{"id":22117,"date":"2016-11-12T09:40:25","date_gmt":"2016-11-12T14:40:25","guid":{"rendered":"http:\/\/olduvai.ca\/?p=22117"},"modified":"2016-11-12T09:40:25","modified_gmt":"2016-11-12T14:40:25","slug":"gold-price-skyrockets-in-india-after-currency-ban","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=22117","title":{"rendered":"Gold Price Skyrockets in India after Currency Ban"},"content":{"rendered":"
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Gold Price Skyrockets in India after Currency Ban\u00a0<\/a><\/h3>\n<\/div>\n
India\u2019s Government Makes Banknotes Worthless by Decree Overnight<\/strong><\/div>\n
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As I write this in the morning of 9th November 2016, there are huge lines forming outside gold shops in India \u2014 and gold traded heavily until late into the night yesterday. Depending on who you ask, the retail price of gold has gone up between 15% and 20% within the last 10 hours.<\/p>\n

\"img-20161109-wa0003\"Gold quotes in India \u2013 gold traded for as much as Rs 49,000 per 10 grams or US$ 2,294 per ounce<\/p>\n

At some places, it was sold for as much as US$ 2,294 per ounce. That is, if you can actually find physical gold \u2014 gold inventories at stores are rapidly depleting. All of this happened well before the international price started to move up because of the election results coming out of the US.<\/p>\n

Last night (8th November 2016), India\u2019s government banned the use of Rs 500 (~$7.50) and Rs 1,000 ($15) banknotes. This pretty much made most currency-in-use illegal. Banks and ATMs are closed today. The government believes that doing this will help eradicate corruption and push counterfeit money out of circulation. According to the Indian government, the counterfeit money tends to come from Pakistan and helps finance terrorism.<\/p>\n

My first instinct when I heard the news was that people would be on the streets this morning. There would be riots and the Indian Prime Minister, Narendra Modi, would be unceremoniously thrown out. Despite being a huge critic of him, I thought he at least had the spine to take bold action, however erroneous it might have been.<\/p>\n

I am sometimes too optimistic about India and expect too much goodness from Indians. And I was wrong.<\/p>\n

In the morning no opposition against the government was in sight. But there was some animosity detectable between people.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Gold Price Skyrockets in India after Currency Ban\u00a0 India\u2019s Government Makes Banknotes Worthless by Decree Overnight As I write this in the morning of 9th November 2016, there are huge lines forming outside gold shops in India \u2014 and gold traded heavily until late into the night yesterday. Depending on who you ask, the retail […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[5728,14521,951,14519,374,3622,422,14518,14520,793],"class_list":["post-22117","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-acting-man","tag-counterfeit-money","tag-currency","tag-currency-ban","tag-gold","tag-gold-price","tag-india","tag-jayant-bhandari","tag-narendra-modi","tag-terrorism"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22117"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22117\/revisions"}],"predecessor-version":[{"id":22118,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22117\/revisions\/22118"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}