Oct 31

- Gold Supplies in India Disappear Despite Continued Record Premiums (Liberty Blitzkrieg, Oct 30, 2013):

I first reported on record high gold premiums in India a couple of weeks ago. Since then, the story has become even more interesting as Reuters reports that gold supplies have completely dried up just ahead of major gold buying festivals and despite continued record premiums. While it is clear that Indians are finding a way to buy gold anyway via black markets, this is still a very interesting story to keep an eye on.

More from Reuters:

India has imposed several restrictions on imports of gold, the biggest non-essential import item, to curb a record trade deficit. Gold imports in September fell to 7 tonnes from 162 tonnes in May.

Of course, if additional demand wasn’t being met via black markets the price of gold would be far lower than it is.

“Still gold is not available, and they are charging $120-130 (an ounce) of premiums,” said Bachhraj Bamalwa, director with the All India Gems and Jewellery Trade Federation.

Continue reading »

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Oct 23

- Eric Sprott’s Open Letter To The World Gold Council (ZeroHedge, Oct 22, 2013):

Authored by Eric Sprott of Sprott Global Resources,

Dear World Gold Council Executives;

As you very well know, the business environment for gold producers has been extremely challenging over the past few years. While demand for physical gold remains extremely strong, prices on the COMEX have fallen precipitously. This contradictory situation is the single most important obstacle to a healthy gold mining industry.

In my opinion, the massive imbalance between supply and demand is not reflected in prices because available statistics are misleading. It is not the first time that GFMS (and World Gold Council) statistics come under pressure from the investment community. In his now celebrated “The 1998 Gold Book Annual”, Frank Veneroso demonstrated the inconsistencies in GFMS gold demand data and proceeded to show how they grossly underestimated demand. The tremendous increase in the price of gold over the following years vindicated his conclusions.

Continue reading »

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Oct 19

- Thousands of citizens in India killed by reckless Big Pharma drug trials (Natural News, Oct 19, 2013):

The second largest country in the world, India, has become a hotbed of pharmaceutical fraud, as unscrupulous drug companies, mostly from the West, continue to use India’s generally poorer populations as human guinea pigs in unethical and flat-out inhumane clinical trials. And India’s Supreme Court is finally taking action against this massive organized crime ring by ordering India’s health ministry to justify its approval of 162 global clinical trials to take place in the country.

Because it is a rapidly developing nation with lax regulatory protocols, India has been a primary target of the pharmaceutical cartel in its never-ending quest to dominate the medical systems of the world. Major drug companies have been largely successful in swindling the Indian government to approve trials for all sorts of “new chemical entities” (NCEs), many of which have been tested on rural Indians in poorer communities, where there is minimal access to proper medical care.

The situation has apparently gotten so out of control in India that several human rights advocacy groups have taken to the legal system for a remedy, filing a petition back in February pressuring government officials to take action. India’s Supreme Court listened and, following a recent hearing, agreed to give the government an ultimatum that forces it to provide evidence backing the science behind its approval of these trials. The health ministry reportedly has just two weeks to comply with this order.

Continue reading »

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Oct 17

- Gold Price Premiums Hit Record in India – 8% Above London Spot (Liberty Blitzkrieg, Oct 16, 2013):

This story is just further proof of the complete and total mess that has been made of the Indian gold market over of the course of this year due to government intervention. The other part of the problem is that when you are dealing in physical supplies you can’t just deliver paper contracts. Somehow I don’t think that would cut it for Indians on festival days or their daughters’ weddings.

From Reuters:

(Reuters) - Gold premiums in India, the world’s biggest buyer of the precious metal, hit a record $100 an ounce, about 8 percent over London prices, on a shortage of supplies to meet festival demand, traders said on Tuesday.

Continue reading »

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Oct 13

- India temple stampede kills 115, injures 100 (GRAPHIC VIDEO) (RT, Oct 13, 2013):

At least 115 pilgrims including children were killed and more than 100 injured in a stampede at a temple in Madhya Pradesh. The stampede was allegedly caused by panic after worshipers thought a bridge at the temple was about to collapse.

