from Silver Doctors:
On the now infamous Ron Paul/ Bernanke silver raid of February 29th, we documented how 225 million ounces of silver were dumped on the market over a span of only 30 minutes, smashing silver $4 from $37.62 to $33.68. In a sign of the diminishing returns of paper market manipulation, on the heels of today’s Fed minutes disappointment, beginning at 2pm EST, over 127,000 contracts, or 637.535 MILLION OUNCES OF PAPER SILVER were dumped on the market in only 1 hour, resulting in a massive silver decline of…. $0.65.
You read that correctly.
Nearly 80% of ENTIRE ANNUAL WORLD MINING SUPPLY was dumped on the market (during the thinly traded Globex session), over a single hour, and all the cartel could muster was a lousy .65 decline in the paper price of silver!
Read More @ SilverDoctors.com
Putting It All Into Perspective
If there is any one chart out there that puts it all into perspective, this is it.You Are Now Here
Repeat the following with increasing vigor...The FOMC Strikes Again
Trader Dan at Trader Dan's Market Views - 5 hours ago
All one needs to know about how the Fed is attempting to knock down the
price of commodities in general was demonstrated in today's FOMC minutes.
The idea that I believe it wants to keep uppermost in the mind of traders
is that the US economy is recovering, very slowly, but recovering - enough
to justify the idea that growth will be steady, that employment will be
increasing - slowly - but that there are still headwinds.
However those headwinds, while they bear watching, are not sufficiently
strong enough to derail the recovery - this will prevent any slipping back
into recession.... more »
beige Report indicates new QEIII yet/Europe in the red due to higher bond yields for Italy and Spain/ Raid on gold and silver in access market/
Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 7 hours ago
Good
evening Ladies and Gentlemen:
Gold closed down today to the tune of $5.20 to $1672.00. Silver on the
other hand rose by 18 cents to 433.26. At 2:00 pm est we got the FOMC
beige report and that showed the USA was not going to do QEIII unless a
crisis was upon it. Interestingly gold and silver were bombed one
second after the comex closed at 1:30 pm. The market pundits blamed gold
and
Junior Mogambo Ranger (JMR)
Richard Daughty, a.k.a., 'The Mogambo Guru' at Mogambo Guru Report! - 11 hours ago
Talking to Junior Mogambo Ranger (JMR) Phil S. about the news that growth
in the Chinese economy has slowed and how this is so calamitous, my clever
comments were confined mostly to laughing in Contemptuous Mogambo Derision
(CMD) at the whole idea, like some conceited hotshot know-it-all, like me,
is worried about economic growth in China when the aforementioned conceited
hotshot know-it-all knows -- for a fact! -- that there is almost nothing
that can stop China's economic growth.
Why? Because a huge, HUGE chunk of the world's population, unburdened by
personal debt and low inco... more »
Guest Post: Gold's Critical Metric
There
are many reasons why gold is still our favorite investment – from
inflation fears and sovereign debt concerns to deeper, systemic
economic problems. But let's be honest: It's been rising for over 11
years now, and only the imprudent would fail to think about when the run
might end. Is it time to start eyeing the exit? In a word, no. Here's
why. There's one indicator that clearly signals we're still in the bull
market – and further, that we can expect prices to continue to rise.
