The Phaserl


India – Gold Control Results In Increased Smuggling

from Gold Silver Worlds:

What happens if governments try to solve a problem by suppression? Very simple, they appear to solve one problem but create another one further down the road. Case in point: Indian’s gold demand.

India has been the biggest gold market for many years. Now that could slightly change in 2013. The World Gold Council’s managing director for investment, Marcus Grubb, said this week that ”China will probably be the world’s biggest gold consumer this year for the first time on an annual basis. That will be driven by both jewellery and investment demand. Jewellery will be the biggest overall demand segment, but investment will grow fastest.”

One of the reasons this could change is government intervention in the local gold market. We have reported the continuing interventions here and here. In addition, the graph below (courtesy of WSJ) shows the tax increases on gold imports in the last 18 months.

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