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Almost Every Passenger On A Flight From Dubai To India Was Found Carrying 1 Kilo Of Gold

Tyler Durden's picture




 

Submitted by Michael Krieger of Liberty Blitzkrieg blog,

Watching Indian bureaucrats attempt to halt more than one billion human beings’ desire for gold has been one of the more entertaining and pathetic stories of all of 2013. It is one that I have covered on many occasions, the latest being my post from earlier this month:  Gold Smuggling Increases 7x in India and Surpasses Illegal Drug Trade.

Well it appears the trend continues, potentially at an accelerated rate, as we just learned that, incredibly, “almost every passenger on a flight from Dubai to Calicut was found carrying 1kg of gold.” As I have said many times in the past, if an Indian wants their gold, they will have their gold.

CHENNAI: Faced with curbs on gold imports and crash in international prices leaving it cheaper in other countries, gold houses and smugglers are turning to NRIs to bring in the yellow metal legally after paying duty. Any NRI, who has stayed abroad for more than six months, is allowed to bring in 1kg gold.

 

It was evident last week when almost every passenger on a flight from Dubai to Calicut was found carrying 1kg of gold, totalling up to 80kg (worth about Rs 24 crore). At Chennai airport, 13 passengers brought the legally permitted quantity of gold in the past one week.

 

“It’s not illegal. But the 80kg gold that landed in Calicut surprised us. We soon got information that two smugglers in Dubai and their links in Calicut were behind this operation, offering free tickets to several passengers,” said an official. The passengers were mostly Indian labourers in Dubai, used as carriers by people who were otherwise looking at illegal means, he said. “We have started tracing the origin and route of gold after intelligence pointed to the role of smugglers,” he said.

 

Reports from Kerala said passengers from Dubai have brought more than 1,000kg of gold in the last three weeks. People who pay a duty of Rs 2.7 lakh per kg in Dubai still stand to gain at least Rs 75,000 per kg, owing to the price difference in the two countries. Gold dealers in Kerala say most of this gold goes to jewellery makers in Tamil Nadu and Andhra Pradesh.

 

These government measures to control the current account deficit did not reduce the demand for gold in the market. “RBI tried to discourage gold purchases because it doesn’t have the utility of other commodities like oil or copper. It mostly sits there in lockers. But when the gold imports through proper channels have come down, merchants have started depending on illegal channels to meet the demand from consumers,” he said.

As expected, a gigantic fail, but at least it served to enrich smugglers from across the region.

Full article here.

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Tue, 12/24/2013 - 00:08 | 4272598 walküre
walküre's picture

India and China will come out ahead after the collapse. Thanks to the tribe who ran the ship into the ground.

Tue, 12/24/2013 - 00:53 | 4272689 HoofHearted
HoofHearted's picture

Am I the first to say it?

Gold, bitchez!

Tue, 12/24/2013 - 01:16 | 4272725 SafelyGraze
SafelyGraze's picture

since roman times, 1 kg of gold has represented the amount of total benefits that the state provides, per annum, to each of its neediest citizens

 

Tue, 12/24/2013 - 01:25 | 4272741 Four chan
Four chan's picture

the us, and european banks are having a fire sale. one side of this trade are a bunch of idiots.

Tue, 12/24/2013 - 01:59 | 4272777 DoChenRollingBearing
DoChenRollingBearing's picture

Visitors to DoChenRollingBearingStan are welcome to bring 1 kg of gold in your next visit to us.

 

Merry Christmas, fishez!

Tue, 12/24/2013 - 02:08 | 4272790 Zero Debt
Zero Debt's picture

Time to call in the traditional packing goats and donkeys. All terrain all season four leg gold transport.

Tue, 12/24/2013 - 02:27 | 4272812 JohnnyBriefcase
JohnnyBriefcase's picture

Shoulda had bitcoins amirite?!

Tue, 12/24/2013 - 02:45 | 4272834 Spungo
Spungo's picture

Do I put the bitcoins in my ass or do I need to swallow them?

Tue, 12/24/2013 - 02:48 | 4272837 JohnnyBriefcase
JohnnyBriefcase's picture

Urethra.

Tue, 12/24/2013 - 03:42 | 4272878 Manthong
Manthong's picture

..at least they did not have anythig illicit

and maybe some folks might enjoy a half kilo or so carried in the posterior

Tue, 12/24/2013 - 03:57 | 4272890 Carpenter1
Carpenter1's picture

Gold has always been money, will always be money, and is money today. Gold has destroyed countless fools like the ones we have running the world right now and its winning record won't stop now.

