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![]() | #61 |
Yellow Jacket ![]() Join Date: Nov 2011 Location: Floyd, Virginia
Posts: 1,682
Liked: 1233 times | http://www.zerohedge.com/news/2013-0...r-surveillance |
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![]() | #62 | |
Golden Cockroach Join Date: Oct 2011 Location: In Scrooge McDuck's vault
Posts: 7,094
Liked: 2456 times | Quote :
__________________ The journey of a thousand miles begins with a single step. - Lao Tzu Important stuff: PMBug 101 * Forum Guidelines * Support PMBug | |
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![]() | #63 |
Big-eyed bug Join Date: Nov 2012
Posts: 416
Liked: 249 times | Gold hits all time high in Rupees. ![]() http://www.zerohedge.com/node/478150 So everyone who bought gold at anytime in India is now in the green vs. keeping their money in a bank. (In Rupees) Also there is a 10% tax now, so the real value of the gold is even higher. (Plus as PMBug's, post above shows the black market price is much higher than even that!) Coming soon to a country near you. |
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![]() | #64 |
Yellow Jacket Join Date: Jun 2012
Posts: 1,511
Liked: 671 times | and lets give a big shout out to the very first poster!! article courtesy of ZH: http://twoshortplanksunplugged.blogs...silver-in.html |
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![]() | #65 | |
Golden Cockroach Join Date: Oct 2011 Location: In Scrooge McDuck's vault
Posts: 7,094
Liked: 2456 times | I think India is now officially the "next Argentina". Quote :
__________________ The journey of a thousand miles begins with a single step. - Lao Tzu Important stuff: PMBug 101 * Forum Guidelines * Support PMBug | |
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![]() | #66 | |
Big-eyed bug Join Date: Nov 2011
Posts: 451
Liked: 344 times | Well folks, the [non-black-market] Indian gold market has opened back up: http://in.reuters.com/article/2013/0...0H025C20130904 Quote :
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![]() | #67 |
Fly on the wall Join Date: Sep 2013 Location: Tampa, FL
Posts: 44
Liked: 26 times | I just got a notice today, that the biggest gold smuggling bust at an Indian airport occurred recently. Two women in their mid-20s working as mules for a gold smuggling ring had special jackets with pouches strapped to their bodies under burqas. They were each toting 10 kg in gold bars. They were ratted out by someone, and customs officials were waiting on them. I ran the currency conversion this afternoon, and the 20 kg in gold was worth $939,000, and the minimum profit if they'd pulled it off would have been $97,000. Since the per capita income for India is something like $8,000, no wonder everyone and their dog is trying to smuggle gold. |
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![]() | #68 | |
Golden Cockroach Join Date: Oct 2011 Location: In Scrooge McDuck's vault
Posts: 7,094
Liked: 2456 times | Quote :
__________________ The journey of a thousand miles begins with a single step. - Lao Tzu Important stuff: PMBug 101 * Forum Guidelines * Support PMBug | |
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![]() | #69 |
Fly on the wall Join Date: Sep 2013 Location: Tampa, FL
Posts: 44
Liked: 26 times | Hmm, the only way I could see this going through is if the coins were made with gold seized from smuggling attempts. That way, no affect on CAD, and it's money in government coffers. They've probably seized at least a few tons of gold this year. |
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![]() | #70 |
Yellow Jacket Join Date: Nov 2011 Location: off world
Posts: 1,996
Liked: 882 times | Why dont the Indian Gov / central bank just sell their gold to their people ? This will give em lots of money to spend on useful gov functions the Indian gold remains in India and everyone is happy .............
__________________ if it cant be done with a digger .... it cant be done |
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![]() | #71 |
Fly on the wall Join Date: Sep 2013 Location: Tampa, FL
Posts: 44
Liked: 26 times | Well, before these gold import restrictions went into place, you could walk into any big post office in India and buy "India Post" gold coins in 1oz and fractional sizes. IIRC, they were made by PAMP for the Indian post office. With no gold mines in India (maybe one or two dinky ones) all the gold has to be imported. The smuggling is so bad now, they're catching hundreds of kg of gold a month, buy 90%-95% is getting though. That money is still leaving India, it just isn't being recorded. I believe the government auctions the seized gold, but it takes a minimum of 6 months for the courts to release the gold. The government is supposed to auction it off, but I wonder how much actually gets to auction, and who is allowed to bid? |
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![]() | #72 | |
Golden Cockroach Join Date: Oct 2011 Location: In Scrooge McDuck's vault
Posts: 7,094
Liked: 2456 times | Quote :
__________________ The journey of a thousand miles begins with a single step. - Lao Tzu Important stuff: PMBug 101 * Forum Guidelines * Support PMBug | |
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![]() | #73 |
Ground Beetle Join Date: Nov 2011
Posts: 971
Liked: 554 times | ...well, as history shows us, prohibition in any shape or form never works, but it finances the gangs very effectively. The more severe it is, the better gangs would be supplied financially. But hey, who cares about destructive unintended consequences, definitely not idiot politicos Sent from my SM-N9005 using Tapatalk
__________________ “...the issue which has swept down the centuries and will have to be fought sooner or later is the People versus the Banks.” Lord Acton |
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![]() | #74 |
Fly on the wall Join Date: Sep 2013 Location: Tampa, FL
Posts: 44
Liked: 26 times | Yep, the rupee is still leaving the country, it just isn't on the govenrment's official books any more. ![]() http://www.thehindu.com/news/nationa...cle5418848.ece |
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![]() | #75 | ||
Big-eyed bug Join Date: Nov 2012
Posts: 416
Liked: 249 times | Love this story... http://www.zerohedge.com/news/2013-1...ng-1-kilo-gold Quote :
Quote :
Last edited by Unbeatable; 12-24-2013 at 02:33 PM. | ||
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![]() | #76 |
Fly on the wall Join Date: Sep 2013 Location: Tampa, FL
Posts: 44
Liked: 26 times | I know, doesn't that rock? I heard that it was jewelry stores advertising in Dubai travel agencies, but in any case, it's funny! I'd love to see every person on that plane deboarding with a s--t eating grin on their face as they line up for customs. ![]() |
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![]() | #77 | |
Big-eyed bug Join Date: Nov 2012
Posts: 416
Liked: 249 times | http://www.zerohedge.com/news/2014-0...muggling-india Pakistan Enforces 30-Day Ban On Gold Imports To Stall "Steep Increase" In Smuggling To India Quote :
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![]() | #78 |
Fly on the wall Join Date: Sep 2013 Location: Tampa, FL
Posts: 44
Liked: 26 times | I saw that on ZH, but couldn't find the original article on Bloomberg to confirm. There's rumors that Delhi is going to back down on import restrictions and maybe even lower the import tariff, but I haven't found anything concrete yet. It would make sense, as the elections are in May and we're getting close to the spring wedding season. Also, most Indians are hating the ruling party right now, if the press can be believed. ![]() |
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![]() | #79 | |
Super Moderator ![]() Join Date: Mar 2012 Location: Migratory
Posts: 1,620
Liked: 685 times |
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__________________ I drive men mad For love of me, Easily beaten, Never free. PMBug 101 *** Forum Rules | |
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![]() | #80 | |
Golden Cockroach Join Date: Oct 2011 Location: In Scrooge McDuck's vault
Posts: 7,094
Liked: 2456 times | Quote :
__________________ The journey of a thousand miles begins with a single step. - Lao Tzu Important stuff: PMBug 101 * Forum Guidelines * Support PMBug | |
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