by RJ Wilcox, Gold Seek:
As an astute gold market follower, you’ve no doubt been inundated with an abundance of commentary on China and India this year. That’s essentially all we’ve been writing about of late. It’s for good reason! China and India’s surge to historic levels of physical gold demand are a major driving force behind our bullish gold thesis.
Their story didn’t suddenly become less important this week. On the contrary, several news reports highlighted favorable implications for gold demand. For example, reports from India indicate that gold premiums are now at $150 over the spot price.
This is very bullish news, especially heading into the Indian festival season, while China’s imports of the yellow metal remain at historic levels; reporting 109 tonnes for September. Annualize that figure and you get a whopping 1,308 tonnes of gold imports.
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