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@Nick http://trib.al/ikWGuPX Australian government floats $100 note removal Liberal Democratic Senator David Leyonhjelm hit out at the proposal, saying “the only people who are distressed by the cash economy are the government and the public servants who want to spend taxes”. “But with my libertarian hat on, I think the solution is to lower taxes so the incentives to avoid paying taxes are lower.” #mbgtrends #cash #gold #india #australia
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@newstracker Child rights activists say "demonetisation" drive has a silver-lining: it has stemmed the steady stream of children trafficked here to stitch shoes. http://in.reuters.com/article/india-trafficking-demonetisation-idINKBN1451VT? #India
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@MiningBookGuy Cash chaos in Venezuela after banknote withdrawn http://www.aljazeera.com/news/2016/12/cash-chaos-venezuela-banknote-withdrawn-161216132241925.html #Venezuela #CashCrisis #Inflation #mbgtrends The ~2 minute clip was useful. Things do NOT look as chaotic as #india (though it's surely worse). Lots of similarities with the ATM fiascos. And people stealing the industrial metals in the middle of the video, an important #signal for this type of #inflation anywhere in the world, useful to see this.
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@MiningBookGuy @anonymous - thanks for your thoughts here. great point about people stealing metal a few years ago...i remember a few of those stories as well. i feel bad about all catastrophes...but especially the 'man-made' ones, where we know for sure they did NOT have to happen this way. unfortunately, #venezuela is the best current example of this, and i am concerned #india is one that is starting to go down that path now...other countries as well that are less well-known/reported, and surely more to follow.
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@newstracker #Gold imports into India fell 30.5 per cent to USD 15.74 billion in April-November. For the previous period of 2015-2016 imports were $22.64 Billion. http://economictimes.indiatimes.com/markets/commodities/news/gold-imports-shrink-30-5-to-usd-15-7-bn-in-apr-nov/articleshow/56065967.cms #Gold #India
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@newstracker India imposes new rules on cash deposits. Customers must be questioned by bank officials when depositing $75 or more. https://www.ft.com/content/a83e19a0-c5c5-11e6-8f29-9445cac8966f #india
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@racker NoBroker raises $7M more to connect home owners with buyers and renters directly https://techcrunch.com/2016/12/18/nobroker-raises-7-million-more/ love the name! #realestate #fintech #india #brokers
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@newstracker Commodities outpaced Indian equities in 2016, as crude oil, precious metals, base metals and agricultural commodities delivered over 20 per cent return on an average against tepid gains in Indian domestic equity indices. http://economictimes.indiatimes.com/markets/commodities/news/not-gold-or-silver-look-which-commodities-beat-equity-in-2016/articleshow/56077498.cms #india
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@newstracker A Forbes report authored by a former McKinsey consultant says that the UK's GDP in 2016 was £1.87 trillion, which, given the 20 per cent decline in the value of the pound over the course of 2016, translated to $2.29 trillion. The report cites India’s 2016 GDP as being Rs. 153 trillion, which converts to $2.30 trillion at an exchange rate of Rs. 66.6 per dollar. According to Indian newspaper the Hindu, this claim is false after they conducted an analysis on data from the IMF, Government of India and currency data from the central bank. http://www.thehindu.com/business/Economy/Reality-check-Indian-economy-is-not-larger-than-that-of-the-UK/article16925514.ece? #India
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@newstracker Indian shares fell for a seventh consecutive session on Thursday, their longest losing streak in one-and-a-half years, as blue chips such as State Bank of India and Infosys Ltd continued to be hit by foreign selling. #India http://in.reuters.com/article/india-sensex-nifty-stock-markets-idINKBN14B0KX?
