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Cancellation of currency notes suppresses gold demand in rural India
Life in the Time of Demonetisation: Rural Gold Hubs Silent
By Sutanuke Ghosel
The Times of India, Mumbai
Thursday, December 15, 2016
KOLKATA, India -- Jewellers and bullion dealers in India are refraining from buying gold despite the dip in price, thwarted by subdued demand in rural areas due to the demonetisation-induced cash crunch.
Rural areas account for 60 percent of India's gold consumption, which has fallen after the government's demonetisation move. Although there are signs of a gradual recovery in urban demand, the sentiment remains negative because of patchy buying in rural areas, where purchases are in cash.
"Traders are not buying gold. ... They continue to be on the sell side," said Prathamesh Mallya, chief analyst for non-agricultural commodities and currencies at Angel Broking. ...
... For the remainder of the report:
http://economictimes.indiatimes.com/markets/commodities/news/life-in-the...
Market Analyst Fabrice Taylor Expects K92 Shares to Rise
as Company Commences Gold Production and Gains Cash Flow
Interviewed on Business News Network in Canada, market analyst and financial letter writer Fabrice Taylor said shares of K92 Mining (TSXV:KNT) are likely to rise, even amid declining gold prices, because the company has begun producing gold at its mine in Papua New Guinea:
http://www.bnn.ca/video/fabrice-taylor-discusses-k92-mining~1008356
Taylor cited the company's announcement here:
http://www.k92mining.com/2016/11/6114/
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