25 Nov '16, 10am

India to Ban Gold Importation; Bitcoin Price Rally, Market Shock Imminent

Gold , which most investors and traders consider as the world’s safe haven asset, may be banned by India in the upcoming months. India is one of the largest gold importers around the world, purchasing around 700 tons of gold per year. Experts state that the demand for gold in India is higher than most assets and reserve currencies, arguably making gold the most valuable asset in the country. However, reports suggest that the government may be planning a ban on the importation of gold, as gold premiums reached two year highs this month. Chirag Thakkar, a director with Amrapali Group noted: "We are seeing some jewellery demand due to the ongoing wedding season and crash in prices. But the cash constraint is going to be really tough for the gold industry in the near future, especially from rural areas.” Among the explanations for the surge in gold premiums, experts cited the ...

Full article: https://cointelegraph.com/news/india-to-ban-gold-importat...

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