the initial standings for silver for the April contract month:

315 (notices served so far) + { OI for front month of April(170) -number of notices served upon today (0} x 5000 oz =  2,425,000 oz standing for the April contract month.

we gained a huge 495,000 additional silver ounces standing in this April delivery month.


for those wishing to see the rest of data today see:

http://www.harveyorgan.wordpress.com orhttp://www.harveyorganblog.com




The two ETF’s that I follow are the GLD and SLV. You must be very careful in trading these vehicles as these funds do not have any beneficial gold or silver behind them. They probably have only paper claims and when the dust settles, on a collapse, there will be countless class action lawsuits trying to recover your lost investment.

There is now evidence that the GLD and SLV are paper settling on the comex.

***I do not think that the GLD will head to zero as we still have some GLD shareholders who think that gold is the right vehicle to be in even though they do not understand the difference between paper gold and physical gold. I can visualize demand coming to the buyers side:

i) demand from paper gold shareholders

ii) demand from the bankers who then redeem for gold to send this gold onto China

vs no sellers of GLD paper.


And now the Gold inventory at the GLD:

April 10/we had no change in inventory at the GLD/Inventory at 736.04 tonnes

April 9.2015 we have a huge addition of 2.98 tonnes of gold inventory/GLD inventory tonight stands at 736.04 tonnes

April 8.2015:no changes in the GLD/Inventory 733.06 tonnes


April 7. we had another withdrawal of 4.18 tonnes of gold at the GLD/Inventory rests at 733.06 tonnes

April 6. no changes in gold inventory at the GLD/Inventory at 737.24 tonnes

April 2/no changes in gold inventory at the GLD/Inventory at 737.24 tonnes

April 1/2015/ no changes in gold inventory at the GLD/Inventory at 737.24 tonnes

march 31.2015/ no changes in gold inventory at the GLD/Inventory at 737.24 tonnes

March 30/no changes in gold inventory at the GLD/Inventory at 737.24 tonnes.

March 27/no changes in gold inventory at the GLD/Inventory at 737.24 tonnes

March 26 we had another huge withdrawal of 5.97 tonnes of gold.  This gold is heading straight to the vaults of Shanghai, China/GLD inventory 737.24 tonnes


April 10/2015 /  we had no changes in  gold  inventory at the GLD/Inventory stands at 736.04 tonnes

The registered vaults at the GLD will eventually become a crime scene as real physical gold departs for eastern shores leaving behind paper obligations to the remaining shareholders. There is no doubt in my mind that GLD has nowhere near the gold that say they have and this will eventually lead to the default at the LBMA and then onto the comex in a heartbeat (same banks).

GLD : 736.04 tonnes.




And now for silver (SLV):

April 10/ no changes in silver inventory at the SLV/Inventory rests at 321.839 million oz

April 9/2015 no changes in inventory at the SLV/Inventory rests at 321.839 million oz/

April 8.2015: no changes in inventory at the SLV/Inventory rests tonight at 321.839 million oz

April 7.2015: no changes in inventory at the SLV/Inventory rests tonight at 321.839 million oz

April 6. we had a small withdrawal of 136,000 oz/inventory tonight rests at 321.839 million oz

April 2/2015: no changes in inventory/SLV inventory rests this weekend at 321.975 million oz

April 1.2015: we had a huge withdrawal of 1.913 million oz of silver from the SLV vaults/Inventory 321.975 million oz

March 31.2015: no changes in inventory at the SLV/Inventory at 323.88 million oz

March 30.2015: no changes in inventory at the SLV/inventory at 323.888 million oz.

March 27. we had a huge withdrawal of 1.439 million oz leave the SLV/Inventory rests this weekend at 323.888 million oz

March 26.2015; no change in silver inventory/SLV inventory 325.323 million oz

March 25.2015:no change in silver inventory/SLV inventory 325.323 million oz



April 10/2015 we had no changes  in inventory at the SLV/ inventory rests at 321.839 million oz





And now for our premiums to NAV for the funds I follow:


Note: Sprott silver fund now for the first time into the negative to NAV

Sprott and Central Fund of Canada.
(both of these funds have 100% physical metal behind them and unencumbered and I can vouch for that)

1. Central Fund of Canada: traded at Negative  7.9% percent to NAV in usa funds and Negative 7.9% to NAV for Cdn funds!!!!!!!

