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India Moves To Curb Gold Smuggling Posted March 4th, 2014
TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver eased on Tuesday, as gold dipped to $1,339.90 an ounce and silver slipped to $21.20 an ounce, after investors took profits when Russia's President Putin withdrew troops from maneuvers on the borders of Ukraine. President Putin went even further in trying to distance himself from the crisis in Ukraine when he denied that Russian troops had made an incursion into the nation's agriculture rich Crimean peninsula region.
"We are seeing some profit-taking," said Eugen Weinberg, of Commerzbank. "Because the conflict looks like it could well last some time, gold should be well able to defend its current price level, and even gain further ground again in the short term," says Weinberg. Analysts believe, however, that the economic uncertainty related to the possible annexation of portions of Ukraine by Russia will remain for quite some time and should help to underpin gold prices.
President Obama and Secretary of State Kerry were not convinced by Putin's denials about the armed military forces that have surrounded airports in the Crimea. One has only to look at the stolen territory Russia seized in 2008 from neighboring sovereign states. Russia’s seizure of Georgia’s Abkhazia and South Ossetia regions just six years ago are a sign that Putin may be looking for another prosperous region to annex.
Meanwhile, in India, the government has begun checking that gold stocks held by wholesalers match the amount imported, says Edward Meir, of INTL FCStone. “The move is designed to curb the smuggling that is underfoot, but could aggravate shortages in the physical market even further,” adds Meir. India is not expected to ease import restrictions on gold at least until elections begin in May. India's draconian restrictions on the importation of gold have allowed China to overtake India as the world's number one consumer of gold.
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