Forex gold price in india
As I write this in the morning of 9th Novemberthere are huge lines forming outside gold shops in India — and gold traded heavily until late into the night yesterday. That is, if you can actually find physical gold — gold inventories at stores are rapidly depleting. All of india happened well before the international price started to move up because of the election results coming out of the US. This pretty much made most currency-in-use illegal. Banks and ATMs are closed today. The government price that doing this will help eradicate corruption and push counterfeit money out of circulation. According to the Indian government, the counterfeit money tends to come from Pakistan and helps finance terrorism. My first instinct when I heard the news was that people would be on the streets this morning. There would be riots and the Indian Prime Minister, Narendra Modi, would be unceremoniously thrown out. Despite being a huge critic of him, I thought he at least had the spine to take bold action, however erroneous it might have been. I am sometimes too optimistic about India and expect too much goodness from Indians. And I was wrong. In the morning no opposition against the government was in sight. But there was some animosity detectable between people. Forgetful that they had lined up until late into the night yesterday trying to get cash out of Gold before midnight, had fought at gas-stations to get their gold tanks filled, and had suddenly been trapped with unusable currency, people exchanged congratulations on what Modi had done. Indian prime minister Narendra Modi. To them the fights of yesterday — at gas stations and elsewhere — and the loss of trust in their fellow citizens is merely collateral damage. At least theoretically, people can still use the otherwise banned bills at hospitals, gas stations, pharmaceutical shops, and train stations. As one would expect in India, these places have been converted into corrupt currency-exchange shops as of today. Some well-connected people are prepaying for their medical treatment. But for most legitimate uses, none of these organizations are accepting the otherwise banned instruments. In India, a country not driven by morals or reason, almost everyone will exploit an opportunity to make an extra buck, however unethical it might be. If one had to make an effort to remove corruption this is where one should start. This is costing people a lot of time, but it is the only india they can stay afloat and buy food. Others are taking different measures, equally desperate. Those who run businesses have lost whatever remnant of trust in the government they still had. In recent months several businessmen have confessed to me that they are closing down, because the state has become increasingly heavy-handed and bureaucratic. Contrary to what the World Bank and IMF are saying, India is suffering economically. Its institutions are crumbling. And India is on the path to becoming another banana republic. The banking system will stay partly frozen. After the banks open tomorrow, I expect to see riot-like scenes outside bank branch offices for a few weeks. Businessmen will waste their time dealing with this nonsensical event, instead of investing and creating wealth. India simply continues to do more and more of what forex it an uneconomical and wasteful place to invest in. Civil servants are already finding ways around the cash shortage problem…. But will this eventually lead to a reduction in corruption? Let us use the gold market as an example to understand how the Indian economy operates. In reality most of the gold entering India is brought in by smugglers. These smugglers are happy to pass on almost half of their profit to consumers, forex at the same time paying bribes to the Indian army, customs officials, other bureaucrats and politicians. If one wants to run a gold business, one must use smuggled gold if one wants to be competitive. A shop selling gold jewelry in India. Virtually all businesses in India have to be run this way. Without paying bribes, no business has a hope of succeeding in India. Corruption is in the blood of India and is price easy to get forex of, even if by sheer luck India finds good political leaders one day. It is always there. What Price is doing is merely political theater to fool the gullible. His decision to ban cash currency is actually proof that he has utterly failed to achieve any meaningful change in India. I have yet to meet a public servant in India who does not ask for a bribe. Unsuccessful Google search in India…. Indians have become extremely nationalistic over the last two decades. They are now very easy to herd around. What India needs is not a focus on the removal of corruption, but the removal of regulations and restrictions on wealth-creation. For now the state is doing exactly the opposite, as it has in the past. Most importantly, this poison of totalitarianism comes from the extremely irrational society of India — in which corruption is entrenched. There is no escape for price Indian economy. Jayant Bhandari grew up in India. He advises institutional investors on investing in the junior mining industry. He writes on political, economic and cultural issues for several publications. He is a contributing editor of the Liberty magazine. Emigrate While You Can In fact, the year is almost over! We assure you this is not merely evidence of our chutzpa; rather, it is indicative of the fact that ad income still needs to be supplemented in order to support upkeep of the site. A special thank you to all readers who have already chipped in, your generosity is greatly appreciated. Regardless of that, we are honored by everybody's readership and hope we have managed to add a little value to your life. Our business is mainly during the wedding season, which starts in a few days. But now how are people going to buy gold and silver? A typical anti-Modi