Thursday, June 6, 2013

India Central Bank Prohibits Sales Of Gold Coins

Per Reuters: "The Reserve Bank of India has advised banks against selling gold coins to retail customers, Finance Minister P. Chidambaram said on Thursday, a day after he raised gold import duty to try to ease pressure on India's bloated current account deficit."

Well, if there ever was one sure way to send demand for any product through the roof (guns, ammo, etc), it is for the government to prohibit its outright sale.

What follows next, almost without fail, is a panicked, chaotic buying scramble.