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@newstracker India criticised Moody's ratings methods and pushed aggressively for an upgrade, documents reviewed by Reuters show, but the U.S.-based agency declined to budge citing concerns over the country's debt levels and fragile banks. http://in.reuters.com/article/india-ratings-moody-s-idINKBN14B26X #India
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@newstracker Controversies in the Indian business world in 2016: http://www.thehindu.com/business/article16944909.ece?homepage=true #india
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@newstracker Prem Watsa's Fairfax Financial $FFE has secured regulatory approval to acquire 51% of Catholic Syrian Bank in India. This marks the first time that India's central bank is allowing a foreign investor to buy a majority stake in a domestic lender. http://business.financialpost.com/news/fp-street/fairfax-financial-first-to-win-approval-to-buy-majority-stake-in-indian-bank #India
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@Goldfinger "Modi abolished 500 and 1,000 rupee bills on Nov. 8, taking out 86 percent of cash in circulation, in a bid to fight corruption, end terror financing and turn India into a cashless society." http://www.reuters.com/article/us-india-modi-corruption-election-idUSKBN14J0Q6 Result is a bank run $India
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@newswire Encanto Potash Enters Into Memorandum of Agreement With India's National Federation of Farmers' Cooperative for 100 Million Tonne 20 Year Offtake Agreement @newswire/encanto-potash-enters-into-memorandum-of-agreement $ENCTF $EPO The terms of the offtake agreement provides for a minimum supply of 5 million tonnes per year for a minimum 20 year term, pending final negotiations related to the offtake agreement. #India #potash
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@nlepan After India’s government took 86% of currency out of circulation a couple of months ago, its main policy think-tank has a new plan for the country: rendering plastic money “irrelevant” by 2020. The think thank proposes to leap over credit and debit cards and go straight into mobile payments. http://blogs.wsj.com/indiarealtime/2017/01/09/will-india-get-rid-of-plastic-money-by-2020/? #tech #demonetization #india
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@nlepan India’s gasoline consumption continues to grow rapidly as an increasing number of individuals purchase their first motorized vehicle, helping drive the fastest growth in fuel demand in the world. India's gasoline consumption has increased more than 12 per cent in 2016 compared to 2015. Consumption is being driven by an enormous increase in the number of drivers on the country’s roads for the first time. http://www.reuters.com/article/us-india-gasoline-kemp-idUSKBN14U1Y8 #energy #India
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@nlepan Demonetization in India has put a kink in production at the diamond cutting and polishing hub of Surat which has resulted in a price increase over the past month of 2% to 3%. Rising prices have helped exporters which has offset some the adverse effects of the removal of paper currency. Diamond mining companies such as De Beers, ALROSA, Rio Tinto and Dominion Diamond have also not forced Indian processors to lift higher volumes of diamonds. http://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/note-ban-takes-the-sheen-off-diamond-industry/articleshow/56513241.cms? #diamonds #India
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@nicholaslepan The IMF now expects India to record a growth of 6.6 percent for the current year, and 7.2 percent next year. Earlier, IMF had projected 7.6 percent this year and next year. http://www.thehindu.com/business/Economy/Demonetisation-has-hit-Indian-economy-IMF/article17045995.ece #India
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@nicholaslepan The Reserve Bank of India has injected 9.2 trillion rupees ($135.21 billion) worth of new currency notes into the banking system to help replace the notes banned in November, a parliamentary panel member quoted central bank governor Urjit Patel as saying on Wednesday. http://www.reuters.com/article/us-india-modi-demonetization-panel-idUSKBN1521D0?il=0 #india
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@nicholaslepan The government of Telangana, a state born of the 2014 secession from Andhra Pradesh after its residents accused the government of systematic neglect, is doing something unprecedented in India: bringing broadband internet to every rural home in the region, some 23 million people in all. https://www.wired.com/2017/01/telangana-fiber-internet-india/? #India #tech
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@nicholaslepan The search for #gold is set to resume in the Indian province of Andhra Pradesh with one of the private firms, which got licence for prospecting studies, submitting its proposals to the ministry of environment, forests and climate change seeking forest clearance.The new search for gold is likely to give motivation to the government's plans to set up a gold refinery in Krishna district. The Indian Bureau of Mines has estimated that Andhra Pradesh has a potential gold ore of 1.22 crore tonnes. Earlier estimates had put the reserves at about 68 lakh tonnes of gold ore. http://timesofindia.indiatimes.com/city/hyderabad/after-a-decade-golden-era-back-in-andhra-pradesh/articleshow/56697664.cms? #India
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@nicholaslepan An initial public offering of shares in Indian stock exchange BSE Ltd to raise up to 12.43 billion rupees ($182.42 million) was fully subscribed on the second day of the sale, stock exchange data showed. More than 250 shareholders, led by Singapore Exchange Ltd, were selling up to 15.4 million shares in Asia's oldest stock exchange at a price range of 805 rupees to 806 rupees per share. http://in.reuters.com/article/india-bse-ipo-idINKBN1580QH? #exchanges #India
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news_bot India's minuscule #gold mining industry http://www.mining.com/indias-minuscule-gold-mining-industry/ #mining #India There is only one single gold mine. The Hutti Gold Mine in the southwestern state of Karnataka is an historic mine (production started in 1902) and located in the same greenstone belt as Kolar. Hutti produced some 45,000 ounces in 2015 and even after adding gold produced as a byproduct of copper mining on the subcontinent, India's gold output is little more than 60,000 ounces.  In February 2016, London-listed Vedanta resources became the first private company to successfully bid for a gold mine in India $VED.L
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anonymous A Conversation with Jayant Bhandari – Commentary on India’s Currency Ban, by @Leni @Leni/a-conversation-with-jayant-bhandari-commentary-on-indias-currency-ban #India
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@nicholaslepan #India will launch its biggest aero geophysical survey of minerals next month to unearth deep-seated resources such as gold and copper, as it seeks to develop its mining industry and reduce its dependence on imports. http://in.mobile.reuters.com/article/idINKBN15E1VT #mining
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@hunter #PiercePoints http://tinyurl.com/zbnd6lr Current reversal in dore gold buying in India due to import taxation issues has caused India’s gold refiners to fall to 25% of capacity - 75% of refining output idle. Ramifications to miners supplying the dore - Ghana, DR and Peru most affected. #gold #India
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@nicholaslepan #India looks at creating oil giant to take on global rivals. http://www.reuters.com/article/us-india-budget-energy-idUSKBN15G42M #energy
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@nicholaslepan Indian Department of Atomic Energy seeks nod for 12 more atomic power projects http://ecoti.in/F-TlIZ #nuclear #India
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@nicholaslepan Tesla may launch in India this summer: Musk #India $TSLA http://www.reuters.com/article/us-tesla-india-idUSKBN15N1EZ?
