“This attempt to crush popular demand for gold merely resulted in soaring and increasingly more ingenious attempts to smuggle gold into the country, which however do not register in the official data, and as such, the government no longer has an accurate perspective of what true capital flows look like.  However, the current regime of gold demand suppression may be ending soon, and all the demand for gold may soon bubble right back to the surface. Reuters reports that the Reserve Bank of India and finance ministry officials will recommend that the new government relax strict gold import rules to head off a surge in illegal buying, officials with direct knowledge of the plan said.”

http://www.zerohedge.com/news/2014-05-21/flooded-gold-smuggling-indias-new-cabinet-prepares-lift-gold-capital-controls

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