Peru’s small miners block highways, camp outside Congress demanding registry extension
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India’s love affair with gold is once again attracting global attention, as the country has recently become Switzerland’s main importer of silver and the yellow precious metal, accounting for 42% of it.
According to data from the Swiss government quoted by The Times of India, the total value of exported gold, silver and coins in the month of June stood at $4.3 billion (3.9 billion Swiss franc), of which India accounted for $1.8 billion (1.63 billion francs).
Turkey came in a distant second place, with less than $500 million Swiss franc of Swiss bullion export. Other major destinations were UAE, Singapore and Hong Kong, as well as major economies like US, UK, China, France and Germany.
Gold Demand Trends Q1 2014, WGC.
The World Gold Council says that more than two-thirds of that demand comes from the country’s rural population, where practical aspects of the portability and security of jewellery as an investment has kept demand high even among the low income population.
The nation, whose appetite for gold is only rivalled by China, last year imposed a record 10% import duty and made it mandatory to export a fifth of all bullion imports, seeking to curb bullion demand that has blown out the trade deficit.
5 Comments
Bob
2/3’s going into the rural areas huh? Just because they don’t have electricity and indoor plumbing doesn’t mean their stupid. These families have been down this road before, don’t hold cash, the politicians can play games with that. They can’t print gold.
david rogers
Except when they then give that gold to a Hindu temple, then they are ”naive”
George
Wrong, it is not “Switzerlands” Gold, ist Gold “travelling” through Switzerland, having its origin somewhere else.This title is Manipulation and should be corrected.For this Gold was never in possession of “Switzerland”.
Anita
This more than 10,000 year’s old civilization has seen many
ups and downs of economy. Many currencies were created and decommissioned. Gold,
Silver and Land investors only survived. So they always store money in form of
precious metal. Indian government should stop interfere.
esqualido
Calling it hoarding is somewhat pejorative, bordering on ad hominem- how about “embracing a store of value.” (that’s how the Indian housewife sees it!)The oddest part of FDR’s Executive Order making American gold ownership illegal was that he also claimed to be dealing with “hoarding” when he had just emphatically supported the gold standard as a plank in the Dem’s 1932 Presidential campaign; when he took office, prior to the EO, Americans were still paid in gold (their dollars were “gold certificates,” exchangeable for bullion on demand.)