Friday, June 7, 2013

Weekend Chillout - Trying to fit in

I thought I would take the piss out of myself this week for the chillout. For those who did not come in contact with me this week I am having to wear a "moon boot" and use crutches after falling down some stairs last week and fracturing the ankle bone in one foot (although I did convince one of my clients this week that it was a sex injury). I am trying to make the best of the situation; hey I got a seat on the bus all week and I am taking perverse pleasure in randomly crashing into people - so far I have taken out two expensive suits (hopefully bankers, I do working the bank HQ section of Sydney) that thought they owned the footpath, and more enjoyably the annoying bugger that blocks the doorway to my office building handing out pamphlets. My foot might be sore but my shoulders are just fine :-)

Indian Rupee may plunge further to 57.80 driven by domestic, global factors

Mumbai gold dealer
And the strugglers at the RBI wonder why Indians are buying gold and not listening to their bankster masters.

From The Economic Times

Article link

MUMBAI: A confluence of adverse domestic and global factors is threatening to push the Indian rupee to historic lows, making the import of crude oil and coal more expensive and aggravating the problems of an economy already battered by decade-low growth and poor investments.

The currency breached the psychological level of 57 to the US dollar, making importers nervous. But the government and the Reserve Bank of India (RBI), which have made gold imports difficult to shore up the currency, appeared to be unmoved.

"There is no cause for alarm on the Indian rupee, and capital flows are strong," said Finance Minister P Chidambaram. "I think the rupee will stabilise and find its correct level," he said.

Read more

Reserve Bank of India advises against selling gold coins

What planet do these guys live on? A bloated banker in Mumbai is telling millions Indian women in villages across the country not to save in gold but instead in paper denominated in a fast depreciating fiat currency - do think they are going to listen? Bet he didn't have the cojones to tell his wife to stop buying gold for their daughter's wedding, etc.

From The Economic Times

Article link

MUMBAI: RBI has advised banks not to sell gold coins to retail customers, Finance Minister P Chidambaram said a day after the government increased import duty on the metal amid widening Current Account Deficit.

"I think the RBI has advised banks they should not sell gold coins," he said at the AGM of the Indian Banks' Association (IBA) here today.

This is in addition to RBI's restrictions on gold imports by banks and other agencies. Banks have also been advised to restrict advances against gold coins.

Both the government as well as the Reserve Bank have been taking steps to curb the gold imports, which have averaged 152 tonnes in April and May, resulting in foreign exchange outgo of about USD 15 billion. The average monthly gold import was 70 tonnes in the last fiscal.

Last night the import duty on gold was increased to 8 per cent from 6 per cent, the second increase within six months.

Chidambaram said the surging imports are unsustainable and advised the banks to tell customers not to invest in the precious metal.

"Banks have a role to play in dampening the enthusiasm for gold... I would urge all banks to please advise their branches that they should not encourage their customers to invest in or buy gold," he said.

Read more