At least 50 of the victims were apparently crushed to death in the stampede itself, while others drowned in the river after jumping off the bridge, according to local officials, who fear the death toll will rise.

It is not yet clear exactly what caused the panic on the bridge. Sources cited by NDTV claim that a group of people spread the rumor that a bridge was collapsing to cut in line at the temple.

“We have counted 100 bodies so far. Several pilgrims died on way to hospital. The toll may rise manifold,” a senior police officer told the Times of India.

Meanwhile, the Hindustan Times reported eyewitnesses as saying that the stampede started after policemen used their lathi batons to control the crowd.

Some 50,000 Hindu pilgrims were on their way to the Mandula Devi temple to attend a ceremony during an annual festival to the goddess Durga. The temple is 60 kilometers from Datia, the capital of Datia District in Madhya Pradesh state.


Screenshot from AP video

A rescue operation is reportedly taking place at the site, with police recovering dead bodies and sending the injured to hospital.

People upset over the incident and the police’s response reportedly started pelting officers with stones.

Seven years ago, at the same bridge and during the same festival, 35 pilgrims died after being swept away by the unexpected release of water from a dam.

India has a notorious record of stampedes at religious events.

Thirty-six people were killed in a stampede in northern India in February, where millions of pilgrims flocked for a major Hindu festival.

Some 102 Hindu devotees were killed in a stampede in January 2011 in the state of Kerala. A total of 224 pilgrims died in September 2008 as thousands of worshipers were trampled to death trying to reach a hilltop temple in the northern town of Jodhpur.

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Oct 11

- U.S. Treasury “Firm Believers In Gold”, Will Not Sell Even To Avoid Default (ZeroHedge, Oct 11, 2013)

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Sep 17


World’s biggest gold coin

- India Escalates Gold Capital Controls, Hikes Duty On Gold Jewerly Imports To 15% (ZeroHedge, Sep 17, 2013):

Anyone following the Indian economy and capital markets has been witness to what is the worst case outcome for a modern-day central banker: on one hand forced to keep inflation down, on the other fighting a fierce capital outflow which recently shocked Rupee holders by send the currency to all time lows against the dollar and sending gold priced in INR to record highs. All of this is, of course, happening as India fights tooth and nail to keep its monthly trade deficit under control, not overpay for oil, and keep businesses running now that inflation expectations are becoming unanchored. And, as we have reported previously, the biggest scapegoat to the Indian central bank and government is, understandably, gold, which has been the source of much of the population’s “wealth preservation” currency outflow.

As a result, India has unleashed the most unprecedented series of gold “capital controls” ever seen in a modern nation, shy of confiscation (and even that may be imminent). Today, India added yet another more measure to its list of prohibitions that seek to minimize the size of the gold market available to citizens, yet which will only result in even more interest and demand in the yellow metal. As Reuters reports, India increased its import duty on gold jewellery from 10 percent to 15 percent, setting it higher than the duty on raw gold in a move to protect the domestic jewellery industry.

Why is the government doing this? Simple: “To protect the interests of small artisans, the customs duty on articles of jewellery … is being increased,” the ministry said.

Continue reading »

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Sep 06

- Russia will help Syria in case of external aggression (Itar Tass, Sep 6, 2013):

The United States, Turkey, Canada, France, Saudi Arabia and Britain back the strike on Syria at the G20 summit, Russian President Vladimir Putin said.

Speaking at a final press conference, Putin said Russia, China, India, Indonesia, Brazil, South Africa and Italy came against military actions in Syria.

Continue reading »

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Sep 06

- China sides with Russia in opposing military strikes on Syria (RT, Sep 5, 2013):

China joined Russia in its opposition against military strikes on Syria ahead of the G20 summit on Thursday. Beijing said the use of force would cause a swing in oil prices, thereby hurting the global economy.

