You are here

India more than doubled its gold imports in 2021

Section: Daily Dispatches

No wonder gold's price went down, right? After all, in mainstream financial journalism, anything can rationalize a decline in the gold price -- rain in Peoria or snow in Sweden.

* * *

India Spent Record $55.7 Billion on Gold Imports in 2021 

By Rajendra Jadhav
Reuters
Tuesday, January 4, 2021

MUMBAI -- India splurged a record $55.7 billion on gold imports in 2021, buying more than double the previous year's tonnage as a price drop favoured retail buyers and pent-up demand emerged for weddings that were delayed when the pandemic first hit.

The previously unreported details of the world's second biggest consuming nation's soaring imports were disclosed to Reuters by a senior government official who requested anonymity as he was not authorised to speak to media.

... Dispatch continues below ...


... ADVERTISEMENT ... 

Buy metals at GoldMoney and enjoy international storage

GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. 

GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit: 

http://www.goldmoney.com/?gmrefcode=gata


The 2021 gold import bill easily doubled the $22 billion spent in 2020, and surpassed the previous high, set in 2011, of $53.9 billion, according to the official, who tracks broad import trends.

In volume terms, India imported 1,050 tonnes of gold in 2021, the most in a decade, and far more than the 430 tonnes imported in 2020, the official said. ...

... For the remainder of the report:

https://www.reuters.com/business/indias-spends-record-557-bln-gold-imports-2021-govt-source-2022-01-04/

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

https://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://www.amazon.com/Rigged-Exposing-Largest-Financial%20-History/dp/1651405204/ref=sr_1_fkmr1_2?keywords=rugged+stuart+englert&qid=1579708888&sr=8-2-fkmr1

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16