Gold News: India Effectively Reducing Smuggling

Gold bars, gold chart
Written by Mike Hammer

What with China’s and Russia’s aggressive actions in the gold market, and Venezuela’s woes, it feels like we haven’t looked at India for a while. India still has, after all, one of the largest gold markets in the world. Last time, we checked in gold sales seemed to be rising, which is a good thing for gold bulls.  Now comes news that the country’s efforts toward combating gold smuggling seem to be paying off.

A seizure of 107 kg of gold, announced in March, was followed by $365 million spread between illegal gold, liquor, drugs, and cash seized in the month ending April 14th. Indian officials are confident that increased smuggling crackdowns are paying off and banks are seeing more legal imports of gold coming through. This has led to gold selling at a premium once again in the Indian markets, indicating there is less illegal gold available at tax-avoiding prices. And that should lead to more confidence in the Indian gold markets themselves. You can read more about this interesting story in today’s featured article.


Continue reading at Reuters.com

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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