Demand ramping up in India
Gold imports for March surged to a 10 month high in March. At nearly 50t it was the highest number since the import restrictions were introduced last May and reportedly still only a fraction of the total entering the country given rampant smuggling. As we have reported before, Indians turned to silver in a big way in 2013 after the import restrictions with a record 6016t imported, or about 512t per month. At 461t for January 2014 it appears that appetite is still well and truly alive, alongside strengthening ‘official’ gold imports and ahead of widely muted easing of restrictions it bodes well for demand.