Digital Gold Firm Plans: After giving Indians the option to buy gold online for as little as 10 rupees (12 cents), digital gold provider SafeGold is planning to let its customers lease their metal to credit-starved small jewelers.
IMPORTS
Trump says Tariffs on $200 Billion of Chinese Goods will Increase to 25%, Blames Slow Progress in Trade Talks
Gold Silver Reports (GSR) – In addition, Trump threatened to impose 25% tariffs on an additional $325 billion of Chinese goods “shortly.”
Saudi Arabia Output to Rise to Just Above 10 Mln b/d over Next 2 Months
Saudi Arabia doesn’t yet plan production above its assigned OPEC quota of 10.311mbpd
Saudi King Reportedly Emphasises Drive Towards Ensuring Stability In Oil Markets
India Growth Forecast Cut by Fitch Amid RBI-Government Spat
Economic growth may become a casualty of the tug-of-war between India’s government and its central bank.
China Tells State-Owned Giants to Halt Iran Oil Buying
China’s government has told at least two of its state oil companies to avoid purchasing Iranian oil as the U.S. prepares to impose sanctions on the Persian Gulf state, according to people with knowledge of the matter.
Exports of Petroleum Products Saved the Day in May
Gold Silver Reports (GSR) – It would be best to be cautious about the 20% year-on-year growth in exports in May. The growth is mainly on account of a spurt in the export of petroleum products, which are up 104% from a year ago. As a note by Edelweiss Securities Pvt. Ltd points out, perhaps the bunching up of oil exports in May led to this extraordinary rise.
U.S. Imports Large Quantities of Aluminum From Canada, Russia, UAE And China
U.S. Imports Large Quantities of Aluminum From Canada, Russia, UAE And China
Petrolium Imports From OPEC Up 19% In 2016
Gold Silver Reports — The volume of petroleum import from OPEC countries averaged 3.445 million barrels per day as of 2016, as compared to average 2.894 million barrels per day in 2015, according to the Monthly Energy Review of the US Energy Information Administration (EIA). This accounts for a spurt of around 19%.