Percentage of fund in gold 61.4%

Percentage of fund in silver:38.2%

cash .4%

( April 10/2015)

Sprott data: will update later tonight


Sprott gold fund finally rising in NAV

2. Sprott silver fund (PSLV): Premium to NAV falls to + 1.30%!!!!! NAV (April 10/2015)

3. Sprott gold fund (PHYS): premium to NAV falls -.30% to NAV(April 10/2015

Note: Sprott silver trust back  into positive territory at +1.44%.

Sprott physical gold trust is back into negative territory at -.30%

Central fund of Canada’s is still in jail.





At 3:30 pm we received the COT report

Let’s head over to the gold COT:

Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
183,130 82,373 39,159 133,199 241,488 355,488 363,020
Change from Prior Reporting Period
10,312 -10,426 1,587 -10,998 16,176 901 7,337
148 81 72 49 50 229 176
Small Speculators  
Long Short Open Interest  
35,083 27,551 390,571  
2,085 -4,351 2,986  
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, April 07, 2015

the report:


Our large specs:

Those large specs that have been long in gold saw the light and added 10,312 contracts to their long side.

Those large specs that have been short in gold also saw the light and covered a huge 10,426 contracts from their short side.


Our commercials  (get a load of this)_


Those commercials that have been long in gold pitched a huge 10,998 contracts from their long side.

Those commercials that have been short in gold added a monstrous 16,172 contracts to their short side.


Our small specs;

Those small specs that have been long in gold added 2085 contracts to their long side.

Those small specs that have been short in gold covered a whopping 4351 contracts from their short side.


If the commercials are wrong in their conviction the game will be over.

and now for our silver COT:



Silver COT Report: Futures
Large Speculators Commercial
Long Short Spreading Long Short
63,241 21,160 21,733 64,592 115,030
-2,185 -1,154 -235 1,367 1,944
84 38 45 38 50
Small Speculators Open Interest Total
Long Short 169,700 Long Short
20,134 11,777 149,566 157,923
648 -960 -405 -1,053 555
non reportable positions Positions as of: 143 119
Tuesday, April 07, 2015   © SilverSeek.com

Looks like our bankers are having trouble covering their shortfall


Our large specs:


Those large specs that have been long in silver pitched 2185 contracts from their long side.

Those large specs that have been short in silver covered 1154 contracts from their short side.

Our commercials;


Those commercials that have been long in silver ADDED 1367 contracts to their long side.

Those commercials that have been short in silver added another 1944 contracts to their short side.


Our small specs;


Those small specs that have been long in silver added 648 contracts to their long side.

Those small specs that have been short in silver covered 960 contracts to their short side.





And now for your more important physical gold/silver stories:


Gold and silver trading early this morning


(courtesy Goldcore/Mark O’Byrne)

Positives For Gold – Negative and Rising Interest Rates

Negative Interest Rates and Rising Interest Rates Positive For Gold
– HSBC suggests negative rates may drive customers out of digital and into holding paper cash
– ZIRP and NIRP very positive for gold
– Rising U.S. rates not negative for gold due to emergence of China, India, Middle East and EMs
– When rates do rise will be positive for gold
– Costly in terms of wealth preservation and returns not to have an allocation to gold
Gold “going higher” and “a big buy here”
– Gold up 3.1% in euros and 2.2% in pounds this week

One of the persistent arguments against owning gold by many financial advisers and brokers is that it “does nothing” and it incurs storage costs. Unlike cash, which earns interest, gold is a non yielding asset. The second is that gold will perform badly when interest rates rise. Both arguments are demonstrably misguided.


In today’s world of ZIRP and NIRP – zero percent interest rate policies and negative interest rate policies – and actual negative interest rates in a growing number of countries internationally – the old rationale that favours holding cash over gold is increasingly defunct.

Base rates in the industrialised nations have been near zero since the financial crisis of 2008. Frequently throughout this period the rate of inflation has been higher than this implying a loss in spending power over time for each unit or currency.

This factor, coupled with the many risks which were left unresolved or have been exacerbated in the wake of the last financial crisis – which we consistently cover here – provides a strong incentive to hold gold in favour of cash.

