"In the month of August 2015, India imported 126 tonnes of gold and 1,400 tonnes of silver, according to data fromInfodrive India. Gold import into India is rising after a steep fall due to government import restrictions implemented in 2013.
Year-to-date India has imported 654 tonnes of gold, which is 66 % up year on year. 6,782 tonnes in silver bars have crossed the Indian border so far this year, up 96 % y/y."
"Last week I reported India had shipped in 126 tonnes of gold in August according to provisional data. Newswire The Economic Times today reports India has imported 138 tonnes of gold in August, which is 9 % more than my estimate."
No one knows for sure. If the Fed raises interest rates on Thursday (which we do not expect), the effect will be highly deflationary and gold prices could move lower, at least temporarily.
Conversely, if the Fed doesn’t raise rates and offers some reason to believe it won’t raise them for the foreseeable future (so-called “forward guidance”), then gold prices could rally in anticipation of inflation.
It’s unfortunate that markets are now reduced to reading Janet Yellen’s mind. But that’s what happens after seven years of market intervention and central planning by the Federal Reserve."
For some reason gold (and precious metals) is often a very emotional subject in the media. There is really no reason for it to be. Gold and silver are simply a way to provide hedge protection in an overall portfolio. They are no different than having a insurance policy on your home or your car. Everyone can decide for themselves how much insurance fits their personal situation. I don't see why that should be controversial, but for some it seems to be.
In terms of the price, the trend of the last few years is still in place after gold and silver had huge moves up into 2011. The US dollar has rallied from there so the price of gold in US dollars is lower. If the US dollar falters at some point in the future, it is very likely the price of gold will go higher in US dollars. In other words, gold does exactly what it is supposed to do. It provides a hedge against a loss in purchasing power of the local currency if that does happen.