Having explored the silver market last week, Lavaculture has taken a plunge for gold. Although India is a land rich in many resources, it is unfortunately barren when it comes to gold. For centuries, India has had a history of gold smuggling that dates back to the 1830's.
Because of its' low domestic gold production, which currently averages about 2 metric tons annually, India turned to foreign countries for gold, whether legally, or illegally due to the 1947 importation ban. This means that despite restrictions, India's gold consumption increased throughout the century, although sometimes taking dips during World War 2. As rates of illegal gold import increased, in 1992 the ban was lifted. Although this has not stopped the still existing illegal gold smuggling, it simply caused gold consumption rates to surge.
To this day, India is the number one gold market on the planet, and whether India gets its gold through official, or unofficial trade routes, the last few decades have demonstrated an even further rise in demands. In 2010 India averaged 700 metric tones and an expected 800 tons for 2011. Chief executive of National Spot Exchange Ltd., the country's largest exchange for the gold trade say that despite the increasingly high prices for gold this year, the demand continues. India Bloomberg experts say, "price is no longer an issue." The combined Indian household is known to have 15,000 metric tonnes of gold. It is a curious thing that one culture will own so much gold. Read more to find out why.
Works Cited:
www.goldline.com
www.businessweek.com
*The photos included in this article are a courtesy of google. Thank you!
Because of its' low domestic gold production, which currently averages about 2 metric tons annually, India turned to foreign countries for gold, whether legally, or illegally due to the 1947 importation ban. This means that despite restrictions, India's gold consumption increased throughout the century, although sometimes taking dips during World War 2. As rates of illegal gold import increased, in 1992 the ban was lifted. Although this has not stopped the still existing illegal gold smuggling, it simply caused gold consumption rates to surge.
To this day, India is the number one gold market on the planet, and whether India gets its gold through official, or unofficial trade routes, the last few decades have demonstrated an even further rise in demands. In 2010 India averaged 700 metric tones and an expected 800 tons for 2011. Chief executive of National Spot Exchange Ltd., the country's largest exchange for the gold trade say that despite the increasingly high prices for gold this year, the demand continues. India Bloomberg experts say, "price is no longer an issue." The combined Indian household is known to have 15,000 metric tonnes of gold. It is a curious thing that one culture will own so much gold. Read more to find out why.
Works Cited:
www.goldline.com
www.businessweek.com
*The photos included in this article are a courtesy of google. Thank you!
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