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POSTED ON November 13, 2017  - POSTED IN Key Gold Headlines

If you saw the headlines last week, you know overall global gold demand fell steeply in the third quarter of this year. But as we reported, there was a lot of good news for gold buried beneath the gloomy headlines.

Slumping Q3 gold demand in India was a big driver in the overall global decline, but even there, we see some signs of optimism. Indian gold-buying dropped off primarily due to new taxes and regulations imposed by the Indian government over the summer. There are already signs the market is adjusting

POSTED ON November 2, 2017  - POSTED IN Key Gold Headlines

Indians are buying silver and this could have a major impact on the world market for the white metal.

The Silver Institute covers this story, and highlights several other technological innovations involving silver, in its latest issue of Silver News. It also features an interview with ICE Benchmark Administration COO Matthew Glenville. His company recently began administering the silver benchmark and operating the auction underlying the London Bullion Market Association Silver Price. 

POSTED ON October 25, 2017  - POSTED IN Key Gold Headlines

The pawn shop is probably the last place you want to go if you find yourself strapped for cash. But an interesting article in a Filipino publication reveals a problem millennials face if they find themselves in a cash-crunch. They may have a harder time liquidating assets than their parents because they primarily spend their money on electronic gadgets and don’t tend to buy gold.

The head of one of the Philippines largest pawnshop operators told ANC’s The Boss that gold can be pawned at much higher prices than smartphones, laptops, and other electronics.

There’s nothing like buying gold and using it. It’s a great tool to use to save. Millennials today, they buy their gadgets, their Androids, their bags, but there’s still more value in buying gold jewelry than buying all those.”

POSTED ON October 24, 2017  - POSTED IN Key Gold Headlines

The price of silver is at extremely low levels compared to gold. That makes this a perfect time to invest in the white metal.

Indians seem to recognize this buying opportunity. According to the Economic Times, silver demand was up 15% during this Dhanteras and Diwali festival season on increased purchases of coins, idols, and silverware. Analysts attributed the surge in silver buying to lack of consumer confidence in the economy and silver’s relatively low price.

SchiffGold has the perfect way for you to take advantage of this silver buying opportunity. We have obtained a limited supply of 2013 and 2014 1-ounce Silver Britannia bullion coins minted by the British Royal Mint. These beautiful coins are ready to ship right now for as little as $1.49 over spot per coin.

Britainia Snake edge 2014 SchiffGoldBritainia Horse edge 2014 SchiffGold

This is a bullion coin at better than bullion coin price but has the upside of potentially garnering collectible value in the future. Because they have a mint privy mark on edge of the coin the 2013 has a snake on the edge and the 2014 year has a horse on the edge.

POSTED ON October 23, 2017  - POSTED IN Key Gold Headlines

An increase in the import duty hasn’t dampened Indians’ appetite for gold. It’s just pushed the market underground.

Gold is such an important part of the Indian economy, people will do whatever they have to in order to get their hands on the yellow metal – including skirt the law. According to a recent report by the Hindu, occurrences of gold smuggling have risen rapidly in the wake of higher import taxes.

Ever since the import duty on gold was raised to 10%, the country has reportedly witnessed a rapid rise in the quantum of gold brought into the country illegally. Currently, government levies total 13%, including IGST of 3%.”

POSTED ON October 20, 2017  - POSTED IN Fun on Friday

How would you celebrate the birthday of a government building?

Maybe send out a press release? Perhaps hold a little assembly and let some politician ramble for a while about how great the building is? Maybe host an open house for the public? Or here’s an idea. Just ignore it. After all, it’s a government building. Who really wants to celebrate that?

Well in India, they go for a little more swanky soirée when it comes time to celebrate their government buildings. The Karnataka Assembly building will turn 60 this month and the state assembly secretariat proposed a lavish 2-day festival complete with a gift of gold biscuits for each lawmaker.

POSTED ON October 10, 2017  - POSTED IN Key Gold Headlines

After nearly tripling in August, demand for gold in India remained strong last month, despite a tax rule that put a damper on high-dollar jewelry purchases.

Gold demand rose 31% year-on-year in September. Imports came in at 48 tons, according to a Reuters report.

Higher purchases by India, the world’s second-biggest consumer, could lend support to global prices that are trading near their highest level in a week. The higher imports may also widen the South Asian country’s trade deficit.”

POSTED ON October 9, 2017  - POSTED IN Key Gold Headlines

The Indian government has reversed a tax rule that was putting a damper on gold demand in the country.

The government included Indian jewelers under the Prevention of Money-Laundering Act last August. The rules increased compliance requirements for high dollar jewelry purchases. Buyers had to provide their income tax identity for transactions above 50,000 rupees ($766). According to the Economic Times, the requirements were hindering high-value deals.

POSTED ON October 5, 2017  - POSTED IN Key Gold Headlines

The World Gold Council has announced plans to form a committee that will help set up India’s first physical gold exchange. Officials say they hope to have the exchange up and running in 12 to 18 months.

The committee will not actually set up the exchange, but will provide guidance. WGC Indian operations managing director PR Somasundaram told Bloomberg the council is in the process of creating an industry committee of jewelry trade associations, dealers, miners, regulators, foreign and Indian banks, and eventually some consumers.

POSTED ON October 2, 2017  - POSTED IN Key Gold Headlines

Indians love gold. Despite rising prices, a tax increase, and government attempts to tighten regulation of the jewelry industry, gold imports into the country nearly tripled year-on-year in August. India ranks as the second largest gold consuming country in the world, trailing only China. But gold isn’t the only precious metal Indians covet. They also buy a lot of silver.

According to a new report by the Silver Institute, India consumed 160.6 million ounces of silver in 2016, accounting for 16% of global silver demand.

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