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Katchum
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Albert Sung is the author of Correlation Economics, monitoring breaking economic news on a day to day basis. He started investing in 2008 because of the economic crisis and holds a masters degree in chemical engineering. Previously, he worked several years as a process engineer at Ashland, a... More
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Correlation Economics
  • Indian Gold Panic Buying 0 comments
    Jul 10, 2014 5:46 AM | about stocks: GLD

    India didn't decrease its import taxes from 10% to 6%.

    Result: panic buying among the jewellers to restock gold, because Indian gold premiums will skyrocket again.

    Of course, in the long run, this is not good for Indian gold imports. So official Indian gold demand will not strengthen due to these 10% import taxes. Smuggling on the other hand is going to continue.

    First reaction: gold surges.

    Stocks: GLD
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