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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 - 03:04 | 4272848 MontgomeryScott
MontgomeryScott's picture

(AHEM...)

W74:

According to our records, you have not paid your (county, state, federal, council) taxes for the years 1999-present.

You also have been seen watering OUR (o.k., 'your', if you want to be picky right now, and WE don't approve) lawn when told that water restrictions were in force, and further; you have actually WALKED on our lawn wearing SHOES; a direct violation of our ordinances regarding the death and harm of sentient grass life-beings (as passed by the Church of All Pleasantness and Niceties).

THEREFORE:

SURRENDER your lawn, or the (council, county, state, council, GWOT prosecuters) will be forced to fine you.

FURTHER violations will be met with more extreme measures. Such may include (but are not limited to) the inclusion of OUR lawn (that you THINK you own) in the upcoming Global War Golf Tournament 2014 (and WMD Protection Demonstration Weaponry Peacetime Drills [WMDPDWPD]). YOU will be responsible for any damages, and crater-filling (and disposal of radioactive soils left behind).

SIGNED,

ARGLBARKLE, Head ASSHOLE

 

Tue, 12/24/2013 - 06:39 | 4272968 lakecity55
lakecity55's picture

Dear Sir:

Included are backcharges for Sunlight use.

(signed)

ManBearPig, Algore, Algore & Algore, Esqs.

Tue, 12/24/2013 - 19:55 | 4274296 MeelionDollerBogus
MeelionDollerBogus's picture

the day ownership is gone is the day we all starve and die.
Ownership is the one liberty that permits you a meal to yourself instead of being torn apart by wild animals to be their food.

Tue, 12/24/2013 - 02:30 | 4272816 IdeasRbulletproof
IdeasRbulletproof's picture

I'm traveling to and from Europe at least once a year. During that time I carry on me a minimum of 40-60 ounces of silver every time. Mostly philharmonics being that its denominated in euro. This time I brought 20 bars of sunshine mint also to see if officials will make a problem with me. Once I get to Europe almost every time my bag goes thru the screen, they personally check it. When they see that it's silver bullion they're actually fascinated as to what it is. You have to remember, TSA are low level employees who are looking for things we'd probably never carry over. I dont worry about them in the least bit. With that said, I'm hoping to get at least 500 ounces over there before its all over. I call it my little bug out plan...

Tue, 12/24/2013 - 03:36 | 4272875 MontgomeryScott
MontgomeryScott's picture

I am seriously and honestly curious as to whether the Transportation Security Administration (or any exact clones of such) are existant in the E.U.

DUDE, the Europa thing is SO 2000's BUSHIE!

Last time I checked, a 'philharmonic' was an 'art form', proscribed by the 'State In Question', having to do with 'great musical compositions'; and mostly surrounding some God-damned 'College' or other.

The 'Boston Philharmonic', last I checked, was a bunch of gun-grabbing white communists heading up a lot of fat, ugly black women ('fuglies'), singing various renditions of 'Duetchland Ubber Alles'.

Of course, I am not in to 'The Arts'. so much, any more.

PHILO-HARMONICS!

Tue, 12/24/2013 - 03:49 | 4272887 IdeasRbulletproof
IdeasRbulletproof's picture

Thanks for the long explanation of a single mispelled word officer. I'll relay the message to my iPad to correctly spell check every single time because judging from the up votes, no one understood the message. You're breaking barriers one message at a time. Keep it up sir!

Tue, 12/24/2013 - 02:58 | 4272847 q99x2
q99x2's picture

I'd rather have a kilo of BitCoin.

Tue, 12/24/2013 - 03:18 | 4272864 MontgomeryScott
MontgomeryScott's picture

Looking down in a two-dimensional camera placed over your avatar, I can't help but point out that it looks like one of those cameras in the Pentagon [Pentagram, whatever!] (that really didn't exist, I am told) that observes the bathrooms.

I see the bowl, and the water receptacle (at the top), all 'avante-garde', but am looking for the handle on the Crapper that flushes the waste away.

Please, in the name of courtesy, put the seat in the DOWNWARDS position (some of the ladies get all upset when having to look at the swirling brown mass being flushed away in to the sewer).

SAY:

Does a kilo of 'BITCON' give these (you!) ladies their loosened bowels; enough to allow me to fuck them 'in the you know where' as well? I always found that a mere eighth of a GRAM did the trick when it came to getting a piece from them...

