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Gold set to gleam on haven demand as equities crash CHENNAI, JAN 30:  Gold prices on domestic spot and futures markets are set to top Rs 30,000/10 gm on Thursday as the US Federal Reserve move to cut its stimulus programme further has hammered equities. With stock markets heading south, investors have switched to gold as a haven instrument. The Fed Reserve, after its Open Market Committee meeting that ended on Wednesday night, decided to cut its stimulus programme by another $10 billion to $65 billion a month. The Fed has been buying bonds and other assets under the programme to shore up the US economy. Now that the economy is showing signs of recovery, the Fed Reserve has begun to cut its stimulus. Investment woes in developing countries The Fed Reserves decision has sent ripples across developing markets such as India, Turkey, Brazil and Argentina that stocks are beginning to take a hit on fears that foreign investors could now begin to cut their holdings. ...

Finance ministry mulls 2% cut in gold import duty [ Editor : Yesterday, a brief report was sent to the Paid Members (and also those who are trading with my recommended brokerage  houses), on the Jewellery (Gold) Companies, with recommendations to buy the best among them. I hope those who are with my brokerage  house, have bought the scrip today, which closed with a  gain of 2.46% on the BSE. Join my recommendation brokerage house and get assistance from me for free] Wednesday, January 29, 2014: After twelve subsidised LPG cylinders, some cheer may come on the gold front soon. The finance ministry – which lacks fiscal ammo for big-bang pre-electoral giveaways – may still grant some reprieve to the country's middle-class.  The ministry is planning a two per cent cut in gold import duty and review of duty hike last year on imported high end TVs. A senior finance ministry official told dna, "The ministry is looking at a 2% cut in the gold import duty. A dec...

Glodyne Technoserve Ltd (Rs.8.25) : Where are all the Profits Going ? Glodyne Technoserve Ltd came out with the following press release on June 10, 2011 Please Click on the Photo to Expand Glodyne Technoserve to acquire "Comat Technologies: Mumbai, June 2011: Glodyne Technoserve Ltd one of the largest technology infrastructure management services provider and a pioneer in e-governance managed services space in the country today announced the acquisition of Comat Technologies, a leading provider of e governance services in India. Comat has created a strong niche the e-governance sector in the country having worked with governments in using technology to provide services that ensure reach to millions of people and bring efficiency in the processes. Comat acquisition will help Glodyne expand its reach in new states and add several key partnerships and relationships with governments for providing citizen centric programs. Amongst others, Comat has a notable pipeline ...

RBI says CAD to fall, raises hopes of gold import duty cut Mumbai, January 28, 2014: The Reserve Bank of India (RBI) has said current account deficit (CAD) in this financial year is expected to decline to below 2.5 per cent of GDP from 4.8 per cent a year ago. The statement raises hopes of a cut in import duty on gold. "The full year CAD is likely to be below 2.5 per cent of GDP," the central bank said during its monetary policy review, adding that resumption in portfolio flows and pick up in FDI and External Commercial Borrowing (ECB) should help finance the CAD comfortably. The deficit was at 4.9 per cent in Q1 and came down to 1.2 per cent in Q2. In the first half, CAD stood at 2.6 per cent. CAD, which is the difference between inflow and outflow of foreign currency, was at a record high of 4.8 per cent or $88.2 billion in 2012-13. The government had raised the customs duty on gold in phases from 4 per cent to 10 per cent in 2013 to check CAD. Bes...

Gold woth Rs 10cr seized from cargo of private airliner Chennai, Jan 28, 2014: Twenty-seven kgs of gold concealed in cell phones was seized by officials of the Directorate of Revenue Intelligence from the cargo of a private airliner on Tuesday. The gold is valued at around Rs 10 crore. Airport sources said the DRI officials made the seizure from the cargo of a private airliner, where the yellow metal was concealed inside cell phones that were packed inside many boxes. Investigations about the sender and recipients were on, the sources said, adding, the consignment arrived from Hong Kong. Courtesy :   The Times of India

Four held with gold worth over Rs 1.50 cr at airport Press Trust of India  |  New Delhi  January 28, 2014  Four people have been arrested for allegedly trying to smuggle into the country gold bars valuing over Rs 1.50 crore at the airport here, customs officials said.  The accused were intercepted by customs officials upon their arrival on January 23 from different international and domestic flights-- one from Bangkok and three from Hyderabad, Mumbai and Amritsar respectively.  One of the accused had hidden 600 gms of gold in his mobile while another passenger wad hidden it in his innerwear. Rest were hiding gold in their baggage being carried out by them, the officials said.  The accused were carrying ten gold bars collectively weighing about 6.2 kgs worth Rs 1.57 crore, they said.  All the accused have been arrested and the gold bars have been seized.  A man was arrested on January 19 for allegedly trying to smug...

