Today’s precious metals markets are once again having a frustrating time of it. Spot gold is weaker and silver is sharply lower despite an impressive performance yesterday. Meanwhile, the U.S. dollar is firmer, Treasury yields are higher and oil has jumped again as the U.S.-Iran conflict continues to dominate the macro picture.
Interestingly, US April inflation has also come in hotter than expected, keeping energy pass-through risk, rate expectations and currency pressure firmly in focus.
In other words, the world is still unstable, but the safe-haven trade is being squeezed by the very inflation and yield pressures that instability creates. This is why today’s GoldCoreTV episode is should get some special attention, because the bigger story is not simply whether gold is up or down on the day. It is what happens when governments begin to worry that citizens are choosing gold over the currency.
India’s Prime Minister has urged citizens to stop buying gold for a year. India is one of the world’s largest gold markets. It is also heavily exposed to higher oil prices, a weaker rupee, and the rising cost of imports. When that pressure builds, gold becomes politically inconvenient.
In today’s episode, we look at why India’s gold imports have collapsed despite climbing demand and why governments become uncomfortable when citizens quietly choose metal over promises. This is not about one country’s policies, rather it is about the growing tension between what governments need and what citizens know.
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