Tag Archives: Asia

Indian gold imports set to resume after 4-week halt as export rule clarified

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“A resumption of imports would ease tight domestic supply and prices ahead of a festival and wedding season that kicks off next month. Indian imports would also support benchmark international gold prices, which hit a two-month high on Monday. The confusion centred on a rule that required importers to re-export at least 20 percent of all imports, known as the 80/20 rule. Last week, the Reserve Bank issued detailed guidelines on how the rule would work, but the complexity of the rule had prevented banks from importing immediately. Banks are the main importing agencies for gold into India.”

http://www.reuters.com/article/2013/08/19/india-gold-imports-idUSL4N0GH1G820130819

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Asians Buy Gold. Westerners Sell It.

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“American investors did not buy physical gold, but instead bought ETFs — promises to pay money, not gold — because commissions were lower than coins. But the commodities futures organizations are now facing the lowest inventories of deliverable gold ever. If the owners of contracts for future deliveries — ‘longs’ — start taking delivery, the exchanges will have to deliver digital dollars instead. Westerners like George Soros and John Paulson have been selling their paper gold positions. Asians are taking delivery of physical gold. You can’t make jewelry out of digits.  Who is selling physical gold? No one in the industry knows.”

http://teapartyeconomist.com/2013/08/20/asians-buy-gold-westerners-sell-it/

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Consumer demand for gold jumps 53%

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“According to WGC there is renewed interest in gold due to its falling prices, which has brought total purchases of gold jewellery, bar and coins to 1,083.2 metric tons. Jewellery demand reached its highest level in 5 years, increasing by 37% to 576 tonnes. Chinese demand was up 54% compared to the same period last year, while India bought 51% more gold ornaments than in 2012. Bar and coin investment surged by a significant 78% across the world and topped 500 tonnes in a quarter for the first time.  The WGC statistics come on the heels of India’s recent measures to curb gold purchases because it is the most costly non-essential item that the country imports.”

http://www.mining.com/consumer-demand-for-gold-jumps-53-boosted-by-asia-81328/

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Caroline Kennedy discloses possible $500 million fortune

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“Five years after Caroline Kennedy refused to release financial information during her bid to take over Hillary Clinton’s US Senate seat, newly filed documents reveal a personal fortune that could be as high as $500 million. Very private Kennedy declined to release the data in 2008. She subsequently withdrew her request for then-Gov. David Paterson to appoint her to Clinton’s seat. (If she had been running for office, Kennedy would’ve been required to report assets, credit card debt, mortgages and income from sources that total more than $5,000.)  But now, Kennedy has had to file documents for her nominated role as Ambassador to Japan.”

http://www.nypost.com/p/pagesix/kennedy_discloses_finances_SeC5KEM45P0RocO3i3wK9L

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Jim Rogers: Why I’m shorting India

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“Hedge fund manager Jim Rogers, who moved to Singapore in 2007 because he thought the centre of the world is shifting to Asia, says India is set to miss out on the Asian century. The chairman of Rogers Holdings says that if there is one country an individual must visit, it has to be India for its ‘spectacular sensory feast, beautiful, food, colour and religions’, but it is also the worst country to do business in. Rogers also slammed the Indian government’s recent curbs on gold imports, saying Indian citizens had no choice but to buy the metal because they had very little faith in investing in other sectors of its economy.”

http://www.livemint.com/Companies/pqNgQUDoOPsQCli4EgZLMM/Jim-Rogers-Why-Im-shorting-India.html?facet=print

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What Happens When You Tell Indians to Stop Buying Gold

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“India’s culture is very different from that of many Western countries. I’ve been to many Indian weddings and have witnessed this special and unique celebration as well as a very tight bond among families. However, the record gold buying we are seeing today isn’t only out of love. I believe Indians are also buying out of fear due to its infamously poor and corrupt government policies. Good policies can drive economic growth and markets respond positively. Bad policies can have the opposite effect. At the same time Indians buy gold out of love for their family and close friends, they are also buying gold out of protection.”

http://www.usfunds.com/investor-resources/investor-alert/

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India’s Worst Economic Crisis Since 1991 When It Had To Airlift 67 Tons Of Its Gold

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“At the time, the country had secured a $2.2bn loan, backed by 67 tons of gold reserves. To satisfy the IMF’s concerns about access to the collateral, the RBI had to airlift 47 tons of gold to be deposited offshore with the Bank of England and 20 tons of gold with UBS. While such action is unlikely this time around, if the crisis continues to escalate, Asia’s third largest economy will struggle to grow. Even though economists still do not expect a contraction, it is now a real possibility. Some weakening of the rupee may have been desirable for exporters, but losing control of the exchange rate was not what the RBI had in mind.”

http://www.businessinsider.com/indias-worst-economic-since-1991-gold-airlift-2013-8

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Fukushima scientists brace for riskiest nuclear fuel clean-up yet

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“The operation, to remove 400 tons of highly irradiated spent fuel beneath the plant’s damaged Reactor No. 4, could set off a catastrophe greater than any we have ever seen, independent experts warn. An operation of this scale, says plant operator Tokyo Electric Power Company, has never been attempted before.  An uncontrolled leak of nuclear fuel could cause more radiation than the March 2011 disaster or the 1986 Chernobyl catastrophe. Here’s what needs to be done: more than 1,300 used fuel rod assemblies, packing radiation 14,000 times the equivalent of the Hiroshima nuclear bomb, need to carefully be removed from their cooling pool.”

http://rt.com/news/fukushima-fuel-cleanup-operation-522/

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A Nation Unhinged: The Grim Realities of “The Real American War”

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“Turse’s book reminds us that the primary ‘tragedy of Vietnam’ was not that America somehow ‘lost its way’ in fighting an ill-advised war but rather that the war itself was a series of criminal acts perpetrated by the US government on the Vietnamese people. My characterization may sound strident to many today. Most Americans at the time certainly would have disagreed with it. Yet as the war dragged on, the number who recognized the war’s criminality grew inexorably. If you don’t already know the reason, Kill Anything That Moves will show you. And if you already do, this book will remind you why we must never forget what our country did to Vietnam.”

https://lareviewofbooks.org/review/a-nation-unhinged-the-grim-realities-of-the-real-american-war/

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Gold & silver sales jump during Ramadan and Eid in India

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“Mohammed Kazi said the past week had seen a big rush of customers. ‘Though we serve a large number of people regularly at this time of the year, a silver tinge has been added on to the gift giving this year,’ said Kazi. Silver bars and notes with a print of 786, the holy number, with photos of the religious Mecca and Medina, and silver artifacts of Mecca and Medina, silver sandals and silver armbands are doing the rounds as gifting articles across households, said Kazi. Gold and silver sales tend to surge during Ramadan and Eid due to the purchase of gifts. For the devout, mass prayers end with greeting their brethren and handing over small gifts.”

http://www.mineweb.com/mineweb/content/en/mineweb-whats-new?oid=201042&sn=Detail

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