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Smuggled Gold Being Tied To Elections In India
Posted March 24th, 2014

Los Angeles CA, Mar 24 (Tangible Investments) - by James O’Dell - Gold edged higher on Friday, rebounding $3.96 or 0.30 percent and finishing the week lower at $1,334.18 an ounce after easing sharply on Wednesday following hawkish comments made by Fed Chair Janet Yellen on interest rates at the conclusion of the March policy meeting of the Federal Open Market Committee (FOMC). Silver dipped a modest $0.02 or 0.10 percent to end the week lower at $20.30 an ounce.
 
Gold remains pressured by the dollar in the shorter term after the Fed tapered its massive quantitative easing (QE) program by another $10 billion in monthly bond purchases, and after Yellen's suggestion of a possible interest rate increase as early as April 2015.
 
Peter Schiff, of Euro Pacific Capital, thinks the dollar is due to weaken, remarking recently on CNBC that while there may be a bit more upside in equities, the dollar will not be so lucky. "Although I don't think there's a lot more upside in the stock market, I'm not looking for a collapse," said Schiff. "But what I am looking for is a dollar collapse, so that even if the market continues to move higher, it's nominal highs only. It's not real highs adjusted for a loss of purchasing power in the dollar." Schiff continues to recommend commodities, including gold, as a hedge against the coming inflation.
 
Meanwhile, India's election commission has always taken a firm stand in preventing the flow of illicit money into elections. Recently, under tightened surveillance by tax officials, the Indian Coast Guard uncovered what they believe to be a link between gold smuggling and politicians, with the smuggled gold being used for funding elections. Local politicos have connected with gold smugglers and are reportedly funding political campaigns with the savings from tax havens. One political party leader was arrested last week with 45 kilograms of allegedly smuggled gold near Kolkata.
 
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