The Phaserl


Indian families could recycle 400t gold as premiums reach $130 per ounce

by Frik Els,

Over the past year and a half P. Chidambaram, India’s finance minister, has been fighting his country’s insatiable appetite for gold.

Gold import duties have risen tenfold – from 1% at the start of 2012 to 10% today – and excise duties stand at 9% while new rules such as strictly cash only for imports and transaction taxes among other punitive measures have stymied India’s gold industry.

The sub-continent celebrated Dhanteras and Diwali this month, two festivals closely associated with bullion buying and the country’s wedding season, another major driver of gold sales, which is in full swing.

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1 comment to Indian families could recycle 400t gold as premiums reach $130 per ounce

  • rich

    FLASH: China knows about gold price suppression, and U.S. knows China knows

    Back in October gold researcher Koos Jansen and Jan Skoyles of The Real Asset Co. in London called attention to commentary by Zhang Jie, deputy editor of the Chinese publication Global Finance and a consultant to the China Gold Association, which cited the Federal Reserve’s manipulation of the gold market to protect the U.S. dollar’s standing as the world reserve currency.

    Jansen has obtained a much better English translation of this Chinese commentary, and it includes this observation about gold leasing by Western central banks: “Through continuous gold leasing the gold in the market can be circulated and produce derivatives, creating more and more paper gold. This is very significant for the United States. Gold leasing is a major tool for the Federal Reserve and other central banks in the West to secretly control and regulate the gold market, creating gold credit derivatives and global credit conflict.”

    That is, China knows all about Western gold price suppression and the U.S. government knows that China knows.

    Indeed, while financial authorities and mainstream financial journalists in the West just scoff at complaints of gold price suppression when they even deign to take notice of them, China understands gold price suppression to be the primary objective of Western central banking and is designing its own policies to overthrow it.

    CHRIS POWELL, Secretary/Treasurer

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