India

While the optics of a soaring stock market and crashing safe-havens (gold and bonds) fits nicely with the election of Donald Trump as the next US president, a closer look shows gold prices beginning to break hours earlier. As India unleashed its demonetization scheme, local retail gold prices began to surge as rumors began to spread of an Indian gold import ban. As rumors have continued, precious metals prices have plunged as the 700 tons of gold imports to India would be a major demand shock for the bullion market.

It appears the social unrest, economic collapse, and currency crisis sparked by Indian PM Modi's decision to demonetize "corrupt" high-denomination bank-notes was not enough.

As the Rupee crashed to a record low overnight, officials announced a suspension of the exchange of 'old notes' as of tomorrow to, in their words, "encourage people to deposit old notes in their bank accounts." With as much 60% of banknotes still un-exchanged, we suspect chaos will be the operative word for the immediate future.

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Louis Cammarosano: Interconnectedness of Silver Eagles and India’s War on Cash

Posted with permission and written by Rory Hall, The Daily Coin (CLICK HERE FOR ORIGINAL)

Over two weeks after India's abrupt demonetization of high denomination banknotes on November 8, the cash-driven economy still remains largely in a state of standstill, particularly the rural parts of the nation, where the government's attempts to restock banks with "new" cash (even with the use of army helicopters) have failed to re-normalize commerce.