In The News Today

Posted at 8:16 AM (CST) by & filed under In The News.

Jim Sinclair’s Commentary

Retirement is starting to, and will soon become impossible. Work until we drop is the new retirement of sorts.

Let’s hear it for the OTC derivative manufacturer and distributor billionaires. They also can’t retire because they are too busy counting their money, gold, diamonds and REEs.

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Jim Sinclair’s Commentary

This is the process whereby physical gold overtakes paper gold and is emancipated to the horror of the paper gold shorts. Emancipated gold is free gold and will rise to prices the most bullish commentators are afraid to utter.

Gold Imports by India Seen Topping 100 Tons for a Second Month
By Prabhudatta Mishra – May 8, 2013 12:58 AM ET

Gold imports by India, the world’s largest consumer, are set to exceed 100 metric tons for a second month in May as jewelers rush to beat central bank curbs on overseas bullion purchases by banks, a refiner said.

The biggest slump in gold prices in more than three decades on April 15 spurred banks, traders and jewelers to import more than 100 tons last month, said Rajesh Khosla, managing director of MMTC-PAMP India Pvt. Purchases this month will match April’s imports, he said. MMTC-PAMP’s refinery in northern Indian state of Haryana can process 100 tons of gold, 600 tons of silver and make 2.5 million pieces of coins a year, he said.

The Reserve Bank of India, or RBI, will issue guidelines by the end of this month to restrict banks from importing gold on a consignment basis as it seeks to reduce domestic demand and curb a record current-account deficit, the central bank said on May 3. Banks will be allowed to buy on a consignment basis to meet only genuine needs of exporters of jewelry. The bulk of the imports by banks now is on a consignment basis that doesn’t require them to fund the purchase, RBI said.

“The imports this month look as good as in April as everyone is trying to import as much as possible before the RBI guidelines are issued,” Khosla said in an interview in New Delhi yesterday. “The price looks good, let’s import,’ every jeweler seems to be saying. Time will tell whether they were right or not?”

More…

Jim Sinclair’s Commentary

Physical demand will remain strong and increase regardless of paper games.

China gold imports to keep growing after hitting record high
Reuters UK
SINGAPORE/BEIJING (Reuters) – Chinese gold imports are likely to swell further after more than doubling to an all time high in March as retail consumers pounced when prices plunged to a two-year low last month. China is the world’s second largest buyer …

Gold Imports by India Seen Topping 100 Tons for a Second Month
Bloomberg
Gold imports by India, the world’s largest consumer, are set to exceed 100 metric tons for a second month in May as jewelers rush to beat central bank curbs on overseas bullion purchases by banks, a refiner said. The biggest slump in goldprices in …