India FinMin: "Demand For Gold Must Be Moderated"

Tyler Durden's picture

As we wondered out loud yesterday, many have questioned the disconnect between increasingly burgeoning central bank balance sheets and money printing and the range-bound trading in Gold. It seems the first real hint of why is peeking through as the Economic Times reports the Indian government are growing increasingly concerned at the rate of gold imports. As the India Finance minister stated: "Demand for gold must be moderated... We may be left with no choice but to make it more expensive to import gold. The matter is under government consideration." Gold imports are playing a major part in India's record high current-account deficit (at $20.2bn for the period April to September), down 30.3% YoY thanks to a doubling of the customs duty on standard gold bars (to 4%). It seems the Indian powers-that-be are learning from their US and European leaders that if something is happening in a free-market that threatens the status quo even modestly - crush it with regulation and centrally-planned control. As the article goes on to note, currently, the government is also making efforts to channelise investor money into equities and other financial instruments to reduce demand for the yellow metal.

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kliguy38's picture

Translated.........the banksters told the Indian government to throttle its peeps from taking possession

GetZeeGold's picture

 

 

The only truly rich people on the planet will be the Indians.....we can't have that.

Manthong's picture

Hmm..  if gold is not capital or rather, if gold is not money, why would government see any need to moderate such a relatively useless material?

Pladizow's picture

The banks have a better chance of achieving peace in the middle east then culling India's appetite for gold.

Manthong's picture

“Hmm..  if gold is not capital or rather, if gold is not money, why would government see any need to moderate such a relatively useless material.”

 

Answer:

Chris Powell Knows

http://www.youtube.com/watch?v=T0jpso4jDC4  at 16:30 and PARTICULARLY  AT 18:00

strannick's picture

Gold or Rupees. Sounds pretty simple to me...

Buckaroo Banzai's picture

MUST...CRIMINALIZE...GOLD...GUNS...NATURAL FOODS...FREE THINKING... BREAK THE INDIVIDUAL...ALL BOW DOWN BEFORE THE ALMIGHTY STATE!!!!! "If you want a vision of the future, imagine a boot stamping on a human face - forever."-- George Orwell

trav777's picture

but I thought Merica was free???

Supernova Born's picture

Only global economic totalitarianism can keep gold down forever.

So guess what?

Global totalitarianism will grow until uneasy cooperation breaks down, then war.

Maybe freedom can only exists interstitially between wars?

Freedom was like a season. Say goodbye to the summer.

CH1's picture

Keep stacking while you can, boys and girls.

Pool Shark's picture

 

 

"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. ... This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard." - Alan Greenspan [pre-corruption]

 

FrankDrakman's picture

Greenspan's role model was Darth Vader. After Easy Al saw the first Star Wars movie, and realized the dark side would give him money, power, and sexy women, he flipped faster than a DRAM cell.

Supernova Born's picture

Sexy women?

All that evil and all he got was Andrea Mitchell?

I recall Greenspan saying on CNBC Squawk Box (within the last 4 or 5 years) that LIBOR was the best way to gauge the health of the economy!

LIBOR!!!

AgAu_man's picture

Greedspan reminds me of a tricky CFO I used to know. He said: 'I'll put on any CD to play the song that needs to be played for any given situation."

caconhma's picture

The Indian government has change very little from "the old good colonial times". It still treats its own people as slaves. India ruling faces did change after India became independent but the substance stays the same.

giovanni_f's picture

Agree. RBI officials are "brainwashed in UK d.o.c." brews. Despicable.

AgAu_man's picture

Yup, met plenty of their 'brightest' in the LSE crowd. Their equally smart pals went to 'Oxbridge', or the usual US universities (Ha'vard, MIT, Standforit, Chicago). Best places in the world for Keynesian and NWO edumacation. ;-/

Sheeple Shepard's picture

"Move along now, nothing to see hear folks"

 

Azannoth's picture

"Gold imports are playing a major part in India's record high current-account deficit" - They don't seem to comprehend that Gold imports do not contribute to deficits as Gold is Value

Quinvarius's picture

Central bankers say whatever they need to say to continue the ponzi.  The fact that their population is winning by not joining in is just pissing them off even more.

formadesika3's picture

-They don't seem to comprehend that Gold imports do not contribute to deficits as Gold is Value.-

Ha. Yeah, exchange of "money" for Money.

LeisureSmith's picture

Nudge nudge, wink wink, buy no more.

monopoly's picture

It will never work. We will just pay more to buy more. We will be ready for the end game. 

DoChenRollingBearing's picture

India (if you count private individual holdings) owns far more gold than any other country.  India has centuries more experience owning gold than the US does.

It may be that We could learn from THEM.  As individuals, each of us should buy physical gold.  While it is still relatively cheap.

zilverreiger's picture

Yes they own more private gold than Eurozone and USA public holdings combined. 18 000 tons

DosZap's picture

India (if you count private individual holdings) owns far more gold than any other country. India has centuries more experience owning gold than the US does.

It may be that We could learn from THEM. As individuals, each of us should buy physical gold. While it is still relatively cheap.

 

DoCHen,

Right on last estimate was Indian CITIZENS owned over 22,500 TONS.

fonzannoon's picture

Gold is to India what guns are to the US.

dobermangang's picture

The woman in India are rushing to buy guns.  Better safe than sorry.

"Hundreds of women in Delhi have applied for gun licences following the gang rape and murder of a 23-year-old woman by six men in a bus in the city last month.

The news underlines the widespread sense of insecurity in the city, deep before the incident and deeper now, and the lack of faith in law enforcement agencies."

http://www.guardian.co.uk/world/2013/jan/01/indian-bus-rape-delhi-rush-guns

GMadScientist's picture

Do you have any idea how silly reporting "hundreds" is in a city with 16M people?

 

darteaus's picture

Why settle for millions, when you can have thousands!

DosZap's picture

The news underlines the widespread sense of insecurity in the city, deep before the incident and deeper now, and the lack of faith in law enforcement agencies."

 

Oh, Lord,not another Mexico.

Jugdish's picture

Deoderant is to India what rupees are to the USSA.

Kina's picture

But if it were iPhones........?

blabam's picture

Our citizens are importing too much money!!!!

darteaus's picture

Our serfs are abandoning our fiat!

Sheeple Shepard's picture

Last time i checked the Indian populace had in the region of 24,000 TONS of Gold. Stable door, horse bolted?

Central Wanker's picture

There probably isn't any better way to persuade people to buy gold.

Cookie's picture

Or to encourage smuggling

DoChenRollingBearing's picture

Gold smuggling to India has a long history.

Cookie's picture

One of the main reasons Dubai prospered originally

Jugdish's picture

Deodarant use in India has no history in India. It's a market their for the taking. $$$$$

Sheeple Shepard's picture

"..the government is also making efforts to channelise investor money into equities and other financial instruments to reduce demand for the yellow metal." Fishing for muppets.

darteaus's picture

Obey...work...obey...save...obey...pay taxes...obey...

BGO's picture

is "channelize" even a word, or are those guys just making shit up again?

Dr Benway's picture

channelize is to channel what analyze is to anal

Bansters-in-my- feces's picture

BGO....

There is no "z" in channelies.

The word decribes how the gooberment channels money to markets instead of gold with Lies

"Channelies".

Mad Mohel's picture

Fuck Bernanke and his Indian counterpart!

caimen garou's picture

hey india try silver,the other gold!