If you want to know which of the 1,000,000,000 potential threats to the bankers will bring them down, it won't be Fukushima, war with Iran, the Libertarian movement, or BTC. Go with the reigning champion, GOLD!!

Tue, 12/24/2013 - 05:21 | 4272940 BoNeSxxx
BoNeSxxx's picture

And here I was chugging Goldschlager and selling my stools after a 14 hour flight...

I just knew there had to be an easier way!  Color me an idiot...

Tue, 12/24/2013 - 07:19 | 4272991 GetZeeGold
GetZeeGold's picture

 

 

I knew using the 3 monkeys as last minute substitutes was a bad idea.

Tue, 12/24/2013 - 08:59 | 4273058 Indian_Goldsmith
Indian_Goldsmith's picture

Yup, business is booming!

Tue, 12/24/2013 - 09:15 | 4273069 Dogface
Dogface's picture

Up next, hijacking a airliner for gold instead of political reasons.

Tue, 12/24/2013 - 09:32 | 4273097 SoilMyselfRotten
SoilMyselfRotten's picture

Did they inspect the linings of everyones jackets for the barbarous relic?

Tue, 12/24/2013 - 12:55 | 4273433 Manthong
Manthong's picture

hmm..

I thimk I might have been concentrating on the wrong orifice a little earlier.

..it has occurred to me that a couple of the dentists in my family might want to consider establishing a practice in Dubai.

Especially considering the bleak prospects for any medical professionals in the USSA.

Tue, 12/24/2013 - 10:41 | 4273205 Rory_Breaker
Rory_Breaker's picture

haha, this will be fun!

Tue, 12/24/2013 - 02:41 | 4272825 mt paul
mt paul's picture

gold fishez

Tue, 12/24/2013 - 01:58 | 4272780 DoChenRollingBearing
DoChenRollingBearing's picture

@ SafelyGraze

Uh...  Well that would be a Merry Christmas too!

Tue, 12/24/2013 - 12:37 | 4273414 ZH Snob
ZH Snob's picture

gold is patient.  it just sits around waiting for someone to appreciate it, and to that someone goes the true wealth and all that comes with it: jealousies, covetedness, thievery, murder and a consuming fever.  this is why the wise keepers of gold secure it safely out of sight.

Tue, 12/24/2013 - 03:17 | 4272859 Tapeworm
Tapeworm's picture

@safelygraze----You are totally full of shit.

1Kg= 136.5792 British pounds at .2354 Pounds/oz

-----------------

The average income for farmers from 1500-1800, which is a proxy for a very large segment of the population was 15-20 pounds per year

One Kilo would come to from 9.1 years-6 years of income for farmers of landholdings enough for family sustainence. Let us scrape it down by 30% and call it 4-6 years per kilo, but that would be for those of better situation than sustainence and be in "better off".

 If you want to get to the top three percent as an independent "Gentleman", 300 Pounds, a pretty big sum compared to what it would buy and hire today on the same gold conversion.

 http://publicportal.lwsd.org/schools/ICS/pplank/humanities6/Shared%20Doc...

-------------------------------------------------------------------------

My assumptions are for a GBP to equal .2354 oz of 995 gold. 32.1507 oz/Kilo

Even nowadays a kilo of element 79 would amount to USD38,583. at USD1200. Au.-- which is very high compared to most countries outside of the old Western countries. That sum would have given Mr. Kalishnakov a far better life than he was living on in his "Dacha" if the photos of that dump are accurate.

Tue, 12/24/2013 - 03:27 | 4272870 Tapeworm
Tapeworm's picture

I apologize for the intemperate language. I was prodded to reply to your comment because you made some gold price statement that is obviously false on the face of it.

 You can look at any currency system from third century Rome through to the offficial gold standards of Holland and then Great Britain to see that a kilo is a high income throughout those centuries.

 I don't buy any statistics that discount the value of a farm worker's non cash income as the land cultivation to feeding cannot provide any accuracy on the actual costs of living for any population.

 The obvious example is rural China where a family makes twenty dollars per month or whatever. That obviously negates the non cash income, etc... and the non cash value of what they do.

 None of these statistics have any meaning without understanding that the cash can be a tiny to non-existent portion of income.

 The top .01% often make no cash income to be taxed, yet live like kings.

 

Tue, 12/24/2013 - 03:44 | 4272882 LetThemEatRand
LetThemEatRand's picture

Intemperate language?  Did you hear what that guy on Fuck Dynasty said about guys fucking other guys in the ass?  I'm still trying to figure it out because pretty mouths don't talk like that.  They just squeal.   Odds that he has a wide stance?