Tue, 12/24/2013 - 07:32 | 4273003 GetZeeGold
GetZeeGold's picture

 

 

I'd rather have a kilo of Bitcoins.

 

You do realize that would be impossible right?  A trillion Bitcoins would weigh absolutely nothing.

 

That's what makes them so valuble silly.

Tue, 12/24/2013 - 18:30 | 4274129 MeelionDollerBogus
MeelionDollerBogus's picture

not to worry: in short order you'll be getting a kiloton yield out of 'em.

Tue, 12/24/2013 - 05:02 | 4272927 I am Jobe
I am Jobe's picture

Maybe the USSA should introuduce IAPPS and AIR Jordan to the Indian's. 

Go Fucking India- Well done 

Tue, 12/24/2013 - 05:10 | 4272931 TacticalZen
TacticalZen's picture

That's only (approx) $42,000 US equivalent.  Maybe they wanted to buy a coke at the airport during a layover?  I paid $6 for a large water in the Midway (Chicago) airport recently, so, it's possible it is just travel expense money....post hyper inflationary reaction to QE infinity.

Tue, 12/24/2013 - 06:17 | 4272956 lakecity55
lakecity55's picture

I told you guys last winter I met a small dealer in Dubai. I still have his email. I am going to check up on him. I bet he's rolling in cash flow. At that trip, I was going to Dhaka. The Bangladeshis were loaded up with consumer devices. I should have flown to Mumbai first, maybe some small change would have been in the seat cushions.

It is interesting that the arab culture seems to prefer smaller, more thick coins than the west. The 1/4 oz coins look like 1/10 0z coins, but I saw all kinds of coins there.

Tue, 12/24/2013 - 07:58 | 4273026 ugmug
ugmug's picture

I can just imagine the pilots checking the weight of their plane just before takeoff and seeing the result of all that carry-on gold. All of the pilots knew what was going down - and hopefully they took on enough fuel to make it to their destination let alone achieving flight!

I see an airline promotion in all of this - "Carry On Gold Flies Free!"

Tue, 12/24/2013 - 09:29 | 4273096 Bokkenrijder
Bokkenrijder's picture

Modern airlines use standard weights for passengers (or did you ever see passengers having to step on a scale before a flight on a modern jetliner?) and some people weigh more than others. It's all averages and statistics, and a 80 kgs (roughly 160 lbs) higher take off weight is not going to make much difference in a 737 or A320.

By the way, 80 pax (passengers) is not a very good load on a typical Dubai-India flight anyways, typical aircraft on those routes are at least a Boeing 737 or Airbus 320 (150-180 seats depending on layout), and Emirates basically using only widebody (A330, A340, A380 or B777) aircraft on those routes.

Tue, 12/24/2013 - 08:21 | 4273036 Sufiy
Sufiy's picture


Jesse: Record COMEX Gold Claims Per Deliverable Ounce of Gold at 92 to 1

 Jesse reports that we have another All-Time-High leverage at COMEX with 92 Owners per one once of Gold.

 

http://sufiy.blogspot.co.uk/2013/12/jesse-comex-gold-claims-per-delivera...

Tue, 12/24/2013 - 09:05 | 4273063 Bokkenrijder
Bokkenrijder's picture

http://www.handelsblatt.com/politik/konjunktur/geldpolitik/1-1-milliarde...

Zee Bundesbank repatriates 37 T of gold back to Germany in 2013.

""Wir verlagern Gold nicht nach Deutschland, weil wir Zweifel haben, ob es wirklich vorhanden ist", hob er hervor."

Translation: "he pointed out that 'we are not repatriating our gold back to Germany because we are having any doubts that the gold actually exists.'"

Hahaha...yeah riiiiiiight.....! And pigs will fly!

Tue, 12/24/2013 - 09:26 | 4273092 FreeNewEnergy
FreeNewEnergy's picture

Just in case anyone is confused, I believe this guy's math is correct:

In dollar terms, the plane was carrying 2572.06 troy ounces of gold, valued at roughly $3,086,472 worth of gold if one uses $1200 per troy ounce as a baseline.

The article was posted hours before ZH. Youz guys is slippin'.

India's Clumsy, Futile Attempts to Throttle Public Gold Purchases

Tue, 12/24/2013 - 09:48 | 4273119 d edwards
d edwards's picture

Gold bitchez!

 

Someone has to say it. :-D

Tue, 12/24/2013 - 09:49 | 4273122 d edwards
d edwards's picture

Gold bitchez!

