India’s gold import rises 45 pc to 48 tonnes

The Economic Times
Wednesday, November 11, 2009

NEW DELHI: India’s gold imports surged by over 45 per cent in October at 48 tonnes on the back of rising demand, the country’s largest state-run gold importing firm MMTC said today.

India, the world’s largest gold consumer, had imported 33 tonnes in the corresponding period last year, it said.

(ARTICLE CONTINUES BELOW)

“Gold imports rose due to a sharp rise in jewellery demand and pick up in investment,” MMTC Chairman and Managing Director Sanjiv Batra told reporters here.

Consequently, MMTC purchased 15.13 tonnes from the global market last month as against 10.42 tonnes in the same period in 2008-09, he said.

Full story here.

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4 Responses to “India’s gold import rises 45 pc to 48 tonnes”

1. guy fox Says:
   November 11th, 2009 at 12:03 pm

   new short film about lieing shawn hannity and laughting boy john edwards, gunrights, verichip and the coming chip thats here now, chemtrail and the brainwashing of the corp media- http://www.youtube.com/watch?v=CmvCFd866R8

   Reply

   

   Americans are overpaid Reply:
   November 11th, 2009 at 11:06 pm

   Americans are overpaid (This is from fortune magazine)

   For the global economy to rebalance, the pay gap between Americans and the rest of the world must shrink.

   By Martin Hutchinson and Edward Hadas, breakingviews.com
   November 11, 2009: 3:17 PM ET
   (breakingviews.com) — U.S. workers are overpaid, relative to equally productive foreigners doing the same work. If the global economy is ever to get back into balance, that gap needs to be closed.

   Of course, U.S. workers should earn more than their peers in China, Moldova, or Vietnam. The Americans take advantage of the higher productivity that makes their country rich: better education and infrastructure, abundant capital and a more developed work ethic. But how much higher should U.S. wages be?

   The answer depends in large part on two measures: the difference in productivity in making goods that can be traded across borders, and the quantity of such tradable goods. Both measures point to a narrowing wage gap.

   There are so many factors working to push up productivity in poor countries. Fast development, cheap capital, and more efficient shipping all help make foreign factories more competitive. Cheap global communication through the Internet reduces all sorts of costs and makes it easy to trade many more goods and especially services.

   The global wage gap has been narrowing, but recent U.S. labor market statistics suggest the adjustment has not gone far enough.

   One indicator is unemployment, which has risen unexpectedly rapidly in this downturn. The 7.3 million jobs lost are more than treble the 2 million of the next worst post-war recession, in 1980-82. Some of that huge increase reflects the turbulence of an unusually sharp decline in GDP, but there could be another factor: the recession has revealed many workers are paid more than they are worth.

   Another possible sign is the huge surge in reported productivity, which has begun while output was still declining. That suggests that some production is being outsourced altogether, often to lower-paid foreign workers.

   The big U.S. trade deficit — cut in half but still at alarmingly high levels — is another sign of excessive pay for Americans. One explanation for the attractive prices of imported goods is that U.S. workers are paid too much, relative to their foreign peers.

   Global wage convergence is great for the poor but tough on the overpaid rich. It’s possible to run the numbers to show that U.S. manufacturing workers should take average real wage cuts of as much as 20% to get into global balance.

   The required cut may be smaller. But if U.S. wages get stuck above global market-clearing levels, as in the 1930s, the result could well be something approaching 1930s levels of unemployment.

   Pretty well anything would be better than that. A combination of moderate inflation to reduce real wages and a further drop in the dollar’s real trade-weighted value might be an acceptable combination.

   Reply

2. The Truth Says:
   November 11th, 2009 at 7:21 pm

   Over many years we have all been lied to by our Governments, but not just our Governments but many religous leaders. Many things we have been taught are not even in Scripture and millions have swallowed so many lies by these false prophets. If you are a truth seeker please visit the following web site and take the time to read some of the articles, you will be shocked.

   http://www.2besaved.com

   Blessings
   Ben

   Reply

3. guy fox Says:
   November 12th, 2009 at 10:49 am

   http://www.youtube.com/watch?v=CmvCFd866R8 shawn hannity say verchips and chipping humans is great and its what he invest in, what a great american!!!

   Reply

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