Despite the government’s ongoing efforts to cut gold imports – aimed at closing a widening current account deficit among other status-quo-questioning factors, the following brief clip from Bloomberg TV sums it all up perfectly – For this country of over one billion, “Gold is, was, and always wlll be… money.” And now, following import bans and higher taxes, the government is considering restrictions on the holiest of holies – wedding gifts, and “legislating against love.”
By trying to discourage gold-buying, India’s government is trying to roll-back centuries of tradition (“and an abiding love for the world’s only enduring currency”) and has created a major black-market for the precious metal…
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/_vabOXYY7bg/story01.htm Tyler Durden