http://illuminatisilver.comhttp://facebook.com/illuminatisilverWhy Gold premiums in India surged to a 2 year high
Today is Monday 21st November 2016 and we are commenting on gold premiums surging in India on Friday to a 2 year high.
We reported in our video entitled “WARNING - India scraps 500 and 1,000 Rupee bank notes overnight” on the 8th November - that the Indian government withdrew higher denomination notes – the 500 and 1000 rupee notes from circulation and gave its citizens until the end of December to exchange them for new notes – providing the excuse that its part of its fight against black money – monies obtained via illegal and black market operations.
Although retail demand has been reported as subdued due to the cash crunch, dealers were charging a premium of up to $12 an ounce over official prices which also include a 10% import tax. The premium was the highest since mid-November 2014, and compared with a premium of up to $6 an ounce last week.
With Prime Minister Narendra Modi warning on Saturday that there could be more measures against black money after the December-end deadline to deposit the scrapped currency, one can only guess what such measures will be. Our sources tell us that he is on a mission. He won’t be thwarted from his task to crack down on ‘black market’ operations and is determined to increase the tax take on earned income to acceptable levels as opposed to the derisory ones currently received.
If such controls are introduced and is successful, then India, one of the world’s leading gold importers being unable to import the same levels of gold as previously, will undoubtedly have an effect on its price. However, this is just rumour for the moment, and we have to wait and see how events unfold.
Currently gold is standing at $1214 and silver at $16.69 oz marginally up this morning, however we still expect further downward pressure during the next 2 weeks or so.
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