Tue, 12/24/2013 - 07:47 | 4273001 GetZeeGold
GetZeeGold's picture

 

 

I've never done that......watched Duck Dynasty.....or had sex with a man.

 

I'm a little curious now......maybe I will watch the show. I think I'm gonna hold off having sex with a man.....if that's OK with everyone.

Tue, 12/24/2013 - 12:04 | 4273347 Tijuana Donkey Show
Tijuana Donkey Show's picture

Maybe have sex with a duck? If an egg can fit up there, why can't you?

Wed, 12/25/2013 - 21:51 | 4275922 Tijuana Donkey Show
Tijuana Donkey Show's picture

Haters. No one gets the Dead Kennedy's reference. 

Tue, 12/24/2013 - 07:37 | 4273010 nmewn
nmewn's picture

Pretty sure freedom of speech used to be protected under our old system of governance.

I'm really quite shocked all the adulterer's he spoke about haven't stepped forward to rend their clothes off & gnash their teeth just like the gays & the PC crowd are doing ;-)

Tue, 12/24/2013 - 08:29 | 4273039 spinone
spinone's picture

A&E didn't take away his freedom of speech, they fired him from a TV show.  Lets keep a sense of perspective.

Tue, 12/24/2013 - 08:48 | 4273044 overmedicatedun...
overmedicatedundersexed's picture

spinone, removing one from the media, is taking his voice away. black listing was always called bad, but now it's ok with you?

Tue, 12/24/2013 - 08:57 | 4273054 onewayticket2
onewayticket2's picture

...and they sent a CLEAR message to anyone else thinking about voicing their opinion (provided it isnt the State approved opinion).  Your income will be cut to zero and an IRS agent isnt far behind.

 

regardless of the issue, this is chilling stuff....and guys on the Left should be equally spooked by it.  it has the potential to cut both ways.

Tue, 12/24/2013 - 10:52 | 4273100 SafelyGraze
SafelyGraze's picture

Tapeworm -

glad I returned to look at this comment thread. sorry I didn't do so in a timely fashion, since you might not see this reply to your reply. if you happen to read this, maybe you can reply to me in a future thread.

the observation about 1kg-per-annum in gov benefits was motivated by the zh article from the beginning of the year

"Meanwhile, America's Other "Cliff" Remains Untouched "

http://www.zerohedge.com/news/2013-01-01/meanwhile-americas-other-cliff-...

the chart in the article shows benefits in the amount of $45,000 being paid/provided to individuals at the lowest end of the income scale

I checked the price of gold yesterday as I composed my comment; gold was priced at about $1200 per troy ounce.

Using 32 troy ounce per kg, each passenger carrying 1kg held the equivalent of 1200x32 = $38,400.

this is less than the amount of benefits provided on an annual basis to the "neediest" citizen per annum, according to the zh article and chart.

It was a modern and ironic take on the cliche about how an ounce of gold has, since roman times, paid for a tailored suit: nowdays, a kg will buy you a person's unemployment for a year (if you are a government).

as you rightly point out, a kg has historically been worth perhaps 5-10 years of the work of a productive farming family; that family might have invested more than 24 man-hours of labor per day, when you include the non-trivial effort of the children.

which raises the question: how can a society afford to provide benefits to each adult non-worker that are commensurate with the labor 5-10 of farming families. 

apologies for causing offense. was merely inviting attention to the dark pool to which zh had, alas, previously alerted me.

 

 

Tue, 12/24/2013 - 12:45 | 4273422 BoNeSxxx
BoNeSxxx's picture

Well crafted response SG.  And +1 for keeping it classy.

Merry Christmas to one and all.  Thanks for all the 'greenies' (and reds) in 2013.

Catch you all on the flip side.

-Bones

Tue, 12/24/2013 - 12:45 | 4273419 Nostradumbass
Nostradumbass's picture

A&E removing the show does not equate to removing speech in my opinion. In fact, I would not be surprised to see the show picked up by another cable outlet and increase the show's popularity.

If people want to see it they will provide it. It's all about the Benjamins...

 

Tue, 12/24/2013 - 17:36 | 4274003 nmewn
nmewn's picture

"A&E didn't take away his freedom of speech, they fired him from a TV show.  Lets keep a sense of perspective."

They fired him for expressing his beliefs & opinions in an interview with GQ...that is, away from the show...which just happens to be the very same beliefs & opinions he's always had as part of the show (raking in millions for A&E and of course Disney & Hearst in the process).

No, I've never watched it but a coworker is a big fan and again...the only ones calling for his head are those who differ with his beliefs & opinions. They end every show with a prayer, what did the interviewer think he was going to say when asked "What ails his country"?

