• 5 mins PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 4 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 5 hours Schlumberger Warns Of Moderating Investment In North America
  • 6 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 7 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 9 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 10 hours New Video Game Targets Oil Infrastructure
  • 12 hours Shell Restarts Bonny Light Exports
  • 13 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 19 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 1 day British Utility Companies Brace For Major Reforms
  • 1 day Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 1 day Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 1 day Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 1 day OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 1 day London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 1 day Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
Alt Text

Gold Prices Could Spike As India Resumes Imports

Gold purchases in India imploded…

Alt Text

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

Despite the recent political problems…

This Is Good News For South American Gold Miners

This Is Good News For South American Gold Miners

Interesting reports emerging this week from the world’s largest gold-consuming nation: India.

Where it appears buyers are increasingly looking to a new part of the world to secure bullion supply.

That new supply source is South America. Where officials with MMTC, India’s largest public metals traders, said over the weekend that Indian gold buyers are increasingly venturing to buy their gold.

Local press in India quoted senior management from MMTC as saying that India’s gold buyers are specifically going after unrefined “dore” gold from countries like Ecuador, Peru, Bolivia, Guyana, Colombia, Honduras and Nicaragua. In order to benefit from better tax rates. Related: Was Iran’s Claim About Ramping Up Oil Production Just Hype?

That’s because unrefined gold like South America’s dore is subject to lower import taxes in India. With such shipments receiving only 8 percent duty, as opposed to 10 percent for refined gold.

By importing dore and then refining it in India, sellers get a significant break on taxes. Which it appears is prompting rising demand in several parts of South America.

News sources quoted Ecuador’s ambassador to India, Mentor Villagomez, as saying, “For the first time the Central Bank of Ecuador shows export of gold to India for 2015.” And Bolivia’s ambassador, Jorge Cardenas Robles, also noted that his country has begun exporting gold to Indian buyers. Related:Potentially Worth Trillions, But Is Aramco A ‘Good Deal’ For Investors?

Beyond those two nations, reports also suggested that dore imports to India from Peru have been rising, after beginning back in 2012. Showing that demand for South American gold seems to be growing across the board in this key market.

Interestingly, this trend also appears to be prompting interest from India’s mining companies in picking up South American gold projects.

Reports noted that three unnamed Indian investors “have decided to invest in gold mines in Peru.” And Bolivian officials said that a delegation of Indian gold miners is expected to visit the country soon.

All of which is great news for South America’s gold sector. Watch for investments from Indian mining firms in the local bullion sector here.

Here’s to going abroad

By Dave Forest

More Top Reads From Oilprice.com:

 




Back to homepage


Leave a comment

Leave a comment




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