WAR IS PEACE.
FREEDOM IS SLAVERY.
IGNORANCE IS STRENGTH.
From Reuters:
MUMBAI (Reuters) – Gold premiums doubled in India on Wednesday as suppliers struggled to meet surging demand after a ban on consignment imports, but futures prices fell to their lowest in more than a month as international gold prices fell due to a strong dollar.
India, the world’s biggest buyer of gold, now requires importers to pay upfront for inventory, making it difficult for smaller jewelers with lower working capital to source supplies. The government also raised the import duty to 8 percent in May to keep a lid on the surging current account deficit.
“There may be some demand from jewelers for raw material,” said Bachhraj Bamalwa, former chairman of All India Gems and Jewellery Trade Federation, adding that premiums charged on London prices shot to $20 an ounce on Wednesday from $8-$10 on Tuesday.
“We are unable to supply, though there is demand … we give deliveries after 2-3 days,” said Harshad Ajmera, proprietor of wholesaler JJ Gold House in Kolkata.
Enjoy the gold crash comrades.
Full article here.
In Liberty,
Michael Krieger
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Premiums in India. China continue to be meaningless
2yr lows 3yr lows. India subprime lending market is all based
On gold deposits. Spiral has Been triggered. Was it a planned
Take down .. Sure feels one …
Let’s hope they take it down even further. The more they take down the silver price the faster we get to the disconnection between the paper and physical silver pricing. One has nothing to do with the other but it’s currently treated as the same thing.
I think soon the rest of the world will realize they are using the wrong daily pricing to sell their physical and will ignore the paper pricing mechanism completely. I’m amazed anyone still pays attention to the Comex metal markets anymore. Shows you how conditioned people’s minds are.