by Jeff Nielson, Bullion Bulls Canada:
Things keep getting stranger and stranger in India’s gold market. I’m going to do a full commentary on this, so I won’t review the full history of this melodrama. But just the most-recent plot-twists are fascinating.
As we know; massive gold-imports were reported in India in November (over 150 tonnes). But now we’re told that (supposedly) there was only 39 tonnes of gold imported in December, and through the first quarter of January only 7 tonnes so far.
Now listen to the official “explanation”, from an HSBC banker (as reported by Basher Central). The huge jump in NOVEMBER imports was a “response” to the government removing its 80-20 Rule (which previously restricted imports). But that announcement was made on November 28th, and was described as “a surprise announcement”.
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