Gold Imports by India Likely Reached Record, WGC Says

Posted: January 13, 2011 in Current Events, Gold, Precious Metals, World Events

Demand for physical gold continues to soar around the world as the global currency war continues.   India’s gold imports exploded higher in 2010.  Not only has India’s gold imports exploded higher, they have now offered Iran to pay for oil in gold.  The world is rapidly moving away from fiat currencies backed by nothing.

Jan. 12 (Bloomberg) — Gold imports by India, the biggest bullion consumer, likely reached a record last year driven by investment demand, according to the World Gold Council.

Purchases were about 800 metric tons, compared with 557 tons in 2009, Ajay Mitra, managing director for India and the Middle East at the producer-funded group, said today in a phone interview from Dubai.

Imports at that level “would be the highest for India in its history,” he said. The group hasn’t released final data for last year. Purchases in 2010 may exceed 750 tons, Mitra said Nov. 17. The Bombay Bullion Association said Jan. 3 imports probably totaled 700 tons in 2010.

Gold for immediate delivery rallied 30 percent last year to reach a record $1,431.25 an ounce on Dec. 7 as investors bought the metal as a protector of wealth. Demand for bullion as an investment in India surged 73 percent in the year ended Sept. 30, according to World Gold Council data. Purchases by the Asian country this year will remain “strong,” said Mitra.

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Comments
  1. Interesting post! This is a complicated matter, I understand what your trying to say. This is a tough business!

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