“Military action would have a negative impact on the global economy, especially on the oil price – it will cause a hike in the oil price,” China’s vice finance minister, Zhu Guangyao, said at a pre-G20 briefing in St. Petersburg.

The remark was echoed by other members of the BRICS bloc, Reuters reported. Aside from China, the bloc consists of emerging economies including Brazil, Russia, India, and South Africa.

Continue reading »

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Sep 01


YouTube Added: 31.08.2013

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Aug 31

- India Moves to Ban Gmail (Liberty Blitzkrieg, Aug 31, 2013):

The fallout from the Snowden revelations continue. While India has already been attempting to fight economic reality with import duties on gold in an desperate move to reduce buying, they are now also trying to take further control of their technology infrastructure. Although this may appear to be a good thing on the surface, perhaps it is merely a move to further consolidate their own domestic snooping powers, which we already know they are trying to do.

In the latest news, it is being reported that the government will soon ask its employees to stop using Google’s Gmail due to the presence of the company’s servers within the U.S.

More from The Times of India:

BANGALORE/NEW DELHI: The government will soon ask all its employees to stop using Google’s Gmail for official communication, a move intended to increase security ofconfidential government information after revelations of widespread cyberspying by the US.

A senior official in the ministry of communications and information technology said the government plans to send a formal notification to nearly 5 lakh employees barring them from email service providers such as Gmail that have their servers in the US, and instead asking them to stick to the official email service provided by India’s National Informatics Centre.

Continue reading »

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Aug 20

- As its Currency Collapses, India Doubles Down on Big Brother Surveillance (Liberty Blitzkrieg, Aug 19, 2013):

What’s a clueless government trying to micromanage the affairs of over a billion people supposed to do when the wheels start coming off the wagon? If you’re India, you blame the country’s financial and societal woes on the buying of gold and attempt to prevent people from purchasing it. When that doesn’t work, and your currency continues to collapse, then what?

Well, you decide to double down on a surveillance state. That’s precisely what the enlightened government bureaucrats at India’s Ministry of Home Affairs (MHA) have decided to do.

From The Hindu:

Amid a raging global debate on privacy versus surveillance, monitoring and use of intrusive technologies by governments, the Directorate of Forensic Sciences in the Ministry of Home Affairs (MHA) is set to purchase a range of equipment and software that will allow it to conduct deep search, surveillance and monitoring of voice calls, SMS, email, video, Internet, chat, browsing and Skype sessions on an unprecedented scale.

Continue reading »

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Aug 09

Flashback:

- The Cove – Oscar Award Winner (‘Best Documentary’):

The Cove exposes the slaughter of more than 20,000 dolphins and porpoises off the coast of Japan every year, and how their meat, containing toxic levels of mercury, is being sold as food in Japan and other parts of Asia, often labeled as whale meat. The majority of the world is not aware this is happening. The focus of the Social Action Campaign for The Cove is to create worldwide awareness of this annual practice as well as the dangers of eating seafood contaminated with mercury and to pressure those in power to put an end to the slaughter.


- Dolphins granted personhood by government of India (Natural News, Aug 9, 2013):

Dolphins have been granted “non-human personhood” status by the government of India, making India the first nation in the world to recognize the unique intelligence and self-awareness of the cetacean order (a class of aquatic mammals).

The decision was announced by India’s Minister of the Environment and Forests which also outlawed captive dolphin shows. The ministry added that dolphins “should have their own specific rights.” (SOURCE)

Dolphins are extremely intelligent mammals with a highly-developed social structure. Recent research shows that dolphins call each other by name and can remember the unique name whistles from old “friends” heard just one time 20 years ago.

Dolphins choose their own unique name — a series of complex whistles — before they reach one year of age. From that point forward, all the other dolphins in their social group call them by that unique name.

