according to the world silver survey 2008, issued by the silver institute, government silver sales were down sharply in 2007. in 2006, net government sales were 78 million oz. and in 2007 only 42 million oz. china and india cut back, which makes sense since they are industrializing rapidly. but russia actually increased sales, which doesn't make a lot of sense since they are trying to diversify out of the dollar.

you can read the entire analysis here:

http://www.silverinstitute.org/news/...