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Gold Supplies in India Disappear Despite Continued Record Premiums

by Michael Krieger, Liberty Blitzkrieg:

I first reported on record high gold premiums in India a couple of weeks ago. Since then, the story has become even more interesting as Reuters reports that gold supplies have completely dried up just ahead of major gold buying festivals and despite continued record premiums. While it is clear that Indians are finding a way to buy gold anyway via black markets, this is still a very interesting story to keep an eye on.

More from Reuters:

India has imposed several restrictions on imports of gold, the biggest non-essential import item, to curb a record trade deficit. Gold imports in September fell to 7 tonnes from 162 tonnes in May.

Of course, if additional demand wasn’t being met via black markets the price of gold would be far lower than it is.

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2 comments to Gold Supplies in India Disappear Despite Continued Record Premiums

  • Frank Zak

    Strange facts about the late Bob Chapman

    In 1989 Chapman was banned from trading in several
    states and skipped to Mexico. He left Bill Murphy and GATA
    hanging on articles and his phone and email were
    disconnected.

    Chapman was found by the CFTC as having accepting over
    one million shares of a mining stock to pump it up
    in his articles. Chapman pumped up the stock.

    Shortly after, the stock plunged 57% on a scandal.

    Chapman was wanted for selling unregistered stocks
    amoung other illegalities.

  • Frank Zak

    correction
    Bill Murphy (GATA director now, not then)
    For some reason Chapman was writing for Murphy
    at the time. GATA was to come later.

    Murphy called Chapman a friggin arsehole and said
    Chapman should have had the decency to contact
    people depending on him.

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