Gold News: India Expecting High Sales

Gold jewelry, india wedding gold
Written by Mike Hammer
Heading into Diwali and the marriage season, initial projections from India suggest higher gold sales.  And not only for the traditional gifting reasons. A higher rupee (due to the continuing currency decline) and the lack of performance of Indian equities (read: stocks) is making traders, investors and spenders look elsewhere.  Looking elsewhere usually means “fallbacks” for most people, and in India that means GOLD. 

So, following the logic trail, local pundits expect higher gold sales this year over last year. This also means higher projected sales for related markets such as Dubai. Yesterday’s global bond sell-off in the face of rising interest rates isn’t making investors feel any more secure either, so one might logically expect more interest in gold in the coming weeks and months. For today though, we’ll get caught up with the news out of India, and look forward to your Comments below.

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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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