Indian Prime Minister asks Indians not to buy gold for 1 year

Welcome to the Precious Metals Bug Forums

Welcome to the PMBug forums - a watering hole for folks interested in gold, silver, precious metals, sound money, investing, market and economic news, central bank monetary policies, politics and more.

Why not register an account and join the discussions? When you register an account and log in, you may enjoy additional benefits including no Google ads, market data/charts, access to trade/barter with the community and much more. Registering an account is free - you have nothing to lose!

pmbug

pmbug

Your Host
Administrator
Benefactor
Messages
20,713
Reaction score
8,556
Points
268
Location
Texas
United-States
Prime Minister Narendra Modi on Sunday appealed for collective participation of the people to help the country face global disruptions and challenges, urging measures to reduce the consumption of petroleum products and conserve foreign exchange reserves.

Addressing a public meeting in Hyderabad, the PM asked citizens to use public transport as much as possible, increase the use of electric vehicles (EVs), revive Covid-era measures such as work-from-home arrangements and virtual meetings, avoid non-essential foreign travel and gold purchases for a year, and prioritise local goods, among other measures.
...
... He urged people to refrain from the practice of buying gold during festivals for a year.
...
Click to expand...

indianexpress.com

Revive Covid-time WFH methods, avoid foreign travel for a year: PM Modi’s appeal to people amid West Asia crisis

At rally in Telangana, he urged people to use metros, car pooling, and reduce dependence on petroleum products and foreign currency.
indianexpress.com indianexpress.com

I'm guessing India imposes import quotas or raises import duties for gold and silver soon.
 
Sure Mr. Politician, just stop inflation for a couple of years...
 
This isn't the first time India has had this problem. The last time around, they increased import duties to raise prices and curb domestic demand. That stoked smuggling and gave us a fertile field for jokes.
 
Gold imports created a huge trade imbalance and since the rupee is not a reserve currency or can buy anything outside of India puts them up the creek.

If you ever wondered why so many Indian businesses in the US were low budget, dirty operations it's not just they are run by scavengers it's also because even if they breakeven in the US they are still ahead in a currency swap when earning dollars.
 
Last edited:
I wonder if it was the City of London or the WEF, that got to the Indian government.

Because it seems a concerted effort by WEF-controlled Western and Western-allied governments, to debase the currencies, limit energy use and options, bring in millions of retarded tax consumers from tribal regions, and otherwise work to create chaos.

I don't know why, other than PURE EVIL; but they are making the demands and governments are complying.
 
Casey Jones said:
I wonder if it was the City of London or the WEF, that got to the Indian government.

Because it seems a concerted effort by WEF-controlled Western and Western-allied governments, to debase the currencies, limit energy use and options, bring in millions of retarded tax consumers from tribal regions, and otherwise work to create chaos.

I don't know why, other than PURE EVIL; but they are making the demands and governments are complying.
Click to expand...

The Rupee is getting destroyed and India Needs a LOT of the oil from the middle east. They can't afford it now and are running low. So they are trying to save the currency and held all the gold at the ports.
 
Heard a podcast wherein one of the guests surmised there will be a banking crisis and maybe another planndemic in October... right before the midterms...
 
Goldhedge said:
Heard a podcast wherein one of the guests surmised there will be a banking crisis and maybe another planndemic in October... right before the midterms...
Click to expand...
And I surmise the sun will rise in the East, tomorrow morning.

It's so obvious it hardly merits discussion.

Everything's going swimmingly for the Left and the Globalists. Trump's mind failed just when it was obviously hopeless to try to (s)elect Autopen in for another term. Then a few threats, lots of flattery, and exposure to Nuttin' Yahoo...and they got the Perfect Storm.

Again.

I'm sure they think this is the last one they'll have to steal - they're gonna have most of their Instant Democrats on the voting rolls in two years; and then we're a One-Party Marxist State. And they're gonna work it until the can't.

It's gonna go down hard. The USSR folded up shop, without violence, because the old Stalinists were tired of failing, and just didn't care. We got an entire generation of Marxists-On-The-Spectrum, who aren't gonna give up until they reach 50, or starve, or are reduced to compost.
 
Voodoo said:
In other words, get it Now.
Click to expand...
The Politicians sure as hell are so why wouldn't an injun ? These places are so corrupt the Politicians are probably just saying this so the retail market dips and they could buy cheaper.

96 Rupees for $1 USD ? Of course the shit doesn't buy you anything once you cross the border. Who would want it ? Even the Afghan crap is at 64 to 1$USD.
 
I'm watching both the IBJA spot and MMTC-Pamp (retail proxy) prices in expectation. IBJA spot premium to LBMA spot is elevating. The MMTC-PAMP retail proxy has not yet reacted.
 
Casey Jones said:
And I surmise the sun will rise in the East, tomorrow morning.

It's so obvious it hardly merits discussion.

Everything's going swimmingly for the Left and the Globalists. Trump's mind failed just when it was obviously hopeless to try to (s)elect Autopen in for another term. Then a few threats, lots of flattery, and exposure to Nuttin' Yahoo...and they got the Perfect Storm.

Again.

I'm sure they think this is the last one they'll have to steal - they're gonna have most of their Instant Democrats on the voting rolls in two years; and then we're a One-Party Marxist State. And they're gonna work it until the can't.

It's gonna go down hard. The USSR folded up shop, without violence, because the old Stalinists were tired of failing, and just didn't care. We got an entire generation of Marxists-On-The-Spectrum, who aren't gonna give up until they reach 50, or starve, or are reduced to compost.
Click to expand...

Some clarifications:

- The globalists/MIC/TPTB/Elite/DeepState aren't aligned to the false left/right dichotomy. They created the idea of the two teams.
- The elections are illusory, the shenanigans of 2020 and Jan 6 were but kabuki theatre.
- Trump was never the saviour, he's a creature from the very swamp he claims he's "draining".

Having said the above, the MIC are not riding high, the unwinding of the spicy cough shitshow is testament to their hold on power being tenuous and crumbling. I'll go one more, this "disclosure" effort whilst tokenistic and lacking substance didn't come from a MIC that is at the peak of its powers and control. It came from one desperate to regain control of the narrative and prevent full blown actual disclosure.

As for this move by India's version of "Don't trust a fart" Biden... he's destroyed any credibility he had within the Indian electorate.
 
You must log in or register to reply here.
Back
Top Bottom