Tuesday, August 20, 2013

Rupee Plunges to Record Low; Gold set to turn positive in INR

Is this the real reason the Indian government has increased the import duty for gold to 10% so as Indians cannot protect themselves against a Rupee in free fall?

Aug. 20 (Bloomberg) -- Bloomberg's Diana Monteiro reports the market turmoil in India as the rupee hits a record low, with predictions of it falling further. She reports on Bloomberg Television's "On The Move Asia."  

Notice that even though gold is down 18.5% in US$ terms YTD because of the plunging Rupee (compared to USD) the INR price for gold is only down 4.7% YTD. Give it a week or two of rising gold prices and falling Rupee the gold price in INR will turn positive for the year.

chart from goldprice.org

The Australian Election Campaign

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Glenn Greenwald's partner detained at UK airport

From RTAmerica

Published on Aug 19, 2013
Over the weekend, English authorities detained David Miranda for nine hours at London's Heathrow Airport. The 28-year-old Brazilian man is the partner of Guardian journalist Glenn Greenwald who was responsible for releasing Edward Snowden's NSA mass surveillance leaks. Many critics believe that UK authorities are simply retaliating against Greenwald's reports, and RT's Sam Sacks has more on the scandalous tactics.

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