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@nicholaslepan The Indian government has launch a mobile application to ensure transparent the award of statutory clearances for mining operations. The government is seeking to double mining's contribution to GDP. The government has prepared an ambitious plan to put 280 mines for bidding. #mining #india http://www.dnaindia.com/money/report-govt-unveils-tamra-portal-for-transparent-mining-clearance-2324126
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@nicholaslepan #India has extended anti-dumping duty on some steel products from China by five years, in a bid to retain protectionist barriers and stem the tide of cheap foreign products. Between April and January, India's steel imports fell 37.8 percent year-on-year, data from a government body showed, primarily due to the slew of protectionist steps announced by the government. #china http://in.reuters.com/article/india-steel-antidumping-idINKBN15Z1CK? Chinese #steel rebar 25mm US$555.5/t vs US$538.2/t #Iron ore 62% Fe spot (cfr Tianjin) US$87.5/t vs US$87.1/t Premium hard coking #coal Aus fob US$150.0/t vs US$150.4/t
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@Goldfinger $India is committed to Establishing A “Strategic Uranium Reserve” of between 13 and 39 million lbs U3O8. $UEC $uranium
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@nicholaslepan The Khasi Hills Autonomous District Council (located in eastern India near the border with Bangladesh) in India has resolved to cancel the no objection certificate for uranium extraction at Kylleng-Pdengsohiong Mawthabah. The council has also scrapped an MOU signed between the district and the Uranium Corporation of India. The decision is significant because the Indian Department of Atomic Energy plans on developing large deposits of uranium to provide the country with fuel for its nuclear plants. Apparently opposition to the development of uranium is quite fierce as the decision was made, there were many interruptions over uranium mining. The Indian Atomic Minerals Directorate (AMD) found uranium oxide reserves, estimated to be about 9,500 tonnes in about 9.22 million tonnes of ore in the state. During an initial survey, the AMD found that the area around Kylleng-Pyndeng-Sohiong had about 10,000 tonnes of Uranium. Looks like India might have to go shopping for uranium elsewhere for the time being. #India #uranium #nuclear http://news.webindia123.com/news/Articles/India/20170223/3061912.html http://www.theshillongtimes.com/2017/02/23/khadc-to-scrap-noc-for-uranium-mining/ http://www.theshillongtimes.com/2017/02/22/khadc-session-ugly-scenes-mar-uranium-debate-on-day-2/
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@nicholaslepan Indian iron ore output is dropping because of rogue miners. The situation got so bad that in 2012 the government of India shut down all the iron ore pits in Western India that was the source for half of India's exports of the minerals. The ban turned the country from the world's third-largest exported of iron ore into a net importer. However, with the ant-illegal mining monitoring with the use of drones by the government, there are signs that output will increase. The country has lifted the ban from the Western province of GOA. Iron ore output for 2017 is forecasted to be 136 MT to 185MT in 2021, according to BMI research. http://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/catching-illegal-sand-men-is-key-to-make-mining-pay-in-india/articleshow/56932162.cms http://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/indias-iron-ore-output-likely-at-185-mt-in-2021-bmi-research/articleshow/57172445.cms #india #iron
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@nicholaslepan A battle is brewing in northeastern India over uranium mining. The United Democratic Party of the Indian State of Meghalaya is voicing opposition to a proposed uranium project, this particular party prides itself on being the voice of the people and is clearly taking the stance against the federal Indian governments pro mining pro uranium policies. Recently, the local government cancelled a no objection certificate for a proposed uranium mine. UDP general secretary said the mine should not be built against the will of the people and that development in the form of roads should not come with ulterior motives. #uranium #mining #India http://www.theshillongtimes.com/2017/02/24/udp-reiterates-stand-against-uranium-mining/
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@Excelsior Less #nuclear energy has meant higher costs, less clean energy overall and more deaths February 25, 2017 Michael Shellenberger explains how less nuclear energy has meant higher costs and less clean energy overall. * #USA has shutdown Enuclear plants prematurely because of lower #naturalgas costs * this has increased emissions of CO2 and air pollution * Overall energy costs have increased in the #USA which correlate with lower #nuclear energy mix * #Germany has 6 times more carbon intensive energy than France * Germany shutdown nuclear energy and now is even more reliant on coal and fossil fuel * #France uses 80% nuclear power for electricity * #France has half the cost of electricity compared to #Germany * the global decline in #nuclear power (-7.5% of energy mix) has not been replaced by solar and wind (4.5%) * the global decline in #nuclear (most of #Japan nuclear shutdown, #Germany shutdown, some early shutdowns in #USA and #Europe) has not been made up by the build in China and Asia and appears like future Europe and USA shutdowns (150 GW) will made up by new nuclear in #China and #India and #Asia through 2030.” http://www.nextbigfuture.com/2017/02/less-nuclear-energy-has-meant-higher.html
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@Goldfinger $India $gold imports reach US$3.48 billion in February.