That indicator is negative real interest rates."The Broken Window Fallacy": Why Government Stimulus Spending Will Keep The Unemployment Rate High
In
our busy days, it is all too easy to fall into the trap of hearing
(and believing) the latest headline and its associated spin. For some
reason, three minute videos can quickly and easily remove these 'spins'
without the need for a PhD. In today's 3:06 un-spin, the broken-window-fallacy
is addressed as the seen versus unseen impact of the idiocy of a
broken-window's (or war, or destroying homes, or...) positive impact on
an economy is explained in cartoon style. The sad fact is that this fallacy remains at the core of mainstream policy-making
and as the video notes, the government's 'creation' of jobs via public
works programs (or any number of stimulus-driven enterprises) it does
so at the expense of the tax-payer via higher taxes or inflation and
that 'spending' which would have otherwise gone to new fridges or iPads
is removed and this does nothing to significantly improve aggregate
demand (should there be such an amorphous thing) and in fact (as we
recently noted here and here) leaves us more and more dependent on the state for corporate profit margins leaving any organic growth a dim and distant memory.The New Post-FOMC Normal: Stocks Are Right, Bonds, Commodities, Currencies Are All Wrong
While the S&P closed lower for the day, the dramatic save as ES (the S&P 500 e-mini) hit 1399.5 (again) pushed it all the way back to the safety of VWAP and perfectly unchanged from pre-FOMC news. Meanwhile, Gold
and Silver lost around 2%, Treasuries snapped 13-15bps higher in yield
and the USD ripped 0.6% higher closing pretty much at their extreme
levels of the day. AAPL was unphased as the rest of the world
appeared to sell any and everything on news of no more Fed liquidity in
the short-term as the stock clung to its VWAP ending with new all-time
highs once again. VIX, which managed to surge over
16.5% once again - above yesterday's highs - recovered all the way back
to practically unchanged by the close (outperforming the small loss in
stocks on the day). With Treasury yields and the USD back at one-week
highs and stocks just 0.5% off their multi-year highs, it looked for a
moment like equities were going to reconnect with credit's much less
sanguine perspective - and indeed they covered half the difference at
one point - but by the close HY and IG credit remains unchanged from
Friday 3/23 while the S&P is up over 2% from then. Volume was
average today but concentrated in the sell-off period of the day but we
note that average trade size was very near the lowest of the year
(suggesting algos using small lots to tickle us up to VWAP for the
close) and some larger blocks going thru in the last few minutes as we
peered above VWAP - combined with the shrug from credit,
significant weakness in the major US financials, and unwinds in every
other asset class - make us nervous for unhedged equity longs here -
especially with European weakness now a trend and not a one-off.Goldman Undeterred, Sees June As Next QE3 Announcement Window
Jan Hatzius was on TV earlier, stating he expects a whisper of Twist extension in today's minutes, as per Hilsenrath. He did not get what he wanted. His take: it is now just deferred to June. To wit: "March FOMC minutes make easing at April meeting unlikely without substantial deterioration in the outlook. However, an announcement of additional asset purchases remains our baseline, with June the most likely timing at this point."
from CapitalAccount:
US President Barack Obama gave a speech accusing Republicans of “social darwinism” with budget cuts they are proposing, calling them antithetical to the country’s history as a land of opportunity. But how much opportunity is there left exactly? We speak with Dr. Marc Faber, publisher of the Gloom Boom & Doom report. He says that wealth destruction and social unrest may be on the way for Western economies, whose citizens are being outcompeted by those in emerging economies who are willing to work harder and are far hungrier than Westerners are.
US President Barack Obama gave a speech accusing Republicans of “social darwinism” with budget cuts they are proposing, calling them antithetical to the country’s history as a land of opportunity. But how much opportunity is there left exactly? We speak with Dr. Marc Faber, publisher of the Gloom Boom & Doom report. He says that wealth destruction and social unrest may be on the way for Western economies, whose citizens are being outcompeted by those in emerging economies who are willing to work harder and are far hungrier than Westerners are.
from The Burning Platform:
Thanks
to TBP and a host of other “reality internet” sites, I started prepping
some time ago. I’m glad I did, and continue to do so. Am I crazy? At
one time, I looked askance at preppers, but my how times have changed.
Not what I thought I’d be doing at this time in my life, but reality
such as it is.Time is running out folks. If your sitting on the fence about your preparations, you will fall awfully hard. Get off your asses now and start stocking up on food, water, ammo. This article might shock some of you into action. If it doesn’t, it’s already too late for you sucker.
