I don’t agree with the recent reports in various media that the Indian rural population can’t afford to buy bullion and that is why they are buying silver in larger quantities than the city dwellers.
On any day, you can find large numbers of rural people in the crowded gold jewelry shops in Madras. Their purchasing power too has increased though they may not be informed bullion buyers like urban people.
Veteran precious metals investment analysts have opined that the silver demand has come down mainly because of poor patronage to silver by city population, which is contrary to the press release of U.S. Gold Bureau that says the U.S. has been buying silver since 1990 as they foresee a demand supply gap in silver.
The overall gold buying in India and China might push the gold price to $2000 in 4 months.
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