Gold premiums in India jump from $100 to a record $150 over spot

[ximmy]

Gold premiums in India jump from $100 to a record $150 over spot – a year ago it was JUST $3


That’s right, just a one year ago the price Indians paid for gold was just around $3 over spot – today it is a nose-bleeding $150, a new record high. Which means that in India right now the real price for an ounce of gold is actually $1500.

http://www.goldmadesimplenews.com/gold/gold-premiums-in-india-jump-from-100-to-a-record-150-over-spot-a-year-ago-it-was-just-3-12070/

[mick silver]

Disconnect between ‘paper’ gold and ‘physical’ gold markets continues as premiums DOUBLE in IndiaWith gold at multi-year lows you would be forgiven for thinking that demand for the precious metal has dried up around the world. But you would be wrong.
As Reuters (http://in.reuters.com/article/2013/06/26/markets-india-gold-idINDEE95P08I20130626) points out demand in India has outstripped supply in India:

Gold premiums doubled in India on Wednesday as suppliers struggled to meet surging demand after a ban on consignment imports, but futures prices fell to their lowest in more than a month as international gold prices fell due to a strong dollar.
India, the world’s biggest buyer of gold, now requires importers to pay upfront for inventory, making it difficult for smaller jewellers with lower working capital to source supplies. The government also raised the import duty to 8 percent in May to keep a lid on the surging current account deficit.
Which all means that premiums have doubled in the matter of days:

“There may be some demand from jewellers for raw material,” said Bachhraj Bamalwa, former chairman of All India Gems and Jewellery Trade Federation, adding that premiums charged on London prices shot to $20 an ounce on Wednesday from $8-$10 on Tuesday.
Leading to gold suppliers unable to deliver for the time being:

“We are unable to supply, though there is demand … we give deliveries after 2-3 days,” said Harshad Ajmera, proprietor of wholesaler JJ Gold House in Kolkata.
Without doubt the ability for the paper sellers to get the price down has been very impressive given the huge increase in physical demand we’ve been seeing around the world. However we wonder how much further the price can be taken down given this demand and the fact that gold miners are going to be moth-balling a lot more mines if prices persist at these levels.

[mick silver]

Debt limit can ‘kicked’ – gold price soars higher by 4%Rather predictably the preverbal ‘can’ has been ‘kicked’ again with regards the debt limit of the USofA. It wasn’t quite an 11th hour deal, it was in fact a 10th hour and 10 minute deal – so close enough then.
The deal means that we get to come back and do it all again sometime at the end of February 2014 – whilst the US ability to kick some cans is clearly still there, their ability to kick it very far is clearly diminishing, at least in 2011 when the Congress previously kicked the debt limit can, it was booted for a good couple of years.
Today however they’ve only bought themselves three or so months, so what happen in February when the ‘crazy’ all starts again – they’ll kick the can once again, but probably only for 6 weeks, then it will be 3 weeks, then they’ll only be able to grab a few days extra breathing room, until eventual the debt time-bomb explodes in the face of Congress and the American people – it’s an inevitability of 40 years of fiscal and monetary insanity.
During the entire crisis gold has been bashed about with ‘somebody’ (**hint** BIS **hint**) deciding to sell massive amounts of gold in one block during the most illiquid parts of the trading day – almost looking like they didn’t have a care in the world at getting the best price they could.
Well today, now that the US is going to keep-on blindly borrowing, gold has rallied by $50 in a matter of minutes, going from around $1270 all the way to $1320 – that’s a four percent move.
Gold (8hr):

http://www.goldmadesimplenews.com/wp-content/uploads/2013/10/gold-daily-17-october-2013-aa.png (http://www.goldmadesimplenews.com/wp-content/uploads/2013/10/gold-daily-17-october-2013-aa.png)(click for sharper image)So now we’re back looking at the 55DMA and 100DMA as resistance levels for gold. The 100DMA is currently sitting around the $1328 level and the 55DMA is at $1340.
Gold (daily):

http://www.goldmadesimplenews.com/wp-content/uploads/2013/10/gold-daily-17-october-2013.png (http://www.goldmadesimplenews.com/wp-content/uploads/2013/10/gold-daily-17-october-2013.png)(click for sharper image)But it looks like the gold-bashers work has been done the past couple of weeks, with the sole aim of trying to make gold appear like it isn’t a ‘safe-haven’ asset anymore, and has permitted insane articles, like this below, be written in the mainstream press. Its title say is all:

Gold is so yesterday, the VIX is the new safe haven (http://www.cnbc.com/id/101119539)
As a traditional safe-have asset, gold typically rallies during periods of
heightened economic risk, but in recent years gold’s behavior has befuddled many analysts. Over the course of the over two-week U.S. government shutdown, for example, gold (http://data.cnbc.com/quotes/xau%3D) has fallen 3.35 percent.
“As the world becomes more virtual, the value of a physical commodity as a store of value or hedge against turmoil is falling,” said Scott Nations, president and CEO of NationsShares, told CNBC Asia’s Squawk Box (http://www.zerohedge.com/id/15838831).
RRRiiigghhhttt. So a black-scholes modelled volatility price index trading ONLY on computers screens and represented by virtual binary ones and zeros, NEVER existing in the ‘real’ world, and to top it off has only been around for a couple of decades, beats-out something that actually really exists, in the real world, and has been the go-to safe-haven store for thousands and thousands of years? Bullshit. There’s no other words to use when you read such nonsense – and it will be proved as such in just a matter of years.

[ximmy]

$1564.00 per oz. Gold price in India...
http://www.24hgold.com/english/news-gold-silver-india-gold-premium-hits-record-21-6-.aspx?article=4683357346G10020&redirect=false&contributor=Mish&mk=1

[Hypertiger]

Yes the top sucks from the bottom.

The top lives off the taxes extracted from the bottom.

The top or master taxes the bottom or slaves.

if you a slave/servant can not afford to pay the taxes/rent or supply the demand of the master.

You do not get to enjoy the use of gold, silver copper, food, oil, shelter, clothing...etc.

The bottom of the absolute capitalist hierarchy supplies the top of the absolute capitalist hierarchy with everything wholesale and the top marks it up and sells it back to the bottom retail.

The difference between the wholesale cost of production and the retail cost of consumption is the TAX, INCOME, YIELD, RENT a.k.a. Usury...The top lives off of.

The top owns everything that the bottom rents from the top.

The cost to pay the rent is hidden in the prices of everything.

This is the way its been for all of recorded history everywhere on the planet.

Yawn x 10 to the power of infinity...next.

[Horn]

“As the world becomes more virtual, the value of a physical commodity as a store of value or hedge against turmoil is falling,”

I guess that means they will arrest my avatar for failure to comply?

The VIX should keep you trapped in the virtual long enough that you starve in the real world.

While temporary escape into the virtual world will be permitted, "game over" comes up time and time again there.

[Horn]

$1564.00 per oz. Gold price in India...
http://www.24hgold.com/english/news-gold-silver-india-gold-premium-hits-record-21-6-.aspx?article=4683357346G10020&redirect=false&contributor=Mish&mk=1


Not a problem, sell all your Gold to a guy in India for an equivalent amount of Bitcoin(s).

Then just tell him you will hold it for him.

Bitcoin is the ultimate in convenience.

[Hypertiger]

Credit, debt, or the money supply has to constantly exponentially grow (doubling time) if you want a raise from the boss or wish to derive a positive yield from the Usury system.

Otherwise it will constantly deflate or exponentially decay (half life) and you will get pay cuts or be laid off.

The difference between the hyperinflationary doubling time and the hyperdeflationary half life = the visible yield

hyperinflation of 1000% supplied to the demand of hyperdeflation of 995% = a 5% positive yield.

80 million barrels of oil sucked out of the Earth a day produced and supplied to the demand for consumption a day of 80 million barrels of oil= Zero...or equilibrium.

You all just think positive and ignore negative.

Science says that only 5% of visible so called matter can be seen...making the other 95% invisible.

Only 5% seems to matter to science in order to obtain paychecks and milk the system...the other 95% I guess does not matter.

I can see all sorts of things people for some odd reason can not see even when you show them.

[Hypertiger]

Not a problem, sell all your Gold to a guy in India for an equivalent amount of Bitcoin(s).

Then just tell him you will hold it for him.

Bitcoin is the ultimate in convenience.

Like I said you all are Jews Jewing each other for fun and profit.

