Indian Gold Imports Way, Way Up

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 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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