Gold News: Why India Imports Are Plummeting

Today in gold news, India’s Scrap Register reported that the country’s gold imports plummeted 42% during the 1st quarter of 2018. Imports fell to 159 tonnes during Q1, compared to 274 tonnes last year.  March imports fell to 64.2 tonnes ahead of the Hindu Akshaya Tritiya festival, which happens next week.

Typically this festival creates demand for gold jewelry, which is given as gifts.  Several sources indicate there was still enough gold in local stocks to satisfy the demand, resulting in lower imports. And gold prices are still relatively high in India, making gold jewelry expensive enough to reduce demand. The Scrap Register is forecasting a better Q2 for silver than for gold, which won’t make gold bugs happy.  Reasoning includes decreasing trade war fears – which would drive gold higher – and increasing industrial use of silver, platinum, and palladium.

If this bears out, it could mean a slow spring and summer for gold traders, while gold languishes near current prices.  You can read the Scrap Register’s forecast in today’s featured article here.

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About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as a continuing theme. Mike graduated from UC Berkeley with a business degree, then worked with Macy's in their operations arm. He left Macy's and spent a summer trading his own account, which taught him a lot about trading in general and markets in particular. Trading through the Black Monday and the Crash of 1987 showed him how most people are unprepared for upheavals in their trading. He then joined Waddell & Reed as a financial advisor, helping regular people understand their finances and meet their life goals.

Then came the usual story - Mike met and married the lady of his dreams. They moved to upstate New York, where Mike worked first for a small manufacturing consulting company, then Cornell University. While loving the work and the higher-education atmosphere, Mike missed the world of finance. Eventually, he signed up for stock trading coaching with the Adam Mesh Trading Group, to learn from people who understood modern markets. Within a year, Adam asked Mike to become a stock trading coach.

Since then, Mike has trained over 200 individuals, spoke at several national conventions, and is a frequent contributor to conference calls across the Adam Mesh community. Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keep him in touch with "the student mindset". Mike closely follows the gold, energy, and financial sectors. His motto is "Plan your trade, then trade your plan!"

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