Of course unless you are a Gypsy...Then you are gypsys gyping each other for fun and profit

Untill the day you die...and join the ranks of the people that existed before...next...Thanks for showing up to planet Earth.

Every passing nanosecond gets us closer to wild cornered animal stage.

[mamboni]

The Indian government is oppressing gold and doing everything in its power to prevent the people from buying gold. It's really disgusting and underlines the hypocrasy of governments. Gold is fighting an uphill battle as governments do every despiccable and underhanded thing to prevent the people from expressing their choice of money. Gold will win this war - it always does, because it has all the time in the world to wait for truth and facts to rise above the maelstrom. And governments are on borrowed time, their temporary power built on lies and decptions.

[Horn]

Like I said you all are Jews Jewing each other for fun and profit.

You know I was being facetious, my social & muscular butterfly, don't you?

[Hypertiger]

“By a continuing process of inflation, Governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some …. Those to whom the system brings windfalls …. become “profiteers” who are the object of the hatred … the process of wealth-getting degenerates into a gamble and a lottery .. Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”--Lord Keynes

The Government of the credit system is the population's demand for credit from commercial banks.

The Government of a nation is not the cause of inflation...

you debase money by attaching a demand for it to grow...when you attach interest or a growth rate to money...you are demanding it to grow exponentially.

A demand for increased growth from anywhere in the Usury system is a tax that eventually spreads through out the system.

[Hypertiger]

You all are the cause of the demand for yield and the supply of it.

When the demand for yield from all of you becomes greater than the supply of yield from all of you.

Yield starvation sets in and you all begin cannibalizing yourselves...Yet you all as compartmentalized morons have no clue...As you are being eaten to death what is eating you.

"The worshippers of the compounding interest (exponential inflation or growth) equation will bear its burdens without complaint and perhaps without even suspecting that the equation is inimical to their interests while those who follow the worshippers will complain about the effects but will be ignorant of the cause."

[Horn]

I just finished eating a pineapple I purchased at the farmers market.

While not completely untaxed, and most likely re-subsidized

the end cost in equivalent was 0.001397 Bitcoin, or Satoshi centivos.(however you'd call that)

And here you're telling me the farmer was jewish?

edit > Sorry now it is @ 0.001447 Satoshi centivos, maybe he was jewish?

[Horn]

I'm sorry again, that was 0.001961 satoshi centivos

For this I am certain now.

[Neuro]

Actually the premium on gold considering the duty of 8%, should be around $100 just to cover that, I don't think the $150 premium is unreasonable in this context. The biggest winners as the government imposed these import duties are actually the ones that already had a substantial portion of their wealth in gold...

[Hypertiger]

The biggest winners are revealed to be the biggest losers when the logical conclusion of that reasonable assumption is reached.

You all have zero vision...You have spent decades worshiping ignorance as the path to salvation...

There is no victory waiting for you all at the logical conclusion...

deflation is coming...I saw you all wondering what was going on back in 2008 when commodities were collapsing.

You all seem to have forgotten that period when I saw you all pissing your pants with perplexity.

but that is the past...which is negative...and the future is positive.

You all are nothing more than just think positive drones...like flies following a trail of puss to a weeping scab to gorge yourselves.

I do not follow...I lead...but you have to keep up...and if you can not...you will fall behind.

There are 7 Billion of you...There is only so much care to share.

[Horn]

Actually the premium on gold considering the duty of 8%, should be around $100 just to cover that, I don't think the $150 premium is unreasonable in this context. The biggest winners as the government imposed these import duties are actually the ones that already had a substantial portion of their wealth in gold...

Duties, pffft.

What a Euroian

[mick silver]

silver just went below 20 bucks ... 19.99 . gold down 23.30

[Neuro]

silver just went below 20 bucks ... 19.99 . gold down 23.30
I bet you wish you had traded your silver for chickens, yesterday!

[mick silver]

i have 30 chickens already , just wish i had more mickcoins

[Horn]

There are 7 Billion of you...There is only so much care to share.

This is no time to be joking around, HT.

Silver's going to 17.

[mick silver]

dam come on 15 buck silver an free gold

[Jewboo]

This is no time to be joking around, HT.

Silver's going to 17.

We'll see 12.