• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 6 days "The Calm Before The Storm In Oil Markets" by Tom Kool of OILPRICE and seen at YahooFinance
  • 1 day How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 5 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 6 days Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Oil Prices Climb Despite Demand Destruction Claims

Oil Prices Climb Despite Demand Destruction Claims

Despite two major reports forecasting…

The NOPEC Bill Could Send Oil Prices To $300

The NOPEC Bill Could Send Oil Prices To $300

Opposition to a potential NOPEC…

Dave Forest

Dave Forest

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

More Info

Premium Content

Is India Seriously Considering A Gold Import Ban?

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:


Download The Free Oilprice App Today

Back to homepage





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




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News