India Retail Gold Sales Are Significantly Down

international gold
Written by Mike Hammer

We’re toward the end of the Indian big-gold-demand season, and sales are reportedly down as much as 70% over last year.  It’s not unusual for sales to fluctuate year-to-year, but the drop this year has to be termed “completely unexpected.”

Reasons cited for the drop include lower wages due to low agricultural prices, higher taxes, and shifting gifting demands toward electronics, especially mobile phones. Your Gold Enthusiast would add the crash in the Indian rupee in 2018, which effects are still being felt, especially in poorer parts of the country. Indian retail gold demand is traditionally the largest variable in gold sales; if this drop continues that title may shift to the Middle East, or China.  Today’s featured article gives more of this story, which we’ll continue to keep our eye on.

Continue reading at Rediff.com

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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