Gold prices go below Rs 25,000 – lowest level in 4-years

Gold appears to be losing its sheen. Usually considered to be a safe investment, the price of the yellow metal is going downhill - its slide is continuing for the fourth consecutive day and dipped below Rs 25,000 by losing Rs 40 to trade at over four-year low. It was of Rs 24,980 per 10 grams at the domestic bullion market and was trading at five-year lows in the global market.
This has been reported in zeenews.india.com dated 7 August 2015.

Moreover, retailers are postponing their buying plans hoping for further dip in prices.
Of course, silver has recovered some ground and rose by Rs 100 to Rs 33,800 per kg.
This drop in prices would be a boon to those planning weddings of preparing for the upcoming festivals and can now afford to buy the gold ornaments.
(Image courtesy wikimediacommons.org)

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‘Achhe din’ has come for gold smugglers – smuggling increased by 900% in one year

The Modi government is swearing by its tag line of ‘achhe din’ and while everyone is stung by the bug of high prices, one really wonders when the common man will see the first light of the so-called ‘achhe din’ – for those who do not know the meaning of ‘achhe din’, it translates into ‘good days’.
However, if a newspaper report is to be believed, it seems one section of people has already entered the zone of ‘achhe din’ – they are the gold smugglers. For the first time in the history of gold smuggling in India, the seizure of the yellow metal has gone beyond the Rs 1,000 crore mark in one financial year.

It has been reported in timesofindia.indiatimesofindia.com dated 27 May 2015 that customs, police and revenue agencies have seized in excess of 3,500 kg of gold in 2014-15. By contrast, the corresponding figures of 2012-13, were hardly Rs 100 crore with just about 350 kg gold seized. Obviously, thanks to Modi government, gold smuggling has increased by 900% within one year.
Authorities have identified certain routes through the yellow metal is smuggled in – these are the Morey border in Manipur, Kandla port in Gujarat, Bangladesh border in West Bengal and the old tested routes of Sri Lanka to ports in Chennai and various airports from Dubai and Thailand. Moreover, smugglers are using camouflaged courier parcels. Some examples - a torch where the batteries are made of gold, or a mixer with golden blades or a transistor which has a capacitor made of gold.
(Image source wikimediacommons.org)


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