 

Someone has to say it. :-D

Tue, 12/24/2013 - 10:29 | 4273180 ExpendableOne
ExpendableOne's picture

How long before an airliner fails to come off the runway due to being overloaded with gold bearing passengers?

Tue, 12/24/2013 - 10:38 | 4273199 Handful of Dust
Handful of Dust's picture

Market Forces always win in the long run. You have over 1.6 Billion Chinese and another 1.3 Billion Indians who understand basic home economics better then the Princeton PhDs.

Tue, 12/24/2013 - 11:42 | 4273311 Debugas
Debugas's picture

are those law makers complete idiots ?

if you limit something but allow for a small hole to bypass the limitation then it is going to be used to its limit

it is so plain simple only complete morons would not understand it

Tue, 12/24/2013 - 12:20 | 4273375 GrinandBearit
GrinandBearit's picture

1 kilo = 1000 grams = 2.2 lbs

Everyone of them had 2.2 pounds of gold on them?

LOL!

Tue, 12/24/2013 - 12:30 | 4273391 bks
bks's picture

Gold down 25% YTD, S&P500 up 25% YTD.   Do the math.  At my age I'm not interested in a Gold-tastrophe in the 22nd century.

    --bks

 

Tue, 12/24/2013 - 20:07 | 4274313 MeelionDollerBogus
MeelionDollerBogus's picture

My math says that's a cheaper price to acquire: the goal is to spend less wage-hours = dollars to get atoms.
The goal is NOT to get tons of paper FOR those atoms later.
You can chase paper derivatives, puts & calls for gld,slv,agq, etc., to do that.
My math also says the markets are at a top. I personally felt & have said so a few times that 7.30/HVU (bottom) and 183 SPY (top) would be met and then it's time for the ride down. We're here today. +/- 4.5% converting to HVU from SPY prices but still within pennies - close enough for my entry to the trade.

HVU (1/11) x SPY = 16471/75 thereabouts.

Now just see where that leaves HVU shares when SPY drops to 120... even to 80.

120 : 771/share, 80: HVU at 163,332/share (before splits & there will be splits).

Hell, even if S&P hits only 1600 on the way down that already puts SPY around 160 (not precisely) putting HVU to 79.75/each - and you'd think of the market being up as the way to go? Would you?

I'd expect gold sitting around 1800 then 2500 then 3500 before dropping back down to 2500 and "it's a bubble, it's burst!" coming back in vogue. By the time gold is 2500 silver will be

silver = e 3/2635 gold + 1297/810

around 85/oz and with AGQ & HZU both moving 2x power to silver, that will put AGQ up to

agq = silver 2 x 8/191

to around 305/share so anyone holding any AGQ 2016 jan calls at that time will make off like a bandit. Period.

While hard to hit a higher peak, if you hold & it hits for gold=3500 you'd see silver= 266 and AGQ = 2978 so in all likelihood anyone holding AGQ 2016jan calls would probably get $294,380 per contract profit at the very least at today's entry prices, unmargined.

But you go on now and go long the market, don't fight the fed, cycles & timing never make any sense. The trend is your friend. Go on now, take these magic beans while you're at it.

At your age... are you expecting to kick off mid-year 2014?

Tue, 12/24/2013 - 12:56 | 4273436 wisehiney
Tue, 12/24/2013 - 12:55 | 4273439 GrinandBearit
GrinandBearit's picture

I was thumbing through this month's Fortune magazine today at the gym during my morning cardio session.

There are pictures of gold bars on the cover and all throughout the magazine, but no mention of buying/owning physical gold, gold stocks or ETFs at all. 

There were many recommdations for tech and industrial stock though -lol

Tue, 12/24/2013 - 13:10 | 4273459 smartstrike
smartstrike's picture

Michael Wood, the English historian in his 'Story of England' said that following Roman collapse it took until 18th century to equal Roman technology.

There are many like Peter Schiff who continue to believe in nonsensical speculation called 'de-coupling'. When US collapses there won't be any mention of China or India --yet again--in paper bound books until maybe 22nd century and then maybe to point out what a desolate wasteland Asia has become. When Marco Polo went to China in 13th century and brought back tomatoes and noodles, China was a place where one bought china until 20th century, that's it ; and tea is the greatest and only Indian contribution to man since like eons before BC.

With all the gold in India and how smart these people are, one would think that by now they would have colonized at least the moon or at least bought out Venice in 14th century or colonial America in 17th.

 

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