Dolphins use highly-complex grammatical communications

Previous research has shown that dolphins have human-like self awareness and engage in highly complex communications with other dolphins using grammatical sentence structure. Yes, dolphins have their own complete language, much like humans. (See the Dolphin Communication Project.) The main difference between dolphin language and human language is that dolphins aren’t vaccinated as young children and injected with brain-damaging mercury. Therefore, dolphins grow up able to speak in fully coherent sentences while many humans now are cognitively deficient and unable to compose meaningful sentences. (They are literally brain damaged by vaccines, mercury fillings and toxic chemicals in foods, medicines and personal care products. Idiocracy has arrived!)

As this 1999 scientific paper on dolphin communication explains about a dolphin named “Ake:” Continue reading »

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Aug 06

- Big Oil’s Central Asian Mafia (Veterans Today, Aug 6, 2013)

(Excerpted from Big Oil & Their Bankers: Chapter 17: Caspian Sea Oil Grab)

According to Kurt Wulff of the oil investment firm McDep Associates, the Four Horsemen, romping in their new Far East pastures, saw asset increases from 1988-1994 as follows: Exxon Mobil- 54%, Chevron Texaco- 74%, Royal Dutch/Shell- 52% and BP Amoco- 54%.  Big Oil had more than doubled its collective assets in six short years.

This quantum leap in global power had everything to do withthe takeover of the old Soviet oil patch and the subsequent impoverishment of its birthright owners.

While the Four Horsemen gorged on Russian and Central Asian oil, Wall Street investment bankers were facilitating the oil grab and ripping off the Russian Treasury.

Salomon Smith Barney’s Phibro Energy oil trading subsidiary set up shop in Moscow.  Goldman Sachs was hired by Yeltsin to lure foreign capital to Russia.  Heading the Russian Goldman Sachs team was Robert Rubin, later Clinton Secretary of Treasury & Citigroup CEO.  CS First Boston took a 20% stake in Lukoil, in partnership with BP Amoco. Continue reading »

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Aug 01

- Pakistan Bans Gold Imports for 30 Days (Liberty Blitzkrieg, Aug 1, 2013):

The latest buzz circulating around the gold market relates to news that Pakistan’s Economic Coordination Committee of the Cabinet (ECC) has decided to ban duty free gold imports for thirty days. Why you ask? Because those pesky Indians are using Pakistan as a conduit to get around the country’s recent 8% duty imposed on gold imports.

All of this of course begs the question: With the price of gold “plunging” over the past several months, why did Pakistan and India both feel the need to take such draconian measures against a barbarous relic that everyone is supposedly panic selling? If there is so much gold to be had and no one wants it, what’s the problem? Strange indeed.

From the The Express Tribune:

The Economic Coordination Committee of the Cabinet, headed by Finance Minister Ishaq Dar, took the decision to ban the import of the yellow metal for one month with immediate effect.

Continue reading »

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Jul 17

From the article:

“One official said the food may not have been properly washed before it was cooked.”

What??? Now that would be a very powerful ‘insecticide’ indeed.


- Free school lunch kills at least 22 children in India; insecticide suspected (The Star, July 17, 2013):

PATNA, INDIA – At least 22 children died and more than two dozen others were sick after eating a free school lunch that was tainted with insecticide, Indian officials said Wednesday.

It was not immediately clear how chemicals ended up in the food in a school in the eastern state of Bihar. One official said the food may not have been properly washed before it was cooked.

The children, between the ages of 5 and 12, fell ill Tuesday soon after eating lunch in Gandamal village in Masrakh block, 80 kilometres north of the state capital of Patna. School authorities immediately stopped serving the meal of rice, lentils, soybeans and potatoes as the children started vomiting.

