INDIAN GOLD DEALER: “GOLD IS NOW TRADING AT $1800OZ.—SMALL FACTORIES AND WORKSHOPS ARE SHUTTING DOWN”
AUGUST 26, 2013
I had the chance this week to reconnect with Vishal Vyas, head of operations at India’s top bullion dealer, Pushpak Bullions Pvt. Ltd.
It was a powerful conversation, as Vishal indicated that the Indian Government and Central Bank is stepping up its fight against gold, with punitive taxation and trade controls. As a result he added, gold is now trading at elevated levels of $1800 oz. within the country. Despite these changes however, Indian families are still buying gold in “small quantities every month”.