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« The Innocenti | Main | Is this rally in PM stocks that we have all been waiting for? »
Wednesday
Aug282013

Chart of the Week: India gold price at all-time high

WEDNESDAY, AUGUST 28, 2013

David Franklin

With the Indian rupee continuing to plumb new lows against the US dollar, it is clear that the Reserve Bank of India (RBI) is losing its war on gold. Our Chart of the Week shows the gold price in rupee hitting a new high yesterday.

The gold price has exploded in India since the low hit on June 28th, increasing a whopping 30% in the span of only 2 months! The culprit is likely the rupee collapse, which has been equally as stunning, falling by 15% against the dollar over the same time period. Further contributing to the increase in the gold price has been the escalating tension in the Middle East that has driven demand for safe haven assets.

As we have discussed in previous articles, 

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With gold, silver and Uranium stocks being out of favor one must decide if this is a problem or an opportunity. We have steadfastly refused to buy gold and silver mining stocks for the last two years and as evidenced by the HUI we feel that our decision to hold back has been vindicated. The damage done to the mining sector may not be over yet but this demise is starting to offer up some exciting opportunities in my view.

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