Continue reading »

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Jul 16


YouTube Added: 14.07.2013

Description:

India is to settle its 1.53 billion dollars dues with Iran in Rupees. From now on, all the trade will only be done in Indian currency. Until February, 45 percent of the Indian oil import payments were made in Euros, with the money going through Turkish Halkbank. Since then Indian crude oil importers have held on to their payments. A Russian route to make payments in Ruble was explored however it did not work out. Finally the Rupee transactions are left as the only alternative.UCO Bank is the only Indian designated institute under the rupee-payment mechanism with Iran. It is backed by its tie-ups with five Iranian banks which worked on carrying out the process of settlements of dues in April last year.

Sanjay Sethi, Press TV, New Delhi

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Jul 03

Sprott had its origins in Sprott Securities Ltd., a brokerage firm founded in 1981 by Eric Sprott.

Today, Sprott manages approximately $10 billion in assets and operates through four businesses:

  • Asset Management
  • Physical Bullion
  • Private Equity and Debt
  • Wealth Management

- Silver is winning India’s “War on Gold” (ZeroHedge, July 2, 2013):

As India continues to wage war with gold, investors are seeking out the yellow metal through any means available. Reports today suggest that there is not enough room on commercial flights into Dubai for all those investors seeking to purchase gold. “I cannot find a place for transporting gold on Emirates, on BA or Swiss Airlines this weekend,” lamented Tarek El Mdaka, the managing director of Kaloti Gold in Dubai adding he is shipping as much as 2 tonnes of gold every day.1 As we had suspected, it would appear that the Indian gold trade has moved offshore to avoid the restrictions on imports and extra taxes imposed. However, this is not the biggest change in the Indian precious metals market – silver imports have exploded.

Continue reading »

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Jun 27

“The man who reads nothing at all is better educated than the man who reads nothing but newspapers.”
- Thomas Jefferson

“What good fortune for governments that the people do not think.”
– Adolf Hitler

“War is peace.
Freedom is slavery.
Ignorance is strength.”
- George Orwell

Related info: – ‘The Dark Side of the QE Circus’

“Somewhere ahead I expect to see a worldwide panic-scramble for gold as it dawns on the world population that they have been hoodwinked by the central banks’ creation of so-called paper wealth. No central bank has ever produced a single element of true, sustainable wealth. In their heart of hearts, men know this. Which is why, in experiment after experiment with fiat money, gold has always turned out to be the last man standing.”
– Richard Russell


- Gold premiums jump as physical demand outstrips supply (Reuters, June 26, 2013):

Gold premiums doubled in India on Wednesday as suppliers struggled to meet surging demand after a ban on consignment imports, but futures prices fell to their lowest in more than a month as international gold prices fell due to a strong dollar.

India, the world’s biggest buyer of gold, now requires importers to pay upfront for inventory, making it difficult for smaller jewellers with lower working capital to source supplies. The government also raised the import duty to 8 percent in May to keep a lid on the surging current account deficit.

Continue reading »

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Jun 23


Soldiers tried to repair a footbridge over the Alaknanda River in mountainous Uttarakhand State during resue work on Saturday.

- Flood Toll Reaches 1,000 in India as Thousands More Await Rescue (New York Times, June 22, 2013):

NEW DELHI — Flash floods and landslides in northern India have killed at least 1,000 people in the Himalayan state of Uttarakhand in the past week, an official said Saturday, and with thousands missing or stranded the toll was expected to rise.The official, Vijay Bahuguna, the chief minister of Uttarakhand, confirmed the latest toll in a meeting with reporters. Home Minister Sushil Kumar Shinde told the Indian news media on Saturday that 40,000 people were still stranded, and he described the floods as a “national crisis.”

Most of the stranded were people on a pilgrimage known as Char Dham Yatra, which takes Hindus to four of the holiest shrines in Uttarakhand between May and November.