Gold curbs to arrest CAD hit West Bengal’s artisans hard  [ Editor : As expected the poor artisans of this sector are  hit the  most, especially at  a time when the inflation is too high and the unemployment rate is increasing. P Chidambarams' draconian methods, will now perhaps completely destroy the Gems and Jewellery sector, like many others like, Infrastructure, Power, Real Estate, Automobile, Ceramics, etc. etc. The general elections are very near, and the affected people might show their anger in the ballot box] KOLKATA: With elections round the corner, the Mamata Banerjee government is perturbed over artisans in gold trade losing jobs as there is hardly any work with jewellers due to supply crunch of the yellow metal.  The state supplies the best artisans in jewellery trade and nearly 1 crore people from the state are engaged in the trade.  Talking to ET, the state labour minister Purnendu Basu said, "If things take a t...

3,000kg of gold being smuggled in a month, admits Chidambaram New Delhi, Jan 28, 2014:  Finance minister P Chidambaram on Monday acknowledged a spurt in gold smuggling in the wake of higher duties and other curbs on the import of the yellow metal into the country. While estimating illegal shipments of up to 3,000kg in certain months — a record by all accounts — the minister justified the restrictions, citing high current account deficit (CAD) but indicated that some of the tightening may be eased in the next few months. The government had increased customs duty on gold to 10% and later RBI imposed import restriction by linking it to exports in an attempt to lower the ballooning CAD which was $88 billion last fiscal. This year, the government hopes to contain CAD at around $50 billion by bringing down gold imports. The finance minister, who was speaking at the international customs day function here, said a review on the decision to lower duties or remove other re...

Revisiting gold import rules, says Anand Sharma [ Editor : P Chidambaram's obstinacy should have its  usual limits.  Normally, he is hard-working and has performed better than many other Finance Ministers, during the last couple of decades, but his "Herculean Stupidity" and overconfidence is what  gets him flak at the end. When the elections are only few months away, he is still talking of Fiscal Deficits and Current Account Deficits while relaxing norms for Gold imports, as if the voters will give vote depending on this figure. Moreover, even if he is trying to contain CAD  now, he should at understand that any decision works with a time lag. Therefore, if the import restrictions are removed now, it would not be before April, 2014 that the steam for imports will start to pick up. Anand Sharma is right  in his assessment and a sector cannot be victimized for such a long time with draconian laws. There are poor artisans associated with thi...

Sensex slumps as emerging market stocks fall [ Editor : Mr. P Chidambaram hikes import duty in Gold, by 5 times, in  around a couple of years and then asks the Jewelers to export through 80:20 scheme......this is Chidambaronomics......Huh!! What a logic? How can the exporters remain competitive in the international market, when they have  to take care of a such sudden spike in import duty apart from other burning factors? His policies fails and so his ministry decides to victimize a sector....Wow!!  The government raised the import duty on gold to 10% in 2013 from 2% in 2012 to rein in its ballooning current-account deficit. Gold supplies have also dried up because the central bank has mandated that importers prove that they will keep aside 20% of any imported gold for re-export as jewelry. Gold is the country's second-biggest imported commodity after crude oil. So, the point is that why he does not apply the same logic in case of CRUDE ...

Excerpts of Message Sent to Premium Members Today On Friday, Nifty could not cross the resistance of 6358 and ultimately fell down. There were sustained selling without any marked intra-day pullback. Finally Nifty_Spot settled at 6266 with a net loss of 79 points, making the sentiment turning negative.  Nifty which bounced back from the level of 6130-6140 for the third time seems to have lost steam from the resistance of XXXX . If the Nifty continues to trade below 6240, it may attract further selling in market. Long positions should therefore be avoided, except select counters, like  XXXX ,  etc. Nifty is now at 6169.20.  Resistance :  6200 / 6270 Support :  6150 / 6130 US indices slumped Friday as an unexpected contraction in Chinese manufacturing in January hurt sentiment. Asian indices declined today in line with US equities. Japan's Nikkei was among the top losers, falling 2.6% as the yen rose against the dollar. Fundamentally speaking...

Feature : Nepal now used as transit for gold smuggling KATHMANDU, Jan. 21 (Xinhua) -- Frequent seizures of contraband gold and the arrest of people involved in the racket prove that Nepal has now become a transit route for gold smuggling to neighboring India. Nepali police on Sunday confiscated 54 tola of gold (85.73 tola makes one kilogram) from five Nepali smugglers, including three women. The gold was on its way to India. Acting on tips that three women were bringing gold to Nepal from China in a bus, a police team was deployed to seize the precious metal in Bhaktapur, around 15 km east from this capital city. Deputy Superintendent of Police (DSP) Ramesh Thapa said the gold being smuggled was in the form of thick necklaces which the three women smugglers had been wearing. "This recent crackdown on gold smuggling has brought to light a new modus operandi where smugglers mould gold into pieces of jewelry and make women wear them so that they cannot be detect...