Gold Demand: India Sales Higher Than We Thought

Just a week ago we reported on gold sales in India.  As you might know, we are heading into wedding season in India, when it is customary to give gold to new brides (and possibly others you love) (and heck, buy something for yourself too). As such, it’s an important barometer for the country’s gold demand. 

 In last week’s report we noted that sales were down compared to the previous year.  New figures out this week indicate that changed sharply in the last week of September – Thomson Reuters now reports gold imports were up 31% for the month.  Why the sudden change?  This Gold Enthusiast believes it’s all due to the calendar of Indian holidays.  This year the Dussehra holiday shifted forward into September, from October last year, pulling gold demand with it.  So while this is good for September figures it is bad for October figures.  Meaning, sadly, we won’t really have a good read on this years’ trend until mid-October numbers are released.  

Your ever-watchful Gold Enthusiast still thinks Indian gold sales will be down this year, owing to the new taxes and money laundering protections now in force.  But he shies away from actual predictions as so many of those are proven wrong, and will continue to trade the market as it comes.  You can read more on the latest Indian gold reports in today’s featured article. And cross your fingers for the current month.

Emmanuel MacronRelated: Will France’s New Taxes Hit Gold? 

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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