Why are India’s gold imports surging?

gold chart
Written by Mike Hammer

Gold imports into India spiked 54% in April, quelling fears that the country was losing its taste for our favorite yellow metal. In all, the country pulled in $3.97 billion (USD) worth of gold in April 2019, compared to $2.58 billion (USD) the previous April. As you know we watch India’s gold consumption quite closely, as it is one of the largest retail consumers of gold and highly variable.

So Indian demand is often the variable that determines which way prices will head in the near term. One thing seems certain: There’s no end yet in sight for the world’s thousands-of-years love affair with gold, what with China and Russia both increasing their central stockpiles and more countries calling their gold home. We won’t give you a reading assignment this weekend, just point you at this latest news out of India.

Continue reading at ScrapRegister.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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