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Old 01-13-2015, 01:35 PM   #1
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Gold Monkey-Business in India


I just read (and will have to re-read to better understand it) an article on gold and India. Briefly, he writes that the "One Bank" (conspiracy theory term for all the big banks) failed in getting India -- the largest physical gold market -- to stop importing and buying Au.
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Old 01-14-2015, 09:20 AM   #2
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Interesting speculation, but then here is some counterpoint food for thought:
Quote :
Gold imports are likely to decline drastically this month as jewellers over-stocked the metal in anticipation more import restrictions, according to a trade body.

In the first half of December, gold imports were at 22 tonnes. In the previous month, gold imports stood at 151 tonnes, All India Gems and Jewellery Federation Chairman Haresh Chamanbhai Soni told PTI.

When RBI scrapped 80:20 norm on November 28, jewellers desisted from importing, expecting further relaxation.

About 20 tonne of gold had been imported in the October-December 2013.

"The surge in import in November was mainly driven by expectation of more restrictions by the Reserve Bank and not because of consumer demand. Till December 15, imports are at around 22 tonne and I don't think there will be any more shipments," Soni said.

The demand declined due to negative sentiments both globally as well as in the country, and the gold imported earlier was not yet consumed, he said, adding this brought down the premium charged by importers on gold to nil, he said.

When the RBI notification of November 28 scrapped the 80:20 scheme, the jewellers waited in anticipation of further relaxation before going for more imports, he added.

I don't know for sure, but I'm guessing that the All India Gems and Jewellery Federation is not part of the One Bank.
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