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India bans imports of gold coins to cool demand.

s4nys4ny Posts: 1,573 ✭✭✭
in Precious Metals
Just saw the headline on Dow Jones News. The story states that the ban is for an indefinite
period. Effective immediately.

Comments

  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Wow....sounds kind of extreme..... will have to read about it to understand why it is necessary... Cheers, RickO
  • s4nys4ny Posts: 1,573 ✭✭✭
    I think the Rupee is losing value vs. other currencies and the Indian government is trying to
    push against the balance of payments problems created by imports of
    gold coins.
  • epcjimi1epcjimi1 Posts: 3,489 ✭✭✭
    India turns screw again on gold imports - Reuters
  • CaptHenwayCaptHenway Posts: 32,813 ✭✭✭✭✭
    Should increase sales in the U.S. and other countries to citizens of India who intend to smuggle it back into the country. Decades ago when India had real tight import restrictions we used to sell it to Indians on their way home.
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • rawteam1rawteam1 Posts: 2,472 ✭✭✭
    Whatever they ban, demand increases huge...
    keceph `anah
  • CaptHenwayCaptHenway Posts: 32,813 ✭✭✭✭✭


    << <i>Whatever they ban, demand increases huge... >>



    This is true.
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • CaptHenwayCaptHenway Posts: 32,813 ✭✭✭✭✭
    Rupee falls to record low:

    linky

    Despite or beccause of the government efforts to limit gold purchases by Indian citizens?
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • jmski52jmski52 Posts: 23,282 ✭✭✭✭✭
    They'll blame a falling currency on gold every time. Or, I should say they'll try to blame a falling currency on gold every time.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • roadrunnerroadrunner Posts: 28,313 ✭✭✭✭✭
    Just got a bulletin from a blog I follow that India has clarified the import restrictions that have been in effect since July 22nd.
    Things should get back to normal within the week as the wedding season comes into play.

    Link to article
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
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