Black-gold rush? Not really
By GCRU Gold News on Tuesday, October 28 2014, 23:02 - Permalink
The doubling of India’s gold imports from Switzerland in September over the previous month has led to speculation that this was black money finding its way back into India. But a close look at the numbers suggests otherwise.
India imported gold worth 2.2 billion Swiss francs in September, up from 1.1 billion Swiss francs in August, according to data released by the Swiss Customs Administration.
But India is not the only country to witness such a surge in imports of the yellow metal. Total gold exports from Switzerland have doubled from 3 billion Swiss francs in August to 6.4 billion Swiss francs in September. Asian trend
Other Asian countries such as China, Hong Kong, Thailand and Singapore have also upped their share substantially.
