“India Ends Ban On Gold Imports” – Gold Goliath

Posted on :Feb 19, 2015

Gold is posting solid gains Thursday on news that Greece and the EU remain in a stalemate. After Germany and other nations refused to make concessions on debt owed by Greece, the new government has countered with an ultimatum: “either approve or reject our extension request.” Gold last reported a.m. is $1211.80 up $10.80 and silver is $16.63 up 21 cents.

Stocks are tumbling today as it looks probable we may see a Greek exit from the EU. It seems market euphoria over the past several days is somewhat dampened as a “hopeful agreement,” which was based only on hope, has not taken place. Goldman has warned “that there are aspects that leave us more worried than we have been since the start of the Euro area crisis. In our view the risk of a miscalculation in the negotiations remains high and will peak between now and month end, when the current bailout ends.” Rest assured plans are being made for a hostile exit as Greece defaults on its debt.

Russia launched its own SWIFT system three months early incorporating 91 of Russia’s domestic credit unions. Last November, Putin warned Western bankers not to isolate Russia from the SWIFT system which is a primary international banking network. Threats from the West not only continued but escalated forcing the Russian Central Bank to initiate its own messaging system necessary for global trading.

Russia became one of the most active users of SWIFT sending hundreds of thousands of messages per day. The SWIFT system is a secure communication network for thousands of financial institutions approving transactions of trillions of U.S. dollars. This system has allowed our own Federal Reserve to manipulate markets and governments for the past 41 years. Foreign countries either follow Fed lead or face threats of expulsion. Washington doesn’t seem willing to understand that Russia will not be bullied by anyone, especially Western bankers.

In December 2014 Russia dumped 22 billion in U.S. Treasuries equating to 20 percent of its holdings followed by China who dumped another six billion. Nations are trading U.S. debt for real physical gold as the dollar comes closer to losing reserve currency status. It’s not a matter of if, but when. The bottom line is countries have grown weary of bowing to a fiat currency that in reality is no safer than their own.

The Reserve Bank of India has lifted its ban on imports of gold coins and medallions by banks. Nominated banks have been allowed to import gold on a consignment basis for lending to local jewelers. The move allows banks to earn healthy profits while ensuring supply to domestic markets.

The RBI clarified that the obligation to export under the 20.80 scheme will continue to apply for un-utilized gold imported before November 28, 2014. Under the scheme aimed at curbing the import of gold, 20 percent of the imported gold had to be exported before buying new gold. In 2014, India moved past China to become the world’s largest importer of gold which is primarily used to meet the demand of jewelry industry.

Gold Goliath is advising investors to consider silver as a primary precious metals investment for 2015. Growing industrial demand will continue to place strains on an already very limited supply. Mining companies are unable to keep up with global demand and turning negative cash profits while silver is being sold under production costs insures a rebound.

We are offering specials on monster boxes of the 1 oz. Silver Canadian Maple Leaf and the 1 oz. Silver American Eagle. Each box contains 500 legal tender coins and is available for delivery in 7-10 business days after price lock-in. Call 1-800-577-3195 for pricing.

Gold Goliath is not your typical gold dealer.

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