India ends gold import duty

BigMac400

Will gold and silver go up after India starts buying a lot in the new year?

What will happen if more countries try to back their currency with gold again like Switzerland wants to do?

BigMac400

The UK is not yet talking about goinf back to having its currency backed by gold as it was before 1971, but they are talking about what is money and who has the right to create it and in what quantity. https://www.youtube.com/watch?v=QjR6xRN0PjY

Reaper

BigMac400 wrote: »

Will gold and silver go up after India starts buying a lot in the new year?

Why would they? They are just removing a poorly thought out control introduced last year.

What will happen if more countries try to back their currency with gold again like Switzerland wants to do?

Do they? Current polls for their referendum show only 27% in favour with 35% against. That's lots of undecided but I suspect the undecided are more likely to go with the status quo.

BigMac400 wrote: »

The UK is not yet talking about goinf back to having its currency backed by gold

"Not yet"? You imply it might happen. Don't kid yourself, it won't.

You are picking data trying to build a case for rising gold prices. I'm afraid I don't buy it. Still it's nice to see an old fashioned gold bug. Normally they flood the board when gold is going up and vanish when it goes down.

pop_gun

Today I took delivery of another ounce of gold. I personally hope the price stays where it is or goes down until I can get 4 times the amount I have.

The western powers are determined to crush the gold price. The gold ETF's, the gold rehypothecation, the gold dumping by governments (most notably ours in 1999) are just some of the ways it's price is being manipulated.
I believe India introduced import duties at the behest of western powers. But internal demand is insatiable and the pressure to do away with those restrictions must have reached breaking point.

India buying more gold means nothing in terms of the price (see above), but it does put an increased strain on existing physical supply.

kingrulzuk

For sure im not buying gold coz i dont think any time soon the gold price will go anywhere like 2010/11.

gadgetmind

Wow, did I just stumble back into 2009?

Masomnia

gadgetmind wrote: »

Wow, did I just stumble back into 2009?

Haha, weird isn't?

Deja vu!

edinburgher

The western powers

Mwah ha ha ha!

{Cackles} :rotfl:

Reaper

I gather a surprise 78% voted against Switzerland holding more gold, which is pretty much the last hope for the gold bugs squashed.

I'm sure gold will have its day again if inflation takes off or there is another crisis, but I can't see any reason for it to rise in the near future.

DiggerUK

Reaper wrote: »

I gather a surprise 78% voted against Switzerland holding more gold.......
I'm sure gold will have its day again if inflation takes off or there is another crisis........

A little higher than I expected, but no real surprise.

I calculated that QE would lead to high inflation and boost price of gold. Then it bombed down after September 2011 high......and no serious inflation.

Hindsight convinces me that the gold price boomed as people reacted to the crisis that exploded. As it has turned out, QE seems to have rekindled a boom and I don't see gold shooting up in price again till this boom busts.

If you all think this crisis is over buy anything but gold, if you see the dangers in this boom then..........

Edit, this is nearly the eighth christmas it was all going to be over by.........was Northern Rock really that long ago.
..._