The Indian government tries and tries to steal the citizens gold. Have they finally found a way to make it happen? I would bet the gold smugglers are hard at work securing more inventory as the people of India have long been suspicious of the corrupt government and with this new scheme the people will probably turn to smuggled gold until their is a sense of trust with this new process.
If the people of India buy into this scheme how long will it be before the satanic globalist scum-suckers begin mixing in tin, aluminum and tungsten into the dore’ bars? Or some other metal to give it weight and mass that isn’t gold. My guess is it would be a very, very short trip.
India could have no need for imported physical gold within the next five years. That is the belief of Rajesh Khosla, Managing Director of MMTC-PAMP. Khosla is the chairman emeritus of the group and has been pivotal in India’s bullion trade for many years. Speaking at the 6th India International Bullion summit, Khosla said India would stop importing gold within five years. World Gold Council statistics show that India currently consumes somewhere between 800 and 900 tonnes of gold per year, with 750 tonnes coming from imports and 479 tonnes of that being refined gold (additional gold is doré or recycled). Khosla managed the partnership of Metals and Minerals Trading Corporation of India (MMTC), best known for their trading of coal, iron ore, and other metals, and PAMP – the Swiss bullion refiners and precious metal specialists. It is unknown to what degree PAMP may cover the LBMA-approved import/exports for India in the event of self-sufficiency, but there are plans to increase mining in India, with estimates of 100-150 tonnes of gold per year. These proposals are still pending Indian government approval. The development of India’s gold industry would be welcomed, especially with strong traditional demand for the precious metal. Cryptocurrencies haven’t particularly hurt gold demand, while the likes of ETFs and the government’s Sovereign Gold Bond Scheme have only taken a small amount of demand away from physical gold. Greater domestic production and supply should theoretically help bring the gold price down in India, which would be helpful to investors at a time when the Indian Rupee is particularly weak against the US Dollar – the primary currency used for international gold trading. Source
India could have no need for imported physical gold within the next five years. That is the belief of Rajesh Khosla, Managing Director of MMTC-PAMP.
Khosla is the chairman emeritus of the group and has been pivotal in India’s bullion trade for many years. Speaking at the 6th India International Bullion summit, Khosla said India would stop importing gold within five years.
World Gold Council statistics show that India currently consumes somewhere between 800 and 900 tonnes of gold per year, with 750 tonnes coming from imports and 479 tonnes of that being refined gold (additional gold is doré or recycled).
Khosla managed the partnership of Metals and Minerals Trading Corporation of India (MMTC), best known for their trading of coal, iron ore, and other metals, and PAMP – the Swiss bullion refiners and precious metal specialists. It is unknown to what degree PAMP may cover the LBMA-approved import/exports for India in the event of self-sufficiency, but there are plans to increase mining in India, with estimates of 100-150 tonnes of gold per year. These proposals are still pending Indian government approval.
The development of India’s gold industry would be welcomed, especially with strong traditional demand for the precious metal. Cryptocurrencies haven’t particularly hurt gold demand, while the likes of ETFs and the government’s Sovereign Gold Bond Scheme have only taken a small amount of demand away from physical gold. Greater domestic production and supply should theoretically help bring the gold price down in India, which would be helpful to investors at a time when the Indian Rupee is particularly weak against the US Dollar – the primary currency used for international gold trading. Source
The ETF scheme didn’t work, the scheme that was called a scheme didn’t work and my guess is the people of India will sniff this one out if the jewelry, bars and medallions show up with less than 100% of what they are sold. It wouldn’t take but a couple of incidents for the people to turn to their friendly, neighborhood gold smuggler.
