Indian Gold Dealer: Government Blames Gold For Account Deficit
I had the chance this morning to reconnect with Vishal Vyas, head of operations at India’s top bullion dealer, Pushpak Bullions Pvt. Ltd. It was a sobering conversation, as Vishal indicated that the Indian government has just stepped in and crushed the domestic gold market with punitive taxation and trade controls. He also indicated that Dubai is now becoming a major recipient of “gold tourism”—with tourists flooding into the United Arab Emirates in order to buy gold.