Continue reading »

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Jun 09

- The NSA’s “Boundless Informant” Collects 3 Billion Intelligence Pieces From US Computer Networks In One Month (ZeroHedge, June 8, 2013):

There’s one reason why the administration, James Clapper and the NSA should just keep their mouths shut as the PRISM-gate fallout escalates: with every incremental attempt to refute some previously unknown facet of the US Big Brother state, a new piece of previously unleaked information from the same intelligence organization now scrambling for damage control, emerges and exposes the brand new narrative as yet another lie, forcing even more lies, more retribution against sources, more journalist persecution and so on.The latest piece of news once again comes from the Guardian’s Glenn Greenwald who this time exposes the NSA’s datamining tool “Boundless Informant” which according to leaked documents collected 97 billion pieces of intelligence from computer networks worldwide in March 2013 alone, and “3 billion pieces of intelligence from US computer networks over a 30-day period.”

This is summarized in the chart below which shows that only the middle east has more active NSA-espionage than the US. Also, Obama may not want to show Xi the activity heatmap for China, or else the whole “China is hacking us” script may promptly fall apart.

Using simple, non-AES 256 breaking math, 3 billion per month amounts to some 100 million intrusions into the US per day, or looked at from another perspective, just a little more than the “zero” which James Clapper vouched announced earlier today is the applicable number of US citizens falling under the NSA’s espionage mandate: “Section 702 cannot be used to intentionally target any U.S. citizen, or any other U.S. person, or to intentionally target any person known to be in the United States.” Oops.

But it gets worse for the NSA. As the Guardian reports, “Emmel, the NSA spokeswoman, told the Guardian: “Current technology simply does not permit us to positively identify all of the persons or locations associated with a given communication (for example, it may be possible to say with certainty that a communication traversed a particular path within the internet. It is harder to know the ultimate source or destination, or more particularly the identity of the person represented by the TO:, FROM: or CC: field of an e-mail address or the abstraction of an IP address). Thus, we apply rigorous training and technological advancements to combine both our automated and manual (human) processes to characterize communications – ensuring protection of the privacy rights of the American people. This is not just our judgment, but that of the relevant inspectors general, who have also reported this.”

In other words, Americans are absolutely the target of billions of monthly intrusions, but said data “mining” is exempted because it is difficult to identify in advance if a US citizen is implicated in any metadata chain.

Only it isn’t as it is the whole premise behind Boundless Informant. Continue reading »

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Jun 06

- India Central Bank Prohibits Sales Of Gold Coins (ZeroHedge, June 6, 2013):

Two weeks ago, with its current account getting crushed by relentless gold imports, India’s finance minister Chidambaram literally begged the people to stop buying gold. Judging by the popular response, the ongoing physical shortage, and last night’s increase in Indian gold import duties from 6% to 8%, appealing to people’s feeling when it comes to the choice of fiat vs physical, has failed miserably. So the FinMin Chidambaram has decided to escalate.

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.

Gold imports by India, the world’s biggest buyer of bullion, surged to
162 tonnes in May — more than twice the monthly average in the record
year of 2011.

“I think the Reserve Bank has advised banks that they should not sell gold coins,” said Chidambaram, while speaking at an event in Mumbai.

Chidambaram also urged banks to advise their customers not to invest in gold.

Why? If it is not clear by now, here is the explanation: there is simply not enough gold to satisfy demand at the current artificially downward-manipulated price, no matter what propaganda script is being spun on Verizon TV at any given moment. And with India’s idiotic decree, even more gold will be purchased at these prices.

Dear India – here is a simple way to limit demand: price.

Continue reading »

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Jun 02

Full article here:

- It’s A “0.6%” World: Who Owns What Of The $223 Trillion In Global Wealth (ZeroHedge, June 2, 2013):

Back in 2010 we started an annual series looking at the (re)distribution in the wealth of nations and social classes. What we found then (and what the media keeps rediscovering year after year to its great surprise) is that as a result of global central bank policy, the rich got richer, and the poor kept on getting poorer, even though as we predicted the global political powers would, at least superficially, seek to enforce policies that aimed to reverse this wealth redistribution from the poor to the rich (a doomed policy as the world’s legislative powers are largely in the lobby pocket of the world’s wealthiest who needless to say are less then willing to enact laws that reduce their wealth and leverage). Now that the topic of wealth distribution (or rather concentration) is once again in vogue, below we present the latest such update looking at a global portrait of household wealth. The bottom line: 29 million, or 0.6% of those with any actual assets under their name, own $87.4 trillion, or 39.3% of all global assets.

