Indians are buying gold.
Imports of the yellow metal into India jumped for the first time in seven months in July and the trend appears to be carrying forward into August, according to a report in the Times of India. Gold sales have surged 15% by volume over last year as Indians took advantage of soft prices and kicked off the wedding and festival season early.
According to jeweler associations in India, demand could finish up as much as 20% in August compared with 2017.
One of the biggest enduring economic myths is the notion that the minimum wage laws only help workers and have no real negative effects. The fallacy inherent in this line of thinking becomes immediately clear if we simply propose a $1,000 per hour minimum wage. After all, if $15 is good, $1,000 would be fantastic, right?
Of course, nobody would pay somebody $1,000 per hour to perform a low-skill task. It’s obviously unaffordable. A $15 per hour minimum is just as unaffordable.
Gold demand will increase modestly in 2018 as mine production remains flat, according to an industry report.
Metals Focus released its Gold Focus 2018 report this week. It projects a 1% increase in gold demand this year with stronger physical investment, jewelry and industrial demand partially offset by a drop in central bank buying.