Gold Mining Stocks (XAU)

[NYBob]

India's Gold Import Duty "About to Be Cut" from 10%
Wednesday, 6/04/2014 15:10

Gold imports and impact on Rupee will be "closely monitored"
after initial cut to 10% duty rate, claim sources...

GOLD IMPORT duty in India is set to be reduced, according to
sources in the new BJP government, but there's no word yet on
the more important 80:20 rule.

Predicting a series of small reductions to India's 10% gold import
duty, "The forex situation will be monitored closely after
the [first] cut," says a source quoted by DNA, "before any
further decision is taken."

India's former Congress-led government imposed a series of anti-
import rules from 2012, culminating in the 10% duty, import credit
ban, gold coins [1] embargo and the 80:20 rule – which requires
importers to re-export one fifth of a shipment before booking the
next – in mid-2013.

Those moves – taken in a bid to rescue the Rupee currency from all-
time lows on the forex market, widely attributed to India's huge
current account deficit with the rest of the world – effectively
closed India to legal gold imports last summer.

Officially, the current account deficit has now shrunk to 1.7% of
GDP versus 4.7% in the prior fiscal year. But smuggling via
India's so-called "grey market" has meantime reached some
250 tonnes [2], according to market-development group the World
Council Council. Reducing the effects of smuggling and "hawala"
corruption was a key plank of BJP leader
Narendra Modi's election platform.

From the record-high 10% imposed last summer, "We are examining the
possibility of a cut" in the import duty on gold bullion
"in the range of 2% to 4%," DNA quotes its anonymous source [3]
inside the finance ministry of Arun Jaitley.

"There are very good possibilities that the import duty may be
reduced in the next 15-20 days," reckons Mohit Kamboj, president
of the Indian Bullion and Jewellers Association, "even before the
[new BJP government's] budget is presented."

Any reduction in gold import duty, plus a rise in the Rupee,
"is expected to bring down gold prices considerably in
the next two months," Kamboj again said today.

What specialist site Mineweb calls an "uneasy situation [4]" since
the IBJA president's previous comments on falling gold bullion
prices – forecast to drop 20% by the autumn's peak Diwali festival
[5] – is being blamed by some traders for a sharp fall in
immediate wholesale demand.

Retail customers have begun returning to major outlets however,
the Economic Times says, quoting the vice-president of retail
sales and marketing at the giant Tata group's flagship Tanishq
brand.

"There's no doubt been an increase in terms of kilo gold sales
over the past few days," says Sandeep Kulhalli.

Wholesale premiums in India peaked at $160 per ounce and more above
London quotes late in 2013. With no domestic mine output, and
reliant on imports to meet net demand, India's dealers have now
seen that retreat below $30 per ounce.

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prices of global jurisdictions -

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Caledonia Mining Corporation (CALVF) June Presentation -

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Important to stay focused on the very bullish big picture.
This weekly chart shows the 14,3,3 series Stochastics oscillator in
rising mode, and a giant inverse head and shoulders bottom
pattern dominates the chart.



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This monthly gold chart looks spectacular.
Note the RSI oscillator at the top of the chart.
It is making new highs, and that’s bullish.

The 14,3,3 series Stochastics oscillator has burst to the upside,
from a bullish inverse head and shoulders bottom pattern.

The 8,16,9 MACD indicator is now flashing a key buy signal.
Note how rare these signals are, and the size of the
price movements that tend to follow them.

The key 5,15 moving average series is also on the cusp
of a “king kong” sized buy signal.



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central nwo banks do not deserve to hold any of it.
The ultimate form of money should be in
the hands of citizens, not in
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Here's Why Gold Has Room to Surge to $1,400 an Ounce -

https://screen.yahoo.com/heres-why-gold-room-surge-155602361.html

Holding the certificate insures your ownership of that stock -

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God Bless