Read This First Before You Decide That Preppers Are Crazy
Do you believe that preppers are a few cards short of a full deck? Do you assume that anyone that is “preparing for doomsday” does not have their elevator going all the way to the top floor? Well, you might want to read this first before you make a final decision that all preppers are crazy. The information that you are about to read shook me up a bit when I first looked it over. To be honest, I had no idea how incredibly vulnerable our economic system is to a transportation disruption. I am continually getting emails and comments on my websites asking “how to prepare” for what is coming, so when I came across this information I knew that I had to share it with all of you. Hopefully what you are about to read will motivate you to prepare like never before, and hopefully you will share this information with others.
Read More @ The Burning Platform
from SHTFPlan:
Many
people nowadays are quite aware that the world they live in is going to
the toilet. Aside from the geophysical part that “seems” to be going
haywire and could be nothing other than the planet’s cycles, there are
plenty of manmade catastrophes that loom on the horizon. Never has the
planet had as many people as now and the more people there are the more
competition there is for resources. More countries seek nuclear devices
than ever before and with advancements in technology this is a much
easier process than anytime before. Biological and chemical weapons are
also much easier to manufacture because of leaps of technology in
regards to computers. Oil markets are much tighter because of the
countries of China and India and their increasing need of energy to fuel
their booming economies, and new finds of oil fields cannot keep up
with the demand. The debacle of the world economies needs no
introduction. In short, bad times, really bad times could and probably
be coming to a neighborhood near you. Unless you and your family take
quite seriously this possibility, if and when something extremely
horrible happens, you could very well end up one of the large number of
statistics.
Read More @ SHTFPlan
Many
people nowadays are quite aware that the world they live in is going to
the toilet. Aside from the geophysical part that “seems” to be going
haywire and could be nothing other than the planet’s cycles, there are
plenty of manmade catastrophes that loom on the horizon. Never has the
planet had as many people as now and the more people there are the more
competition there is for resources. More countries seek nuclear devices
than ever before and with advancements in technology this is a much
easier process than anytime before. Biological and chemical weapons are
also much easier to manufacture because of leaps of technology in
regards to computers. Oil markets are much tighter because of the
countries of China and India and their increasing need of energy to fuel
their booming economies, and new finds of oil fields cannot keep up
with the demand. The debacle of the world economies needs no
introduction. In short, bad times, really bad times could and probably
be coming to a neighborhood near you. Unless you and your family take
quite seriously this possibility, if and when something extremely
horrible happens, you could very well end up one of the large number of
statistics.Read More @ SHTFPlan
by Andy Hoffman, MilesFranklin.com:
Just as TPTB maintain CONTROL over financial markets with a pit bull’s veracity, I will continue to EXPOSE what they are doing. Thanks to the “virality” of the internet, it is IMPOSSIBLE for them to prevent the flow of information, and with each passing week more and more damning evidence infiltrates the worldwide web.
Long ago, I learned the power of repeating key themes, which is why I make sure to document each day’s movement of PAPER gold and the “DOW JONES PROPAGANDA AVERAGE,” two of the most manipulated markets on Earth.
In the case of gold, manipulation (i.e. suppression) is required to maintain an illusion of CONFIDENCE in fiat currency, which TPTB know well could (and inevitably will) vanish in an instant. As for the Dow, it is the world’s most widely viewed stock index, erroneously considered a linchpin of the global economy. In many ways, its support is viewed by TPTB in the same manner as gold, as CONFIDENCE in worldwide economic recovery is essentially impossible when the Dow is falling, let alone plunging as it certainly would in a free market. Heck, even Greenspan and Bernanke overtly cite the stock market as a key indicator, and since they (the government) are OVERTLY targeting interest rates, why wouldn’t they COVERTLY target the stock market – particularly when they have an official group mandated to do so, the “President’s Working Group on Financial Markets?”
Read More @ Miles Franklin
Just as TPTB maintain CONTROL over financial markets with a pit bull’s veracity, I will continue to EXPOSE what they are doing. Thanks to the “virality” of the internet, it is IMPOSSIBLE for them to prevent the flow of information, and with each passing week more and more damning evidence infiltrates the worldwide web.
Long ago, I learned the power of repeating key themes, which is why I make sure to document each day’s movement of PAPER gold and the “DOW JONES PROPAGANDA AVERAGE,” two of the most manipulated markets on Earth.