Here are the key highlights via Credit Suisse:

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May 08

- McDonalds Hikes Japanese Burger Prices And Sales Slide; Now It’s India’s Turn (ZeroHedge, May 8, 2013):

Confirming that while Central Banks may have halted economic logic and reason indefinitely, supply and demand still have some relevance in the real world was today’s earlier news that in the aftermath of McDonalds’ 20% price hike of basic burgers in Japan three weeks ago, that the company’s Japanese same store sales tumbled by a whopping 3.7% in April, a major contributor for the miss in the expected global same store sales for April which came at -0.6%, below Wall Street expectations. One can only guess what the SSS drop would have been had MCD implemented the price hike at the start of the month. One can also guess if the increase in average price offset the drop in sales volume – we will know soon, but just to make doubly sure if what MCD loses in volume it makes up for in price, McDonalds announced that one month after the 20% price hike in Japan, its Indian franchise operator said it too would proceed with a price hike – the second one this year – amounting to 5-6%.

From Reuters:

An Indian franchise operator of McDonalds Corp  may increase prices for the second time this year, responding to rising inflation which, along with an economic slowdown, it expects to temper demand growth for at least the next 7 months.

The company, Hardcastle Restaurants, said on Tuesday it could raise prices by 5-6 percent. That follows a 5 percent hike after the government increased the service tax rate in February.

“There is pressure and it’s a tough environment, no doubt. But inflation is at 8-10 percent so we have to hike our prices,” said Amit Jatia, vice-chairman of Hardcastle Restaurants, which owns the McDonalds franchise for west and south India.

Pop quiz: does consumption increase when prices rise? For the S&P500, yes. In India, apparently not.

Consumer spending in India has taken a hit in the past three quarters as rising food prices, meager salary increases and the slowest Indian economic growth in a decade hurt buying appetites for clothes, cars and eating out.

With its 1.2 billion people and growing middle class, India is a large market for global chains, though for now most Indians cannot afford to eat regularly in western-style restaurants.

The burger chain said its same-store sales remained under pressure and although they would grow, the increase would not be at the 22 percent achieved in the fiscal year ended March 2012.

The burger chain plans capital spending of 5 billion-10 billion rupees ($92 million-$184 million) in India over the next 3-5 years, mostly for store expansion, Jatia said, adding India’s long-term consumption growth story remained intact.

McDonalds has 309 stores in the country.

In other news, with inflation rampant in the world’s second most populous country, the local citizens just can’t get enough of selling synthetic gold via synthetic CDOs such as the GLD ETF, if it means being able to buy actual physical gold at cheaper prices. Because remember: deflation is just inflation on the sidelines, and the Chairsatan can kill the sidelines in 15 minutes.

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Apr 21

- The Secret World Of Gold (ZeroHedge, April 21, 2013):

In a wide-ranging look at the history and present of the barbarous relic, CBC’s Ann-Marie MacDonald has gathered many perspectives (pro and con) on gold. The following documentary moves from historical shipwrecks to Nazi ‘death gold’ and England’s war chest to recent years where widespread economic uncertainty has given the yellow metal a “new lustre in the world of high finance.” Valued for its permanence, beauty and scarcity, people will lie, cheat, steal and kill in the name of gold; and the clip provides color on many of the market manipulations of the last few years. As MacDonald says, whether it’s a few gold coins or gold bars stored in one of the many vaults around the world, many investors are taking a shine to gold. But there’s not a lot of it. It is said that, even melted down, there would not be enough to fill an Olympic swimming pool. Some claim that much of the gold held by the Bank of Canada, the Bank of England, the Federal Reserve and Fort Knox is gone – that for every 100 ounces of gold traded, there exists only one ounce of real, physical gold. So, where is the gold – and who really owns it?

