The Corporate Media was eager to trumpet the news that “an official source” claims gold imports into India fell from (a revised) 162 tonnes in May to 31.5 tonnes in June. However, this bearish headline came with a caveat: everyone expects the official number to bounce right back up again – thanks to the banksters knocking prices back toward recent lows.
Even with “premiums” and import duties, gold is once again “on sale” in India. While the gold import number for June is likely just an aberration; there are numerous other reasons why bankster panic over diminishing supply can only continue to increase.
First of all, we have several reasons to be suspicious of this supposedly “official” number concerning India’s gold imports. We need look no further back than May for reasons to doubt this report. India’s government originally reported its gold imports at a massive 262 tonnes. However, when that number drew a reaction of (bullish) shock from the market; the government immediately revised the number down to 162 tonnes.
It claimed the original report had been a “mistake”; a typo in an official government release, from a nation of more than ¾ of a billion people. Here it’s important to be aware of the intimidation being directed against the duplicitous government of India.
As previously noted; media/bankster claims that India has “a large current account deficit” are nothing but a lie; an accounting sham created by treating gold as a commodity not a currency – despite the fact that these same banksters always treat their own gold as a currency. In the world of bankster hypocrisy; when they hold gold it’s “money”; but when we hold gold it’s only a commodity.
However the pretext of a “current account deficit” is allowing the banking cabal to manipulate the value of the Indian rupee lower in global currency markets. This (naturally) raises “inflation” domestically in India; putting tremendous pressure on the Indian government. This is the bankster leverage which has caused India’s government to turn on its own people and attack its domestic gold market...
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