These risks include
– massive unpayable debt leading to currency debasement and a likely international monetary crisis
– increasing geopolitical tensions between NATO nations and Russia and in the Middle East
– risks of cyber terrorism and cyber warfare to the massive, unwieldy digital banking and financial system
– risk of confiscation of bank deposits in event of bank failures – the developing bail-in regime

In the past few months the central banks of Sweden, Denmark and Switzerland have entered into the uncharted waters of negative interest rates.

Interest rates look set to go lower in the short term, prior to going higher in the long term.

An interesting research note from HSBC this week suggests that QE would have little impact on these smaller, open economies to spur inflation and – in the case of Switzerland and Denmark – direct intervention into FX markets have led to further difficulties.

It was in this context that Sweden’s Riksbank pushed the repo rate into negative territory. HSBC suggest that the Riksbank experiment will “act as a barometer for central banks around the world trying to tackle low inflation or deflation.”

If and when QE in the major currency blocks fails to achieve its stated objectives it is not unlikely that central banks who – as HSBC points out – must be seen to be doing something, will follow suit even if no demonstrable effects are seen in Sweden et al.


How domestic banks react to negative rates remains to be seen. To date, they have taken no action because the Riksbank has given no indication of how long the policy will be in place.

HSBC points out that if the banks continue to have to absorb the costs, it will impair their ability to lend causing further deflationary pressure. On the other hand, if they pass the costs onto their customers they may decide to pull their cash out of the banks causing a liquidity crisis and bank runs.

Central banks around the world continue to hold and accumulate more gold. Central banks are the largest buyers of gold today which is not surprising given the debt levels in the U.S., UK, Japan and indeed much of the EU today.

This shows that monetary authorities, the entities who actually print and digitally create paper and electronic cash today still regard gold as having a very important function.

It is also important to note that contrary to received wisdom by many market participants today, gold should perform well in a rising interest rate environment.

Gold should increase even if U.S. interest rates rise as rising interest rates will be bearish for the risk assets – equities and bonds. Gold has a proven long term negative correlation with equities and bonds.

This was clearly seen in the 1970s (see chart) when interest rates and gold rose very sharply during the decade and stocks and bonds has a torrid time. Gold becomes vulnerable towards the end of an interest rate tightening cycle as was seen in 1980 when real interest rates are meaningfully positive – nominal interest rates are 2 or 3 per cent above the rate of inflation.

Nominal interest rates more than doubled in the course of the 1970s to over 20%. At the same time, gold prices rose 24 times – from $35 to over $850 per ounce (see chart above and below).

Indeed the period of most aggressive interest rate increases were from 1977 to 1980 when interest rates rose from 4% to over 20% and this corresponded with the period of gold’s greatest gains – from below $200 to over $800 per ounce.


Also of importance is the fact that due to the emergence of China as the world’s leading gold buyer and other emerging markets (India, the Middle East, Turkey etc) now accounting for more than 70% of gold demand yearly, higher U.S. interest rates will have less influence on gold prices than is commonly expected.

Besides the example of the 1970s, another example of gold performing well in terms of rising interest rates is in the period between October 2003 and October 2006, when gold posted a cumulative return of almost 60 per cent when U.S. real interest rates jumped from -1 percent to 3 percent, the report showed.

During periods of rising U.S. interest rates, gold’s relative low volatility also makes it a valuable asset in a properly diversified investment portfolio.

Both stocks and bonds are likely to deliver lower than average returns in the coming years and there is indeed a real risk of material corrections and even crashes in stock and bond markets.

In this increasingly mad monetary world, a world which looks likely to be seen in most western countries, gold will serve its function as a secure store of value and also as a hedge against a currency crisis. ZIRP and NIRP are positives for gold as will be rising interest rates when eventually they come.

Not owning gold in the unprecedented interest rate environment of today is imprudent in the extreme. It will be costly both in terms of returns but also in terms of wealth preservation.

It is not regarded as such now but it would appear to be only a matter of time before the penny drops about the inherent risks of not having an allocation to gold today.


Today’s AM LBMA Gold Price was USD 1,201.90, EUR 1,133.49 and GBP 820.58 per ounce.
Yesterday’s AM LBMA Gold Price was USD 1,196.00, EUR 1,113.33  and GBP 808.49 per ounce.

