• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil prices going down
  • 1 hour Oil prices going down
  • 27 mins Could oil demand collapse rapidly? Yup, sure could.
  • 2 hours Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 5 hours Sabotage at Tesla
  • 13 hours Oil and Trade War
  • 35 mins Trump Hits China With Tariffs On $50 Billion Of Goods
  • 13 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 15 hours Sell out now or hold on?
  • 15 hours Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 1 hour After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 10 hours What If Canada Had Wind and Not Oilsands?
  • 9 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 2 hours The Irrelevance Of BTU Rating - Big Oil's Gimmick To Hoodwink The Public
  • 1 hour Nopec Sherman act legislation
  • 13 hours venezuala oil crisis
  • 13 hours When will oil demand start declining due to EVs?

Breaking News:

Nigeria Struggles To Sell Its Crude

Alt Text

Gold Exploration Still Profitable When Done Right

While most mining investment in…

Alt Text

Will Ecuador’s Mining Sector Return To Its Golden Days?

Despite the recent political problems…

Dave Forest

Dave Forest

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

More Info

Trending Discussions

Are More Troubles Coming For This Critical Gold Center?

Very significant news emerging this week for the gold market.

From one of the biggest consuming nations on the planet.

That’s India. Where reports from local press suggest that the government may once again tighten restrictions on gold imports into the country.

Related: Mick Davis has now almost $5 billion to build new mining empire

Officials are reportedly looking at re-instating the so-called “80:20 rule” on imports. Under which importers of gold were required to re-export 20% of the supply they brought in from abroad.

The 80:20 rule was formally relaxed last May after being in force for a year. A move that has allowed a number of “nominated” agencies in India to more-freely import bullion over the last few months.

That’s had a notable effect on gold consumption from Indian consumers. With September’s imports recently reported at $3.8 billion—up 450% from the year-ago period.

But the uptick in gold imports has also caused troubles—notably for India’s trade deficit. Which hit an 18-month high of $14 billion during September.

That figure has worried India’s finance ministry. Prompting officials there to formally ask the country’s department of economic affairs and the Reserve Bank of India to look at re-imposing the 80:20 rule.

Related: Can Gold Come Back From The Brink?

The stated goal of such action would of course be to discourage gold imports. Which would provide a drag on global gold buying—and affect prices.

The move would also be a surprise to a number of observers in the gold space. Who had been expecting India to continue easing its import policies, ahead of possibly allowing more-complete freedom on shipments.

Watch for news on any decisions by economic affairs or the Reserve Bank regarding official rule changes. India’s trade deficit numbers for October could also provide some clues as to what action is coming on this front.

Here’s to gold standards,
Dave Forest

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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