Originally published by Chamber of Merchants
India may ban gold imports
“As MarketWatch” (really good source…ugh) “reports, back in August 1971, President Nixon shocked the world by taking the dollar off the gold standard. The dollar had been on gold standard since Bretton Woods Agreement of 1944. The biggest bombshell for gold investors in 45 years since Nixon announcement may be ahead. That bombshell is a potential ban on import of gold into India. If this happens, there is a high probability of a one-day drop in gold that could reach $200.” – from zerohedge
“The biggest bombshell…”
Gold was $253 USD in 1971…by 1974 it was $852…
Economics:
While gold imports from India may be impacted, we will see a massive upsurge in import EVERYWHERE else with investors scrambling to buy physical gold in fear of bans that could be instated in their own countries.
In addition, the bulk of India’s demand will find its way through neighbouring countries. They are a resourceful people.
Starting a war on gold will make it truly precious.