Gold, Silver And Mining Stocks: The Bull Market Has Resumed

by David Kranzler
Investment Research Dynamics

Perhaps the most intriguing aspect of the latest move up in the price of gold is that it has occurred with India’s imports shut down since March 1. Gold imports had fallen off during February as the industry was anticipating that the Government would cut the 10% import duty on refined gold bars. Instead, the Government announced an excises duty on non-silver jewelry. The jewelers industry went on strike, which effectively shut down the gold market in India since March 1.

This past weekend the finance minister of India assured the jewelers that the Government would not harass the jewelry industry for collection of the tax. As a result, the jewelers ended the strike. The jewelry industry contributes close to 4% of India’s GDP.

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