In the case of gold, manipulation (i.e. suppression) is required to maintain an illusion of CONFIDENCE in fiat currency, which TPTB know well could (and inevitably will) vanish in an instant. As for the Dow, it is the world’s most widely viewed stock index, erroneously considered a linchpin of the global economy. In many ways, its support is viewed by TPTB in the same manner as gold, as CONFIDENCE in worldwide economic recovery is essentially impossible when the Dow is falling, let alone plunging as it certainly would in a free market. Heck, even Greenspan and Bernanke overtly cite the stock market as a key indicator, and since they (the government) are OVERTLY targeting interest rates, why wouldn’t they COVERTLY target the stock market – particularly when they have an official group mandated to do so, the “President’s Working Group on Financial Markets?”
Read More @ Miles Franklin
from King World News:
“People
that are assuming it (QE) is off the table based on these minutes are
wrong. I would really fade this trade. I don’t see why gold would be
getting crushed based on these minutes. I looked at the minutes and yes,
the Fed didn’t come right out and say QE3 is coming. They are not going
to do that. They are never going to do that.”“They know that complicates what they are trying to do. The Fed is trying to stimulate the economy with inflation, without letting people know there is inflation. It would complicate this charade if they were to telegraph their intentions because that would make prices rise even faster.
So, they don’t want to come right out and say it, but they leave the door wide open. They basically say if the economy needs it then we’ll do more (QE), but right now we don’t think it needs it. Well, okay, they don’t th
Read More @ King World News
Courtesy of www.KingWorldNews.com
Dear CIGAs,
On the heels of the release of the Fed minutes, today legendary trader and investor Jim Sinclair told King World News the release of the Fed minutes and subsequent market reaction in gold was orchestrated. Sinclair also said this is government manipulation against the tide of the bull market and it will be overrun. Here is what Sinclair had to say about what transpired today in the gold market: “The tactic is always the same. The gold banks enter the COMEX and offer more gold for sale at the market than has been mined in the last five years. Immediately, the locals (pit traders) try to run in front and hit any bids they happen to have on their book or are out there in order to get the price down.”
Jim Sinclair continues:
Dear CIGAs,
On the heels of the release of the Fed minutes, today legendary trader and investor Jim Sinclair told King World News the release of the Fed minutes and subsequent market reaction in gold was orchestrated. Sinclair also said this is government manipulation against the tide of the bull market and it will be overrun. Here is what Sinclair had to say about what transpired today in the gold market: “The tactic is always the same. The gold banks enter the COMEX and offer more gold for sale at the market than has been mined in the last five years. Immediately, the locals (pit traders) try to run in front and hit any bids they happen to have on their book or are out there in order to get the price down.”
Jim Sinclair continues:
“Gold tanks down to the $1,640 level and now the brokers for the gold
banks begin to enter the market to cover shorts to reduce the short
position taken, and most likely to completely flatten it on the day.
This has been going on from 1968 to 1980 and it’s also been going on
from 2001 to today.
The net effect is absolutely nothing. The idea that there is a
significant, improving economy directly in front of us is absolutely,
completely and utterly a fabrication. The only reason car sales are
firm is because they are giving away easy credit out there, so much so
that even my dogs could buy a Cadillac Escalade….
“The markets are being run right in front of your eyes. Trading gold
has never been easy and if you can’t stand the heat, you have to get
out of the kitchen. You have to have courage and know that you are
right. You have to look at today as a fool’s play.
This was completely orchestrated and enhanced by mainstream financial
media. It was operated on the exchange and covered by the close.
Shame on them. QE to infinity is as sure as death and taxes and all the
way through this sage of QE to infinity there will be denial of its
use.
Click here to read the full written interview…
When will the Sheeplez learn? The MOPE news comes out that the gold
banks are entering the market, offering more for sale than was mined in
the last 5 years. Everyone stumbles over themselves trying to sell ahead
of the gold banks, down gold goes (today to $1640). Following this, the
covers take place not by the gold banks, but by the brokers for the
gold banks not always in the futures market.
