India Gets Greedy for Swiss Gold

According to sources,60-70% of the total gold imported by India during the months of September and October came from Switzerland. Based on the current trend, Swiss gold exports to India is set to surpass record highs, breaking past Rs 1 Trillion for 2014.

Some economists have speculated that the surge in Swiss gold shipments to India may be due to a recent announcement by the Indian government who recently announced “strict action against black-money account holders, assuring that all necessary actions would be taken to tackle the ‘black-money’ menace.”

Said one Indian news source:

“While industry watchers attribute the surge during October and September partly to increased demand for yellow metal during Diwali and other festivals in India, the sudden spike is also being seen suspiciously in the backdrop of gold being used for ‘layering’ purposes to move funds from Swiss banks amid growing scrutiny for suspected black money.”

Neither government has confirmed the speculation though.