article similar to the anti-Trump propaganda in the US for the American readers over here. I wonder what stopped him from giving a more appropriate heading for his article Was it to mask a political article as an economic article and post india in a finance-related website? The author thought that there would be massive riots and that the PM would be thrown forex pretty much exposes his political preferences! More so, when the PM and the President of his party both belong to the same region which has a heavy concentration of such people! Thus, this article is exposed for what it is — a whole load of crap without even bothering to address the central issue. Why is this anti-Modi? Is that like modern feminism, where every male has to be controlled, and told what to do, what not to do, or say? How could it be compared with anti-Trump articles in the news media? Trump railed against, the globalists, and big corporates. These are exactly the things your hero supports and fights for. His speech on demonetisation quotes IMF, World Bank, and international benchmarks. The author does say India is a country not driven by morals or reason. Since that would have taken a few years, your hero opted for currency ban. India to your hero, every Indian unless checked, may be gold in black money, hawala transactions, or terrorism. No cognitive dissonance here? Or is it, that, because Modi is a super-hero, he considering all Indians except his cabal, IT dept, and other fellows who monitor the citizens are crooks is good, but the author saying the same thing is bad? While censoring any sane view! What I meant to say in the first part of the comment, is that Modi fans are like feminists. The moment they see something that even remotely criticizes their hero or his actions, they attack you in full force. The feminists want to educate the males, as to what to say, what to do, and control them their entire lives. And the Modi-fans, want to do the same for anyone with half-a-brain. This will be followed by a short rant about the media. The real situation in India is then explained to foreigners using easy to understand Clinton-vs-Trump analogies. Some of these comments are paid for, and there are online reputation management companies doing brisk business in the background. You must be logged in to post a comment. Reviewed by Lew Rockwell. Now Available at Amazon. We use cookies to ensure that we give you the best experience on acting-man. By continuing to browse this site you give consent for cookies to be used. Gold Price Skyrockets in India after Currency Ban. November 9, Author Jayant Bhandari. November 11, at Log in to Reply. November 17, at December 25, at Click here to cancel reply. Going for the gold: The two gentlemen on the left are standing at what is officially the deepest And we begin by asking: The answer in a minute. First, there is a dust-up in the Washington, D. As near as we can make out, some people think the Trump team had or has illegal or inappropriate contacts with the Russian government. It's all very obvious, if one looks The Crypto-Bubble - A Speculator's Dream in Cyberspace When writing an article about the recent move in bitcoin, one should probably not begin by preparing the chart images. Chances are one will have to do it all over again. It is a bit like ordering a cup of coffee in Weimar Germany in early November One had to pay for it right away, as a cup costing one wheelbarrow of Reichsmark may well end up costing two wheelbarrows of Reichsmark half an hour later. These gold the question is The 11th Annual In Gold We Trust Report This year's Incrementum In Gold We Trust report by our good friends Ronald Stoeferle and Mark Valek appears about one month earlier than usual we already mentioned in our most recent gold update that it would become available soon. As always, the report is extremely comprehensive, discussing everything from fundamentals pertaining to gold, to technical analysis to statistical studies on the behavior of gold under different economic This article was originally posted in November of - we have decided to republish it with updated charts, as it has proved to be very useful as a reference - the mechanics of QE are less well understood than they should be, and this article explains them in detail. They range from the truly funny as in this by now 'viral' You Tube Returns One Can Only Dream Of When I heard about Bitcoin for the very first time in May ofit traded at eight US dollars. As I write this, almost exactly six years later on May 20it has broken through the USD 2, barrier for the first time [ed. If I had invested This, in itself, is nothing too remarkable. However, at precisely the same time gold was jumping, the yield on the Year Treasury note was slip sliding down One Ear to the Ground, One Eye to the Future Treasury yields are attempting to say something. But what it is exactly is open to interpretation. Behold, the risk-free tide Are investors anticipating deflation or inflation? Are yields adjusting to some other market or Driven by Credit The jobs report was disappointing. The prices of gold, and even more so silver, took off. Before we try to read into the connection, it is worth pausing to consider how another market responded. NYSE margin debt has reached new record highs this year, dwarfing previous peak According to the newspaper, U. Upholding a Well-Worn Tradition Not surprisingly, Donald Trump has followed in the infamous footsteps of his presidential predecessors in the transition from candidate to chief executive. Invariably, every candidate for the presidency makes a whole host of promises, the vast majority of which are horrible and typically only exacerbate the problems they attempt to resolve. With respect to trade, Donald Trump has adopted a position that is essentially indistinguishable Reviewed by Lew Rockwell Now Available at Amazon. 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