No Lasting Impact of Demonetisation on Gold Consumption
Gold Silver Reports – No Lasting Impact of Demonetisation on Gold Consumption – Gold has long been the sump of cash in India. No wonder that gold demand plummeted in the post demonetisation months. But the demand soon bounced back to previous levels in a few months (see table).
One Year After Demonetisation – Cash is Still King
Gold Silver Reports – Soon after demonetisation was announced on 8 November last year, it was projected as part of a broader push towards a cashless economy. Several ministers and government officials claimed that this would nudge Indians to rely on non-cash or digital payments.
Gold Imports by India Slump as Inventories Pile Up
Gold Silver Reports – Gold imports by India, the world’s biggest consumer after China, dropped 31 percent last month from a year earlier, according to a person familiar with the information.
‘Buy Bitcoin’ Overtakes ‘Buy Gold’ as Online Search Phrase
Gold Silver Reports – Buy bitcoin to the list of things denting gold’s appeal. — Bullion’s rally faltered in the past two months as the dollar strengthened and global equities set new records, while concerns over Brexit and Catalonia’s push for independence failed to drum up notable haven demand. Now, bitcoin’s surge is attracting investor interest toward the cryptocurrency and away from the metal, the biggest online vaulting service said.
GST, It’s the Real Demonetiser
Gold Silver Reports – Exactly a year ago, post-independence India’s most ambitious and disruptive economic measure, demonetisation, was switched on. It’s also four months into the launch of the country’s most ambitious tax reform: the goods and services tax (GST).