The US economy is bottom bouncing. There is no major recovery coming. In fact the opposite sits right in front of us.
The only reason car sales are up is that they are giving the credit
away. My dogs have a good enough credit to buy a Cadillac Escalade.
Please read the following and learn.
Merk Commentary: Fed – Actions Speak Louder Than Words Axel Merk, Portfolio Manager, Merk Funds
April 3, 2012
Investors may be taken for a ride by today’s Minutes of the Federal Open Market Committee (FOMC), which expand on the FOMC’s March 13, 2012 statement; in the interim, we believe the Federal Reserve (Fed) Chairman Bernanke has gone out of his way to assure the markets that monetary policy will remain “highly accommodative,” at least through late 2014.
The Fed does indeed have a credibility problem: having assured investors that rates will remain low for an extended period, it may only take one or two FOMC members to turn more optimistic about the economic outlook to cause the markets to more aggressively price-in tighter monetary policy. Conversely, Bernanke has made it clear that he is most concerned about a recovery in the housing market and that low interest rates – throughout the yield curve – are desirable. Operation Twist is specifically aimed to achieve that, lowering long-term rates and flattening the yield curve. However, should investors become increasingly optimistic about economic improvement, odds increase that investors sell bonds, putting upward pressure on long-term rates.
To understand the Fed’s “communication strategy”, one needs to be aware of who is calling the shots. We are not just talking about Fed Chairman Bernanke, but also the composition of voting FOMC members. Without a doubt, the “hawks” (hawks are FOMC members considered to favor tighter monetary policy compared to “doves”) on the FOMC are getting more vocal. At the same time, the only voting “hawk” on the FOMC this year is Richmond Fed President Jeff Lacker:
![clip_image002[1]](http://www.jsmineset.com/wp-content/uploads/2012/04/clip_image0021.jpg "clip_image002[1]")
The scale may tilt a tad towards the centrist/hawkish side should Congress fill the two vacant seats with the candidates under consideration. Still, when all is said and done, it is the voting members who ultimately determine imminent monetary policy decisions, rather than the noise created by non-voting members. And those actions remain, in our interpretation, decisively on the dovish side:
“almost all members again agreed to…maintain a highly accommodative stance…”
“a number of members perceived a non-negligible risk that improvements in employment could diminish as the year progressed”
Obviously, should economic data continue to surprise to the upside, the Fed will have an ever-more difficult time defending its dovish position. The credibility of the Fed will be seriously tested as the Fed has committed to keeping rates low until late 2014. However, should we enter a weak patch, we believe the odds are rather high that the FOMC will “take out insurance” against another slowdown. In a world where everyone hopes for the best, but plans for the worst, central banks around the world – including the Fed – may keep the world awash in money.
After all, a world laden with debt may need inflation if deflation is to be avoided. Bernanke has argued many times that tightening monetary policy too early was one of the biggest mistakes the Fed made during the Great Depression. We don’t think Bernanke will repeat this. Indeed, we consider he will err firmly on the side of inflation. As such, when the dust settles, look at actions, not words. We see doves, not hawks, managing the monetary aviary.
More…
Jim Sinclair’s Commentary
Here is a wakeup call if you have ears to hear.
Jim Sinclair’s Commentary
This is June going forward, regardless of MSM and MOPE.
Why Corporations Should Get Out of Cash, and Into Gold. By Drew Mason
While gold bulls may be an endangered species among traders today, five developments have occurred since the start of the year that may pressure gold and silver prices higher. These are: 1) the Federal Reserve’s commitment to maintain negative real interest rates through 2014, 2) the Fed’s admission that it is abandoning its dual mandate and now embraces “more than 2%” inflation, 3) recurring reports that nations previously considered to be U.S. allies are breaking from American-friendly ranks to buy Iranian oil using gold instead of dollars, 4) for the first time in years a public miner, Endeavor Silver, announced it will withhold the majority of its production because it feels gold and silver prices are too low, and 5) gold bullishness is near five year lows as measured by U.S. Mint demand.