Part 1

Part 2

Part 3

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Apr 18

Related info:

- U.S. Mint Sells Record 63,500 Ounces Of Gold In One Day

- Gold Buying Frenzy Continues: China, Japan, And Australia Scramble For Physical


- Gold Drop Spurs Demand From Indian Bazaar to Chinese Mall (Bloomberg, April 18, 2013):

Shoppers in China lined up for gold this week, while in Hong Kong they rushed to buy bracelets and in India sought jewelry for weddings not set until December. The metal’s biggest price drop in three decades provoked the clamor.

From Zaveri Bazaar in Mumbai, India’s largest bullion market, to Australia’s Perth Mint, where sales doubled from last week, consumers headed to shops after the commodity entered into a bear market last week. As gold plunged 13 percent in the two sessions through April 15, retail sales tripled across China on April 15-16, the China Gold Association reported.

The frenzy appeared in India and China, the biggest gold- consuming nations, with cultures that traditionally acquire the metal for brides, babies or strongboxes. This year’s 18 percent decline may reignite demand that last year fell for the first time in three years, with Asian investors in particular seeing the drop as a buying opportunity. Continue reading »

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Apr 15

- China Takes Another Stab At The Dollar, Launches Currency Swap Line With France (ZeroHedge, April 13, 2013):

One more domino in the dollar reserve supremacy regime falls. Following the announcement two weeks ago that Australia And China will Enable Direct Currency Convertibility, which in turn was the culmination of two years of Yuan internationalization efforts as summarized by the following: “World’s Second (China) And Third Largest (Japan) Economies To Bypass Dollar, Engage In Direct Currency Trade“, “China, Russia Drop Dollar In Bilateral Trade“, “China And Iran To Bypass Dollar, Plan Oil Barter System“, “India and Japan sign new $15bn currency swap agreement“, “Iran, Russia Replace Dollar With Rial, Ruble in Trade, Fars Says“, “India Joins Asian Dollar Exclusion Zone, Will Transact With Iran In Rupees“, and “The USD Trap Is Closing: Dollar Exclusion Zone Crosses The Pacific As Brazil Signs China Currency Swap, China has now launched yet another feeler to see what the apetite toward its currency is, this time in the heart of the Eurozone: Paris. According to China Daily, as reported by Reuters, “France intends to set up a currency swap line with China to make Paris a major offshore yuan trading hub in Europe, competing against London.” As a reminder the BOE and the PBOC announced a currency swap line back in February, in effect linking up the CNY to the GBP. Now it is the EUR’s turn.

More on this curious move by the Bank of France and the PBOC from Reuters: Continue reading »

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Mar 30

- BRICS Nations Plan New Bank to Bypass World Bank, IMF (Bloomberg, March 26, 2013):

The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.

The leaders of the so-called BRICS nations — Brazil, Russia, India, China and South Africa — are set to approve the establishment of a new development bank during an annual summit that began today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises.

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Mar 10

FYI.


- Jim Rogers: We’re Wiping Out The Savings Class Globally, To Terrible Consequence (Peak Prosperity, March 9, 2013):

Jim Rogers decries the growing uncertainty and recklessness of global central planners as the world enters unchartered financial markets:

For the first time in recorded history, we have nearly every central bank printing money and trying to debase their currency. This has never happened before. How it’s going to work out, I don’t know. It just depends on which one goes down the most and first, and they take turns. When one says a currency is going down, the question is against what? because they are all trying to debase themselves. It’s a peculiar time in world history.

Continue reading »

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Feb 18

- Shanghai Gold Exchange Volume Soars To Record As India Gold Imports Surge To 18 Month High (ZeroHedge, Feb 18, 2013)

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