India’s Gold Imports Double In March: 125 Tonnes

by Dave Kranzler, Investment Research Dynamics

It was only a matter of time.  The Indian population has been starved for gold and the United States Government has been working overtime to use fraudulent paper gold in order to drive the price of gold down to an economically unviable price level.

India’s gold imports in March more than doubled from March 2014 from 60 tonnes to 125 tonnes – Reuters.  125 tonnes is roughly 5% of the total amount of gold produced by all mines globally in a year.   YTD for India’s fiscal year, gold imports have jumped 31% over last year to 900 tonnes.  900 tonnes is 38% of total global gold mine production.

Folks, these are numbers that the World Gold Council will find impossible to refute or distort.

Zerohedge is attributing the pop in the price of gold to this Indian gold import report.  But Zerohedge is wrong.  This report was released about 2 hours ago.   The price of gold spiked up at 4 a.m. EST, around the time the London gold market goes into full swing.

I can’t find any specific trigger for the move.  Shadow of Truth (LINK) just did a podcast interview with James Turk that will be posted on Sunday.   He talks about backwardation in the London market.  I had him explain what that means for listeners – something no other podcast host has ever done.  At any rate, he thinks – based on his observations and business dealings in the London gold market – that London is wiped out of physical gold available for immediate delivery.

Whatever triggered the initial surge at 4:00 a.m. NY Time overnight probably triggered heavy short-covering.  We know from the COT report released last Friday that the bullion banks shorted massive quantities of fraudulent Comex paper gold last week.  Maybe they are starting to run from the physical shortage Turk describes.

Interestingly, Richmond Fed puppet Jeffrey Lacker is on the tape reiterating a call for an interest rate hike in June.  That should have caused gold to drop.  It did not.  Perhaps the market is finally catching on to this absurd good cop/bad cop Kabuki theatre being played out by the corp of wind-up toy monkeys often referred to as “Fed officials.”  Every one of them with just one brain cell in their skull – nothwithstanding my suspicion that Yellen’s skull is completely empty – knows that an interest rate hike will act like a financial nuclear bomb on our financial system.

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