Indian Gold Imports Way, Way Up

gold bars
Written by Mike Hammer

Initial reports out of India suggest that India is still hot for gold.  Back in August we reported that market watchers were nervous that India may have lost their gold fever; now it looks like there’s nothing to worry about.  Commerzbank reported their estimate of Indian gold imports for August were up more than 100% year-on-year, to 92 tonnes.  Thompson-Reuters estimated 100 tonnes for the same period, so there is validity to the scale of the figure, if not the exact amount.  This means gold market fans can breathe a sigh of relief for at least two months while we see if the next round of figures indicates at least continuing-the-same demand for the yellow metal.  Any way you slice it, 92 or 100 tonnes of gold is a lot…

You can read about this report in today’s featured article on the Scrap Register.

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

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 keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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