For the week, gold is headed for a slightly higher close in dollars and strong gains in euros, pounds and other currencies (see charts).

Gold fell 0.67 percent or $8.10 and closed at $1,195.10 an ounce yesterday, while silver slipped 1.94 percent or $0.32 closing at $16.20 an ounce.

Gold in US Dollars - 5 Days

Gold prices in Singapore reached $1,194.10 an ounce near the end of day trading, after reaching a low yesterday of $1,192.30 per ounce. Gold in London suddenly surged above the key $1,200 level on no breaking news this morning. It was likely a combination of traders going long before the weekend and a short ­covering rally after recent weakness.

Gold regained ground despite a strengthening US dollar. The U.S. dollar is hovering at a three week high against other currencies.

Gold Technical Levels

The metal has an immediate resistance at 1205.78 (5­DMA) and 1210 levels. Meanwhile, support stands at 1195 (20­DMA) levels below which doors could open for 1193.41 (50­DMA) levels.

Gold in Euros - 5 Days

The U.S. Fed minutes released this week were as obtuse and unclear as ever and as usual investors are left scratching their heads as to when U.S. interest rates will be raised for the first time in many years. The economic data from the U.S. economy is so mixed that its still a guessing game.

As we said yesterday, the Fed talks a good hawkish talk but has yet to walk the hawkish walk. The Fed knows that markets and a fragile, debt laden U.S. economy will struggle with even a small rise in interest rates. Hence all the talk and the very little action. As one Twitter correspondent said the Fed cannot “do anything but kabuki and pray the market doesn’t catch wind of no bullets left to fire.”

Gold in British Pounds - 5 Days

The monetary gun is shot and they are out of ammo with little options should we have a new recession or a new financial crisis – both of which seem increasingly likely.

Comex U.S. gold for June delivery remained unchanged at $1,193.90 an ounce. Chinese demand has waned a bit as premiums for physical gold at the Shanghai Gold Exchange were $1-$2 an ounce over the global spot benchmark today.

Gold in late European trading is up 0.64 percent or $1,202.14. Silver is $16.51 or up 1.98 percent and platinum is at $1,166.18 or up 0.95 percent.

Gold is up 3.1 per cent in euro terms this week and 2.2 per cent in sterling terms.

Astute investors continue to dollar, pound and euro cost average into an allocation to gold.

Gartman: Gold Going Higher – CNBC

Gold A Big Buy Here: Trader – CNBC




Your big story of the day:  India imports a whopping 125 tonnes in March.  If this continues they will import over 1500 tonnes per year. The Chinese imports over 2400 tonnes and together these two giants bring in over 3900 tonnes per year.  The world produces ex China ex Russia 2200 tonnes.  I would also like to point out that the Chinese figures exclude sovereign purchases.  (the figures are only for Chinese citizens)

( courtesy GATA)

Gold Jumps After India Reveals Import Surge

Gold prices jumped overnight on initial rumors and again in the last hour as Indian officials note that March Gold imports surged to 125 tons (more than double last March’s 60 tons). As Reuters reports, Gold imports in the fiscal year 2014/15 ended March 31 jumped to 900 tonnes, up 36% from a year ago.

Gold prices jumped as the news broke overnight… (and BBG headlines hit this morning)

BullionStar’s Koos Jansen had recently noted the lifting of ‘capital controls’ on Gold and despite the increasing efforts of the government to enable ‘monetization’ of gold…

Because of a “current account deficit” the Indian government decided in March 2012 to raise to import duty on gold from 2 % to 4 %, in June 2013 from 4 % to 8% and in August 2013 from 8 % to 10 %. Additionally, in August 2013 the 80/20 rule was implemented, which was eventually withdrawn in December 2014.

The restrictions the Indian Government implemented on gold trade spawned new life to smuggling cartels with all due consequences. Official Import fell drastically, wiping out any revenues the government collected from the import of the yellow metal. In May 2013 Indian gross gold import accounted for 168 tonnes, by September 2013 a multi year low was reached at 15 tonnes. Premiums in India, over London spot prices, skyrocketed to a staggering 25 %.