India Could Rekindle the Gold Bugs
By GCRU Gold News on Monday, May 19 2014, 07:51 - Permalink
India is supposed to be back open for business. After Narendra Modi and the Bharatiya Janata Party won a majority, this is supposed to be solid for getting India back in business without protectionist policies that are anti-business. While this is good for infrastructure and companies that sell into India, the biggest winner here may be the gold trade.
Modi plans to undo some of the changes that were not working for India, and in the election process he had reportedly mentioned undoing some of the tariffs and restrictions on gold in India. In case it has been long enough that you forgot, Indians have a love for gold that surpasses almost any other nation. Its population of 1.2 billion allows for India to be the world’s second largest consumer of gold, making India’s gold lust a serious issue.