Koos Jansen
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Koos Jansen
Posted on 6 May 2014 by

India Imports 32 Tonnes Of Gold In February

Without further ado here are the official trade numbers from the DGCIS.

INDIA IMPORTED 32 TONNES IN FEBRUARY.

Gold trade 2-2014

Gold premiums provided by Nick Laird from sharelynx.com.

Indian Premiums AU 02

SILVER GROSS IMPORT WAS 486 TONNES. YTD 920 TONNES OF SILVER, ANNUALIZED 5520 TONNES.

Silver trade 2-2014

In Gold We Trust

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  • D Notice

    …. and it had ZERO impact on the price of Gold, which was trading above 1320 in February and and has since got nowhere even close to the pre-Crimean-referendum levels seen in March

    During 2013 China apparently bought a large amount of Gold, but the price collapsed very significantly. Clearly, therefore, rather than purchasing/settlement/withdrawal/import data
    being ANY kind of positive indicator of future price trends, either

    a. There is an inverse correlation between demand and price, with people/states buying more at lower prices

    or

    b. there is far more physical Gold available than is commonly believed

    but in either case, looking for short/medium term insights by pretending to interpret import volume is no more useful than reading tea leaves, and potentially both misleading and a waste of time

    my challenge is therefore: SO WHAT IF INDIA OR CHINA OR UKRAINE INCREASE GOLD IMPORTS?

    • Eulan Battur

      Darned devious, these Commies, aren’t they surely! :
      1. This was clearly a blatant ‘false flag’ operation by the Russian Spetnaz operating behind the lines of the heroic Ukranian army: they knew precisely when the observers would be released, where and in which vehicle, and took advantage of this to attack them. Despicable!
      2. These so-say OCSE observers were probably Russian stooges anyhow – wasn’t Czech previously part of the Iron Curtain Soviet bloc? Don’t trust a word this guy says – he was probably paid to do so, or his family were threatened by the KGB

      3. RT is undoubtedly controlled by the Kremlin – didn’t it used to be called “Pravda”? (Russian for “Propaganda”)
      The simple truth is that it was Russian Special Forces who torched and shot 42 armed terrorist insurgents in Odessa and tried to blame it on the legitimate elected government in Kiev. Stand up for Democracy! The forthcoming election in Syria may be a total sham because the country is racked by internal strife and the Government has turned the army on its own civilian population, but the situation in Ukraine is different, because every sovereign government has a legitimate right to the monopolistic use of violence to quell dissent within its own borders – the EU said so, and as Ukraine is both an EU and a NATO member, we should not hesitate to stand shouldder to shoulder with our comrades oin arms and resist this naked Soviet aggression

      • JohnH

        “and as Ukraine is both an EU and a NATO member,”
        Lies! These are the words of a shill for the US military and EU puppets.

        • Randinka Ibrahimi

          Well, if it’s not, it sure as hell should be!

          Better US Fed than Red!

          • JohnH

            Just read that ZH article. Good idea send that gold but to Switzerland (where I am) instead of Germany. We’ll refine those old US bars and send off the recast 1 kg bars to China for a good profit. hehe
            And just in case the FED is watching this… Don’t send us any of your crappy tungsten-filled bars. We will rumble that faster than you can kiss your granny’s backside.

          • Randinka Ibrahimi

            No no no – the Chinese are Commies just like the Russians! Don’t give them our precious Gold! We Malaysians are not especially impressed with these bullies ~ far better the peace-loving Yankees! (Obama has Nobel Prize – Mao & Stalin never got one of those!)

          • JohnH

            Funny, I always thought the Commies were the guys with a Central Planned Economy. In today’s world isn’t that the USA and the EU?
            What the Chinese are up to is beginning to look more like good old free-market capitalism to me.

          • Randinka Ibrahimi

            Commies have a nasty habit of invading smaller countries and cynically plundering their natural resources – like China did with Tibet, Vietnam and the Philippines and Russia did with Georgia and Crimea. These autocratic regimes also habitually spy on, oppress and murder their own civilian populations – remember Tiananmen Sq and the Prague Spring in 1968!

          • Michael Yates

            Are you joking? US has invaded a dozen countries in the last decade under the guise of its “War on terror,” which should be renamed to “grab for oil.”
            Commies are bad, but that doesnt make the US good.
            Maybe you believe the mainstream media propaganda when it tells you the US spends trillions every year to “promote democracy and peace.”

