Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Gold Imports Showing A Five-Year High For This Critical Consumer

By PiercePoints. Originally published at ValueWalk.

The gold price has been unremarkable of late. With prices languishing near the $1,200 level — marking a 3-month low for the yellow metal.

But some positive news emerged this week for gold demand. With the world’s top consuming nation showing a big rebound in buying, which may be setting it up for one of the strongest years of demand in recent memory.

Oil In Purgatory

Get The Full Ray Dalio Series in PDF

Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

We respect your email privacy

Ray Dalio
Gold Imports
istara / Pixabay

That’s in India. Where stats showed that gold imports during the first half of 2017 set a torrid pace.

During the first six months of the year, Indian buyers brought in a full 521 tonnes of gold. Marking a big increase from the same period a year ago — in fact, eclipsing the import total for the entire 2016 year, when just 510 tonnes of bullion was imported for the 12 months.

That suggests imports for the whole of 2017 could come in above 1,000 tonnes. A feat that hasn’t happened in any of the last five years — with 2012 having been the highest total in that period, at 969 tonnes.

That’s encouraging for the global gold market. With Indian demand having a very disappointing year last year, partly because of a prolonged jewellers strike that saw gold sales completely crippled across the country.

Those issues are now resolved. And local sources say demand is coming back strong because of currently-lower gold prices, as well as a favorable farming season in India increasing rural gold consumption.

The relationship between direct buying like this and global prices isn’t always one-to-one. But a rise in Indian consumption should help support the gold market–and at least shows buyers feel the $1,200 level is a “good value”.

Watch for numbers on India’s imports over the coming months, with some uncertainty coming as new sales tax rules kick in across the country.

Here’s to bouncing back,

Dave Forest

Article by Pierce Points

Save

The post Gold Imports Showing A Five-Year High For This Critical Consumer appeared first on ValueWalk.

Sign up for ValueWalk’s free newsletter here.


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!