• 2 minutes Oil prices going down
  • 11 minutes China & India in talks to form anti-OPEC
  • 16 minutes When will oil demand start declining due to EVs?
  • 18 mins Oil prices going down
  • 2 hours We Need A Lasting Solution To The Lies Told By Big Oil and API
  • 2 hours Another WTH? Example of Cheap Renewables
  • 2 days Bullish and bearish outlook for oil
  • 2 days Rolls Royce shedding 4,600 jobs
  • 23 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 1 day When will oil demand start declining due to EVs?
  • 1 day Russia's Rosneft 'Comfortable' With $70-$80 Oil Ahead of OPEC Talks
  • 43 mins What If Canada Had Wind and Not Oilsands?
  • 2 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 6 hours China & India in talks to form anti-OPEC
  • 2 days U.S. Cars Will No Longer Need 55mpg Fuel Efficiency By 2025.
  • 49 mins The Permian Mystery
  • 2 days Epic Fail as Solar Crashes and Wind Refuses to Blow
  • 20 hours Gazprom Exports to EU Hit Record
  • 2 days OPEC soap opera daily update
Alt Text

Tesla’s Newest Car Will Have Rocket Thrusters

Tesla CEO Elon Musk tweeted…

Alt Text

Permian Boom Jeopardized By Pipeline Troubles

Once a magnet for investors,…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Trending Discussions

Is India Seriously Considering A Gold Import Ban?

Gold India

It's been a wild year for India's gold importers. With the government moving on a variety of initiatives to reduce shipments into the country -- resulting in a 59% fall in imports for the fiscal year to date.

And news this week suggests imports could be about to fall even further.

Local press in India reported Sunday that some observers believe a big step is coming in import policy. Potentially including a complete ban on new shipments of gold into the country.

That revelation came from prominent industry body Indian Bullion & Jewellers Association (IBJA). Which sent a text message to its 2,500 members in the gold sales business across India, saying that new monetary policy from the government may be a set-up for the import ban.

The text message noted, "We hear from certain circles of this possibility (gold import ban and advancement of deposit date) though nothing official is out yet."

The IBJA went on to note that India's government recently made a decision to pull 500 and 1,000 rupee bank notes ($7.50 and $15) off the market. Announcing on November 8 that such small bills will only be accepted until the end of December -- after which they will be worthless.

That move is aimed at combating proceeds from illegal industries, often kept in cash. But it's reportedly having an unexpected consequence -- a rush to buy gold.

Holders of "black money" small bills have apparently been trying to wash their cash by trading it for bullion. With reports suggesting gold sellers have been reaping big profits from this desperation -- charging up to 67% premiums to market price for gold when buyers pay in small bills. Related: The Catastrophic Consequences Of Peak Oil Demand

That in turn has caused the government to crack down on jewellers. With the IBJA noting that up to 600 of its members have been asked to provide detailed information on recent sales.

As the IBJA explained, "We are aware that certain members of the trade are importing gold only to sell the same against old notes at a hefty premium. So, if the government wants to stop this malpractice it might consider a ban on imports."

Such a move would obviously be a huge development for the global gold market. Watch for any official moves from India's government between now and the end of the year.

Here's to a black out.

By Dave Forest

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • Finn on November 17 2016 said:
    They just need to ask themselves if they want to see the gold imports or not....?

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News