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@Goldfinger " $India's biggest $zinc producer approved Wednesday a dividend of 27.5 rupees a share, amounting to 139.9 billion rupees ($2.1 billion)." https://www.bloomberg.com/news/articles/2017-03-23/billionaire-agarwal-s-zinc-firm-doles-out-record-indian-dividend
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@Goldfinger Following the Economic Times of India on Twitter has been insightful in many ways. I don't know much about $India but they sure do like lots of colors and words on their news channels. Almost delivering a psychedelic effect...
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@Goldfinger "Stay with $India, the big run is going on over the next 25 years. Don't day trade India." ~ #Gundlach
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@Excelsior #Korelin Economics Report - Weekend Show - Sat 13 May, 2017 #GOLD and #COMMODITIES Pullback From US and International Drivers "This week we started to see a turn around in the #PreciousMetals and commodities in general. On this week’s show we take a close look at why this pullback in commodities happened from both a domestic and international perspective." "Over the past month money has been flowing out of #US equity ETFs and into #EU and #EM funds. This has not had a big impact on the US equity markets but by the end of the week we started to see a slow rollover. This helped provide a small pop for the metals from an oversold territory and looks to continue. The question is, how long and how high?" >> Segment 1 & 2: In the first two segments I am joined by Dan Oliver, Founder of Myrmikan Capital. Dan is a great at recapping markets moves dating back hundreds of years for #metals and #commodities. In the first segment we discuss the current commodities pullback and compare the situation back in the late 1920s. In the second segment we look at the relationship between #inflation and monetary debasement. > Segment 3: Chris Martenson joins me to dive into #China and discuss the deleveraging that is underway and the markets and economies that could be impacted by a China pullback. > Segment 4: Fund Manager Dana Lyons take a look at international markets where we have seen large flows of money into #ETFs over the past month. >> Segment 5 & 6: Jeff Christian, Managing Partner at CPM Group, joins me for the first two segments of the second hour. Both segments focus on #gold and #commodities but in the first segment we look at the factors in the #US driving commodities. In the second segment we look again at #China and #India in terms of gold demand. > Segment 7: #BrentCook, Founder of Exploration Insights, shares his outlook on the $GDXJ rebalancing as well as a few #zinc companies they are following in his newsletter. > Segment 8: A recap of the week in #US #equities and the #metals. We are seeing turn and bounce from oversold territory. http://www.kereport.com/2017/05/13/gold-commodities-pullback-international-drivers/
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@MiningBookGuy @NickZed - you can see some #Macro tagged discussion in that room (kind of kickstarted by @JT, was a great idea! https://ceo.ca/macro?0601a682943c ) the #China #gold #CentralBanks question is a big one. While there's a chance there could be a 'new monetary norm' in the near future, one could also look at it simply as a #hedge, just like us as individuals. In any case, I 100% believe that #China is under-reporting their #gold holdings ( #PhysicalGold ), while #Russia is likely reporting accurately (as both countries are accumulating simultaneously on a regular basis). So much more to say...but will leave it at that for now, and include an interesting segment from the #Korelin Weekend Report shared earlier (thanks @Excelsior!). this is segment 6 from Jeff Christian, with his thoughts on #China #India #PhysicalGold demand: http://www.kereport.com/wp-content/uploads/0513-2-2.mp3
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