India surges back!!
The 2 graphs below make it abundantly clear that despite the best efforts of the Indian Government to curtail their citizens’ (balance of trade cruelling) gold imports, demand is very much on the rise again. But it is silver that has upstaged the much loved golden cousin with October’s import number of 1243t just 1 tonne short of the all time record of 1244t set in May 2011. Year to date India has imported 5535 tonnes, up 13 % year on year. Whilst there is no let up from China to indicate India can reclaim their number 1 gold consumer status, and noting the numbers below don’t include the widely accepted very large smuggling volumes, the mere fact that both are buying so heavily and the GOFO rate remains its most negative in 13 years in the future market speaks volumes for the supply demand equation at present.