Could India’s gold confiscation be good for silver?
John Rubino, editor of DollarCollapse.com joins us today to discuss the recent news on gold confiscation in India. This is the not he first time that India has tried to crack down on the gold trade and holding gold however now the country is going into people’s homes and taking away their gold. I ask John if he thinks this will lead more of the Indian people to silver.
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There sure is a lot of hooey, and snake oil around. Yes there is always a market for BS if you can find the right people to peddle it to. DT
Average Silver Price In India
Silver (1 gram) Bar Silver (1 Kg)
₹ 40.65 ₹ 40,650 in rupees
first what is your source
second what is that equal to in US $
There are probably many online currency converters. You can find one at oanda.com >> currency converter >> converter. 40.65 ==> 0.60227 USD; 40,650 ==> 602.273 USD or at google.com type “40.65 rupees in dollars” to the right of GOOGLE, left of microphone icon
There is no ban on gold ownership in India.
It is inconceivable that there ever will be.
That would be like banning coffee or bread. It’s part of their culture. The girls are covered in it from ears, nose, fingers & toes.
It’s a central part of a family’s store of wealth too. Has been for 1000 years.
This is a non-story. A rolling sensational click bait zero hedge rumour triggered it.
Seriously, Modi is probably the most guarded world leader at the moment; I don’t rate his chances of survival highly after what he has done to his country. Banning most currency notes in circulation with 4 hours notice, not printing up enough replacement cash, and making it of a size that doesn’t even fit into ATMs (wtf?!) has not gone down well. Think he has enough to worry about at the moment…..
True, the Delhi police are like ‘Serpico Era’ NYPD but an outright ban on gold ownership would lead to civil war with ONE BILLION people in the streets.
Over 300 million people in India don’t even have bank accounts. How on earth are you gonna ban gold. Come on.
The key phrase in this India Today headline (they love to sensationalise too) is “agricultural income”. That’s the farmers’ cash. The majority of the country’s wealth. Kilos upon kilos of gold can be held by ordinary families, bought from ‘agricultural income’… daily registered cash transactions. As can existing stockpiles of gold built up over generations. It even says so in the article.
This is just a story about freezing assets of those that are under investigation from tax evasion… Like assets acquired through drug deals etc. along with boats & mercs.
Raiding the big guys who spend $3M on a wedding but pay no tax is the new reality tv show the whole country is addicted to. But to think that the ordinary citizen is going to lose their family’s gold is wrong.
OK, thanks. But I can imagine the turd-polishing(to use an expression) news media is engaged in attempting to ingratiate itself so that this gold seizure does not become common knowledge worldwide. The confiscation of large denomination notes is bad enough, as far as I understand.
Here is an editorial piece along the same lines of this discussion of the media postulating what is to come for metals buying in India. This editorial focuses on Silver becoming more of a substitution for Gold with some investors and the steady uptrend in Silver jewelry purchases over the last decade. Their thesis is that it wouldn’t take much more of a spike in physical demand to move the needle a bit, but everyone is always saying things like that 🙂
It’s an interesting thought….but of course, it is sensationalized as well. I just thought it was worth the quick read to mull over.
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Silver Will Skyrocket If It Becomes India’s New Metal Of Choice
December 07, 2016,
Been covered earlier..mentioned Zero hedge article….on Modi the moron
Agreed.
I just listened to a Trump “victory tour” speech. He scares me, It is clear that Ivanka is not only a Democrat, but a liberal Democrat and he is listening to his daughter.
Trump is now promising free child care to everyone.
It is absolutely clear we are going to not have any control on budgetary spending by Trump. (Airforce One notwithstanding)
He may lower the cost of Obamacare, but he is going to spend on defense and other issues and increase deficit spending.
For that they need QE.
Nope. They need financial repression. The govt builds shit, issues govt debt and then makes it COMPULSORY for instos, banks, regulated bodies (etc) to hold a certain %age of their portfolios in Govt Debt.
Voila- bridges built and paid for and capital flows restricted.
No QE needed
“Trump is now promising free child care to everyone” I thought that’s what K-12 is.
Kindergarten through High School.
Thought for the day:
I used to eat a lot of natural foods until I learned that most people die of natural causes.
Good Health is merely the slowest possible rate at which one can die.
Trump could be a “shill” .
At one time I had hope for Obama too.
William Engdahl makes a few points @ Jay Taylors Turning Hard Times Into Good Times.
It Begins: India Confiscates Gold, Even Jewelry, In Raids On Hidden Money
Posted on December 7, 2016 by The Doc 7 Comments 1,913 views
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india-gold“The rich will pay what they need to escape harassment; the rest will suffer.” Global financial repression picks up steam, led by India. After declaring large denomination notes illegal, India now targets gold. It’s not just gold bars or bullion. The government has raided houses, no questions asked, confiscating jewelry.
Meanwhile Obama is still trying to expedite the importation of as many Muslim “refugees” as possible into the US…..
How long will it be before things like:
http://www.nydailynews.com/news/world/afghan-teens-charged-raping-afghan-boy-sweden-article-1.2900711
are reporting happening in the US?
I understand why Qatar wants to invest out side Qatar.
But why are they investing in oil? in Russia?
Does that not seem:
a. Significant.
b> Strange
Just asking….
All governments in the world operate under debt.
Here is a list of those owing the most by per person of their population.
COUNTRIES WHERE PEOPLE OWE THE MOST
Japan: $85,694.87 per person
Ireland: $67,147.59 per person
Singapore: $56,112.75 per person
Belgium: $44,202.75 per person
United States: $42,503.98 per person
Canada: $42,142.61 per person
Italy: $40,461.11 per person
Iceland: $39,731.65 per person
Of course each economy has different productivity, so the amount does not correlate with how close any economy is to collapse.
And then there are the unfunded obligations. I have no idea what the total including those would be for other countries, but in the US it would be several times greater than the number above. That number above seems low in any case, as it only totals about $14 trillion.
I believe Kotlikoff’s numbers would give about $600,000 per head…whose numbers to believe? Seems it’s between 200k and 600k, at least it was a few years ago.
The number for USA ….is only for the current $20 trillion debt…..
Right, but even at that, it comes to about $60k per head.
Trump’s pick to head The Environmental Development Agency sure looks good for Northern Dynasty Minerals, it couldn’t come along at a more opportune moment, this could make all the difference as responsible development is allowed to go ahead.
http://www.climatedepot.com/2016/12/07/trump-ignores-gores-advice-instead-picks-skeptic-to-head-epa-dismantle-climate-agenda/
I agree, his E.P.A. head choice seems good.
I’ve known since the mid 90s that the Federal Government had its eyes on IRAs and 401Ks as a source of income. And I’m shocked when I mention it to others that they’ve never heard such a thing.
DEUTSCHE BANKSTERS…..records implicate more banks in silver and gold RIGGING…………:-) 🙂 🙂 🙂 🙂 🙂 🙂 🙂 🙂 :-)! :-)!!!
Dang Comex RIGGING this morning.
Now that’s a thought Jerry where’s your buddy IT, some woman must have him restrained with ropes and rigging. LOL! DT
maybe we can start calling IT “Gulliver” if that’s the case….
I would add. In the 1930’s gold was tied to the currency. If the price of silver goes up. Secondary silver will be coming out of the woodwork. Tableware and such. And the supply of available silver will go up.
Short answer – No
Just more bs narrative by the gold and silver pumpers.