• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 29 mins OPEC will consider all options. What options do they have ?
  • 11 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 14 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 6 hours Not The Onion: Vivienne Westwood Says Greta Thunberg Should Run the World
  • 13 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 11 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 6 hours What to tell my students
  • 20 hours With Global Warming Greenland is Prime Real Estate
  • 1 day Recession Jitters Are Rising. Is There Reason To Worry?
  • 18 hours China Threatens to Withhold Rare Earth Metals
  • 1 day TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 1 day Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents, building nukes * Too late now
  • 1 day CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
Alt Text

What The Market Is Overlooking In The Occidental Deal

Occidental Petroleum has caught a…

Alt Text

How To Play A Recovery In Oil Prices?

A realistic correction in the…

Dave Forest

Dave Forest

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

More Info

Premium Content

No One Expected This Move in Gold Markets

Colombia to Bangkok the last two weeks. And now back with perhaps some of the best news this year for the gold sector.

That comes from critical consuming nation India. Where officials made one of the most surprising moves yet in the ongoing saga over gold imports.

The Indian government announced this week that it is easing one of the major restrictions on gold imports: the so-called "20:80 rule".

Under that scheme, importers of bullion have been required to re-export 20% of the supply they bring into the country. Making it more difficult for sellers to provide gold for sale.

Related: Two Breaking News Items in Uranium and Gold

The restriction had been eased earlier this year for some "preferred" gold sellers. But rumours had been circulating as recently as a week ago that the government was looking at reimposing the rule across the board--in an attempt to control gold imports, and reduce the nation's current account deficit.

The announcement of a complete lifting of the rule thus comes as a major surprise.

Little reason was given for the about-face in policy direction. Officials from India's finance ministry simply noted that the 20:80 rule had been put in place to "deal with the current-account deficit problem, which is now under control."

It thus appears that the government has either had a change of heart over its fiscal situation. Or perhaps bowed to pressure from the strong gold-sellers lobby in the country.

Related: Watch For This Key Decision This Week In The Gold Market

Whatever the case, the news was well-received in gold markets globally. With the bullion price rising nearly $70 per ounce on Monday.

Any opening for greater gold imports into India could be a key factor in underpinning prices. Look for confirmation in trading over the coming weeks. If the metal holds above $1,200, this could also become a significant rallying point for gold stocks.

Here's to big decisions,
Dave Forest

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play