Gold News: Indian Sales Plunge 50 Percent

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Indian gold sales are down 50% this year according to early reports.  As regular readers know, your friendly Gold Enthusiast watches the Indian retail gold market closely, especially during its marriage season. Still, a drop this precipitous is worse gold news than we’d bargained for. 

This year we knew things would be different, given India’s tax restructuring and steps toward reducing money laundering. High-end sales appear to be hit the most, which makes sense as the Indian government took away large-denomination cash bills.  And there are signs the market is trying to shift toward cash sales, avoiding credit card purchases.  Normally this would be seen as people trying to avoid the newly-restructured VAT taxes and possible government scrutiny of large purchases, but it may simply be a pause while people learn the new lay of the land.

It is still early days in marriage season, so we will keep an eye out for more reports as the season continues.  Today’s featured article explains the current situation in more detail.

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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 with a business degree, then worked with Macy's. After Macy's he 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 a well-known financial planning firm 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 he worked first for a small manufacturing consulting company, then a major 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, spoken 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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