Against this backdrop consider that global allocations to physical metals are essentially zero. How can this be? Virtually every study of global wealth concludes gold is approximately 1% of assets despite the very positive macro backdrop.
To this reality longtime gold strategist Jim Sinclair opined that it is only a question of when, not if, corporations question the wisdom of holding 100 percent of their current assets in fiat currencies that wither in purchasing power (the U.S. dollar has lost 85 percent of its buying power since 1971). At some point it is logical to assume the directors and officers of those companies will look for currencies that have retained wealth. Their search will lead them to gold with newfound appreciation for financial history with the political cover of like-minded central banks leading the charge.
What impact could this have on precious metals? Consider that Microsoft has approximately $50 billion in net cash, Apple has approximately $20 billion, General Electric over $100 billion, Johnson & Johnson $30 billion, Cisco $40 billion, Oracle $25 billion, and Dell $8 billion. These seven firms alone are a proxy for $300 billion in cash. If just these firms decided to move 20 percent of their fiat currency holdings into gold currency, these seven alone would take down two years worth of global gold production at $1750 today.
Where would that leave central bank demand? And retail demand, particularly in Asia should there be zero gold supply? While it may sound crazy to think of these firms as wanting to hold one-fifth of their current assets in gold, history suggests the day is coming when fiduciaries will be grilled as to why they didn’t hold more than 20 percent of their cash in gold given that global debasement “was so obvious.”
In the first two months of 2012, The EU, Japan and Britain printed enough money to buy more than five years worth of global gold supply. It is true that gold is still not recognized as a currency by the International Accounting Standard Board or the Big Four accounting firms, but gold is recognized by central banks as currency. Furthermore ISO’s international currency guidelines already list gold as a currency with its own unique identifying number.
More…
Jim Sinclair’s Commentary
Looks like India is not collapsing under the threat of being booted from Swift selectively.
Indian budget 2012 exempts Iranian oil payments from income tax
NEW DELHI: Clearing the way for oil refiners to pay Iran in Indian rupee, the Union Budget has exempted the payments made for crude oil purchased from the Persian Gulf nation, from any local tax.
Iran had in January agreed to accept 45 percent of the value of its oil exports to India in Indian rupees but the scheme could not be implemented due to taxation issues.
It was feared that the money paid to National Iranian Oil Co (NIOC) may be considered as income generated by Iranian firm in the country and liable to be taxed. The withholding tax was up to 40 percent, which neither NIOC nor the Indian refiners wanted to pay.
As a way out, Finance Minister Pranab Mukherjee in his Budget for 2012-13 exempted payments to Iran from taxes in "national interest".
The exemptions would be effective from April 1, 2012. Iran is India’s second largest crude oil supplier accounting for some 12 percent of its total crude oil imports. Despite Western sanctions, New Delhi is keen to retain Tehran as its key supplier but has faced problems paying for oil imports.
More…
Jim Sinclair’s Commentary
No matter how trivial the arrest? Now there is a good reason to always wear clean undies.
Supreme Court Ruling Allows Strip-Searches for Any Arrest By ADAM LIPTAK
WASHINGTON — The Supreme Court on Monday ruled by a 5-to-4 vote that officials may strip-search people arrested for any offense, however minor, before admitting them to jails even if the officials have no reason to suspect the presence of contraband.
Justice Anthony M. Kennedy, joined by the court’s conservative wing, wrote that courts are in no position to second-guess the judgments of correctional officials who must consider not only the possibility of smuggled weapons and drugs, but also public health and information about gang affiliations.
“Every detainee who will be admitted to the general population may be required to undergo a close visual inspection while undressed,” Justice Kennedy wrote, adding that about 13 million people are admitted each year to the nation’s jails.
The procedures endorsed by the majority are forbidden by statute in at least 10 states and are at odds with the policies of federal authorities. According to a supporting brief filed by the American Bar Association, international human rights treaties also ban the procedures.
The federal appeals courts had been split on the question, though most of them prohibited strip-searches unless they were based on a reasonable suspicion that contraband was present. The Supreme Court did not say that strip-searches of every new arrestee were required; it ruled, rather, that the Fourth Amendment’s prohibition of unreasonable searches did not forbid them.