            If so, grab a cup of coffee and take a big whiff, time to smell the coffee for you!

  • wazsah

    The gold price rose through Feb from ~$1250 to ~$1330 according to this 6 month Kitco chart.
    http://www.kitco.com/gold_currency/index.html?currency=inr&timePeriod=6m&flag=gold&otherChart=no
    So is it correct to state? “…and it had ZERO impact on the price of Gold”
    Anyway – I appreciate the effort Koos makes to cast light on the gold market and paper certificate market and I think the sudden surge in Indian imports of metal was worth a blog post.

    • Randinka Ibrahimi

      14 Feb Close : 1318.56

      14 Mar Close: 1384 (Crimea vote)

      6 May Close: 1308

      and he is right about March 2011, 2012 & 2013 as well

      check your facts before posting about things you don’t understand

  • Michael Yates

    Look at this another way, from the manipulators point of view.
    Gold price manipulation has gone mainstream.
    The gold fix is losing members.
    Price suppression has had the opposite effect desired, gold being bought hand over fist by East.
    BaFin publicly stating they believe manipulation taking place.
    Multiple nations asking for their gold back.
    Gold reserves in west running on fumes.
    Silver sales hitting all time highs, even now in the west.
    Diminishing returns on recent attempts to manipulate price.
    India coming back online as major buyer.

    I’m in Canada. Wanna know what I saw yesterday? One of the largest PM producing countries there is where the people are fast asleep, not buying PM’s, and yet the Canadian Mint is promoting gold and silver “certificates.”

    Yes, ignore the distractions and naysayers, behind the curtain it’s panic time.

    • Randinka Ibrahimi

      “Silver import was down 31 % m/m”

      How is this con-metals.com forwith Silver sales reaching all-time highs? Silver Cobasis is heavily negative, and the risk-neutral (arb-free) value of Silver is currently below $15/oz. See http://www.monetary-metals.com for fact rather than fantasy

  • vizeet srivastava

    Since high import tariff have been introduced gold smuggling is back and is significant. So without including gold smuggling the chart is useless.

    • veerar

      The Rupee is also kept weaker, for making Gold COSTLIER for Indians!

  • Indirajith

    India gold import
    increased but premium very high premium$ 125 to $100 per kg,

  • Matt

    Doesn’t look right – $1.33bn = 32t. Have you quoted the Feb 2013 figure in error?

    • In Gold We Trust

      Hi Matt, Your Right! I screwed it up!!!

      • Randinka Ibrahimi

        Hey, who cares? – you got their attention and that’s all that matters, right? What’s a few extra page views amongst friends – it’s all cash in the tin!

  • rowingboat

    India looks exciting moving forward.
    RBI reforms in March enabled 50 tonnes that month with imports temporarily reducing since due to the election effect: 1) people forced to carry less cash to alleviate corruption concerns; 2) people delaying purchases as the new government expected to further ease import restrictions. Election ends Monday, result known Friday. Quotes from GJF president below.

    “Gold arrivals in both April and May could plunge to 20 tonnes, Bamalwa said, from March imports of 50 tonnes

    To guard against bribes or vote buying during the ongoing elections, the Election Commission has made it mandatory for individuals carrying more than 50,000 rupees ($830) to provide documentation, such as a proof of identity and an explanation for the source of funds. For jewellers, the cap is 200,000 rupees in cash.

    “Indian demand for gold is lower as it is difficult for consumers to carry cash given election-related curbs. They are resisting unnecessary buying at the moment,” said Bachhraj Bamalwa, director with All India Gems and Jewellery Trade Federation (GJF), which groups more than 300,000 jewellers.

    http://timesofindia.indiatimes.com/home/lok-sabha-elections-2014/news/Election-cash-restrictions-to-dent-gold-imports/articleshow/34080636.cms

    “In March, the Reserve Bank of India (RBI) allowed five private sector banks to import gold, a move that marked a major step towards easing India’s tough bullion import restrictions.”

    The 36-day-long general elections in India end on 12 May and results are due on 16 May. Traders and consumers expect the incoming government to slash record high import duties on gold and ease export rules, moves that will lower gold prices.

    “Jewellery demand is holding up to an extent but people have been putting off gold purchases on expectations that a new government will cut the duty and ease the rules,” said Bachhraj Bamalwa, director with All India Gems and Jewellery Trade Federation, which represents over 300,000 jewellers.

    http://www.ibtimes.co.uk/india-gold-premiums-drop-100-easing-demand-1447889

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