Gold and What Moves it.
81
Tracking all things that relate to and affect the price of gold.
Curated by Hal
Follow
Scooped by Hal onto Gold and What Moves it.
Scoop.it!

Another admission that Indian gold ETFs would loan their metal, suppressing prices | Gold Anti-Trust Action Committee

Another admission that Indian gold ETFs would loan their metal, suppressing prices | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it
From www.gata.org - January 2, 4:48 PM

Banks' Gold Plans Fail to Shine

By M. Allirajan


The Times of India, Mumbai
Saturday, December 29, 2012

http://timesofindia.indiatimes.com/business/india-business/Banks-gold-pl...

 

Even as the government is considering schemes like gold deposits to rein in the huge surge in gold imports, such initiatives haven't yielded much success in the past. Bank-led schemes to garner gold have not been able to mobilize the holdings of the yellow metal from the public in any significant manner.

 

SBI, which launched a gold deposit scheme in 1999, withdrew it as it was not successful. Though SBI re-launched the scheme in 2009, gold was mobilized largely from temples, trusts, and wealthy individuals.

 

Bank-led schemes collected only 36.1 tonnes of gold till 1996, a mere 0.4% of the gold stocks that were available at that time. The country has 18,000 tonnes in gold stock now. ...

Hal's insight:

Are you shocked? I'm not. hat tip to Ed Steer's Gold and Silver Daily. http://www.caseyresearch.com/gsd/

  • Comment
  • +
No comment yet.
Sign up to comment
Delete the scoop?

Are you sure you want to delete this scoop?

Yes No
Discover Topics Hal is following
Kuffar News Photography Gear News Just Story It Commodities, Resource and Freedom the Gonzo Trap The Truth Behind the Headlines
and 10 others
Your new post is loading...
Scooped by Hal
Scoop.it!

Retail consumers drive Gold demand in India

Retail consumers drive Gold demand in India | Gold and What Moves it. | Scoop.it
From www.bullionstreet.com - February 19, 3:05 PM
India's gold demand surged 41% in the fourth quarter of calendar year 2012. World Gold Council (WGC) data showed the countrys demand at 262 tonnes in the quarter, compared with 185.5 tonnes in the corresponding period previous year.

 

By Dilip Kumar Jha
Retail consumers unabated appetite to own an additional piece of gold has so far nullified the governments efforts to curb its import, in order to control the burgeoning current account deficit (CAD).

India's gold demand surged 41% in the fourth quarter of calendar year 2012. World Gold Council (WGC) data showed the countrys demand at 262 tonnes in the quarter, compared with 185.5 tonnes in the corresponding period previous year. Despite the governments four-fold rise in customs duty to discourage gold import, there was only a 12% decline through 2012, at 864.2 tonnes, compared with 986.3 tonnes in the previous year.

Indias gold demand is largely driven by a combination of retail and urban consumers. ...

No comment yet.
Sign up to comment
Delete the scoop?

Are you sure you want to delete this scoop?

Yes No
About Media Follow us How it Works Legal Mobile Developers
Facebook
Twitter
Google +
LinkedIn