We are supposed to allow unpopular, minority and/or dissenting speech here, to that end, this is what he said:

“Start with homosexual behavior and just morph out from there. Bestiality, sleeping around with this woman and that woman and that woman and those men,” he tells reporter Drew Magary. “Don’t be deceived. Neither the adulterers, the idolaters, the male prostitutes, the homosexual offenders, the greedy, the drunkards, the slanderers, the swindlers—they won’t inherit the kingdom of God. Don’t deceive yourself. It’s not right.”

And the gays and A&E are the only ones feigning "offense"...lol...he slammed over half the population ;-)

Tue, 12/24/2013 - 04:53 | 4272920 Squid-puppets a...
Squid-puppets a-go-go's picture

you've used far more words than necessary to discredit his post: a kilogram was not a unit of measurement used until 15 centuries after the collapse of the western roman empire. (5 centuries for the eastern roman empire, byzantine, if u wanna be a smartypants)

Tue, 12/24/2013 - 12:36 | 4273406 KnightTakesKing
KnightTakesKing's picture

1 Kg = 32.151 troy oz. Which is approximately $40,000 USD at current spot prices.

Sat, 12/28/2013 - 08:50 | 4281471 RabbitChow
RabbitChow's picture

You would have to show proof of that.  The Roman denaris was a SILVER coin, about 1/10 of an ounce, which was a day's wage at the 'minimum wage' worker.  Even back then the gold to silver ratio was something like 25 to 1 in terms of value.  The roman gold coin of 1/10 ounce or so was the aureus, equivalent to the pay of a roman senator or a wealthy roman. A kilo of gold is 32 troy ounces or thereabouts, so you're saying that the average neediest person in the Roman Empire was getting about 1 aureus a day, the same pay as a wealthy roman citizen.  Maybe theyre's something I'm missing here.

Tue, 12/24/2013 - 01:56 | 4272781 Ident 7777 economy
Ident 7777 economy's picture

 

 

Geez ... what does this do for 'load calculations' on a passenger airliner I wonder ...

 

 

Tue, 12/24/2013 - 02:45 | 4272829 Rakshas
Rakshas's picture

1kg Au is about the same as a McFat meal with standard 1/2 gallon softdrink.......... should be ok........ right??

 

MERRY FUCKIN' CHRISTMAS BITCHEZ!!!

 

PEACE LOVE DOVE   HAVE YOUR POLITICIANS SPAYED OR NEUTURED


Tue, 12/24/2013 - 02:48 | 4272836 Colonel Klink
Colonel Klink's picture

Can't we just have them all euthanized instead?

Tue, 12/24/2013 - 12:50 | 4273429 Nostradumbass
Nostradumbass's picture

Except I'd rather that the process were not so comfortable for the bastards! Let 'em suffer for a long while before departing to hell and let others witness the penalties for treason...

Tue, 12/24/2013 - 04:17 | 4272902 just-my-opinion
just-my-opinion's picture

My boat sank

SHIT!!!!

The gold went down with it

Tue, 12/24/2013 - 12:30 | 4273397 waterwitch
waterwitch's picture

My airplane crashed.  But I survived. Whew!

Tue, 12/24/2013 - 00:57 | 4272694 PT
PT's picture

As I've said before:  They didn't ban it to stop it from coming into the country.  They banned gold so they could simply take it away from people without paying for it.

Tue, 12/24/2013 - 08:10 | 4273031 Bokkenrijder
Bokkenrijder's picture

I live in Germany and bought some gold yesterday in Düsseldorf. Had to wait 1 hour in line, the sales guy told me that it's been a madhouse last week as well. I wanted to buy some tubes of silver Maple leaves as well, but no silver was available for sale.

Tue, 12/24/2013 - 09:25 | 4273084 quasimodo
quasimodo's picture

We have the same problem at the local shops near me as well, not an hour wait but the availabilty is not what is used to be.

 

Tue, 12/24/2013 - 00:10 | 4272600 Hulk
Hulk's picture

Its just a worthless, barbaric relic, why all the attention ???

Tue, 12/24/2013 - 00:21 | 4272628 Peter Pan
Peter Pan's picture

Why go crazy over gold when they can instead join the stampede at Walmart?

These Indians are just totally uncivilized.

Tue, 12/24/2013 - 00:29 | 4272639 Colonel Klink
Colonel Klink's picture

Uncivilized maybe but have you ever tried to fit a big screen TV up your ass?  Even ones with the rounded edges are uncomfortable.  22" is about the largest one that's comfortable.

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