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India to Ban Gold Importation; Bitcoin Price Rally, Market Shock Imminent

Gold, which most investors and traders consider as the world’s safe haven asset, may be banned by India in the upcoming months.

 

India is one of the largest gold importers around the world, purchasing around 700 tons of gold per year.

Experts state that the demand for gold in India is higher than most assets and reserve currencies, arguably making gold the most valuable asset in the country.

However, reports suggest that the government may be planning a ban on the importation of gold, as gold premiums reached two year highs this month.

 

If a ban on gold import is imposed, the demand for other safe haven assets will significantly increase. The only accessible global safe haven asset with high liquidity and stable global exchange rates is Bitcoin, which has already seen an increase in trading volumes after the denomination of 500 and 1,000 bank notes in India.

Source: Times of India

  • December 11, 2016 1:27 PM MSK
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