India is on pace to IMPORT 1,100 tonnes of gold in 2011! 1,100 tonnes!
It won't be long before COMEX registered gold inventories resemble the bare COMEX registered silver vaults!
Gold imports may hit 1,000 tonnes Press Trust Of India
Mumbai, August 21, 2011
Notwithstanding skyrocketing gold prices, its imports are likely to cross the 1,000-tonne mark this year on robust investment demand, say analysts. Since the US sovereign debt downgrade and the new threats emanating from euro zone economies, gold has rallied a whopping 14% this month alone, as investors shunned stocks and flocked to the yellow metal as a safe haven.
In the domestic market, gold scaled a new high of over Rs 28,150 per 10 gm in futures market, while in global markets it hit a record $1,877 an ounce last Friday.
India, the largest consumer of the yellow metal, had imported a hefty 958 tonne in 2010, according to the World Gold Council (WGC) data. During the first six months of this year, the import has already crossed 553 tonne, WGC said.