More…
Jim Sinclair’s Commentary
Now here is a SWIFT blowback.
Pakistan to buy 1,100 MW of electricity from Iran: Gilani
Pakistani Prime Minister Yousuf Raza Gilani has announced that Islamabad plans to purchase 1,100 megawatts (MW) more electricity from its western neighbor, Iran.
The electricity supplied from Iran to the Pakistani Balochistan Province would prove especially helpful in overcoming the country’s energy shortage, Gilani said during a meeting with the Iranian Vice President Mohammad-Javad Mohammadizadeh in Boao, China.
The Pakistani prime minister also expressed interest in buying oil, gas and electricity from Iran despite the US-led sanctions imposed against the Islamic Republic over Tehran’s nuclear energy program, Dawn News reported on Sunday.
On February 26, 2012, Iran doubled its power supply to the Makran region of Pakistan from 35 MW per day to 70 MW after the enhancement of transmission lines.
A spokesman for Pakistan’s Ministry of Water and Power told reporters that the daily 70 MW supply will meet the electricity demand of the Makran division for the next five years.
More…
Jim Sinclair’s Commentary
Non-branded means jewelry that is money in India. It is bought and sold at the per gram weight, no questions asked.
Jewellery strike ends as India defers excise duty on non-branded gold
With government postponing indefinitely its proposal to bring non-branded gold jewellery under the excise duty net, jewellers have started making a tentative move to re-open shutters. Author: Shivom Seth
Posted: Monday , 02 Apr 2012
MUMBAI (MINEWEB) - With the Indian government stating that it would delay the implementation of hiking the excise duty on non-branded gold jewellery, the bullion strike in India has been officially called off. Jewellers in Mumbai and several parts of the country were back to their stores Monday afternoon, expecting a revival in demand.
The strike by jewellers and retailers began on March 17, immediately after the Union Budget, to protest the government’s decision to impose excise duty on non-branded jewellery and doubling of the import duty on gold to 4%. Market estimates have placed the loss at a staggering $2.1 billion.
Bachhraj Bamalwa, chairman of the All India Gems and Jewellery Trade Federation which had given the call to strike, said the government had assured that no jeweller would be forced to register to pay excise duty, and that no coercive action would be taken.
Though some retailers and traders staged a protest in New Delhi on Monday morning, traders in Mumbai and other parts of the country opened their stores late afternoon as the news spread.
NO ROLLBACK
Slowly but surely, the Indian government has begun to bow to the demands of the bullion traders. Though the Finance Minister has been adamant about not having a rollback on the import duty, he has amended several other measures. For instance, if jewellers provide a self-declaration that their turnover is less than $982,484 (Rs 50 million), there is to be no scrutiny from the excise department, the Finance Minister assured a bullion dealers’ delegation that met him in the capital.
More…
Jim Sinclair’s Commentary
The tide has turned and will not be turned back or even slowed down.
The BRICs are moving into new economic, social and political
positions in the world. The BRICs bank will not be under the thumb of
any Western entity.
Power of 5 Shobhan Saxena, TNN Apr 1, 2012, 07.10AM IST
Far from Delhi’s decked-up roundabouts and sanitised hotels, Robert Zoellick was aboard a boat on Wednesday, crossing the river Bhitarkanika on his way to a village in Orissa. After greeting the villagers with folded hands, the World Bank president sat down to talk to a global news agency. A few stock questions later, the Bank chief turned his attention to the proposed BRICS bank. "It’s a complicated venture which will have a hard time getting off the ground and match the expertise of the World Bank," Zoellick said.
It was hard to miss the symbolism of Zoellick’s foray into a dark corner of India and raise doubts about a new development bank just one day before the leaders of Brazil, Russia, India, China and South Africa (BRICS) met in the Capital to thrash out the nitty-gritty of the Delhi Declaration. It was clear that the Bank didn’t want a new global rival that couldn’t be controlled from Washington.
More…
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