Record outflows from Indian Gold ETFs in June:
http://www.business-standard.com/india/news/at-rs-30000-gold-etf-investors-book-profit/479934/
Monsoon still 30% below normal levels:
http://in.reuters.com/article/2012/07/09/markets-india-gold-idINL3E8I92UU20120709
Indian imports dropped dramatically in Q1, Q2 figures will most likely show further falls. Is it possible they could someday become net sellers of gold? Perhaps unlikely but even at current reduced import levels they are leaving a lot of physical production for the rest of the world to absorb. For example June's drop in imports of 35 tonnes, if annualized (simplistically) amounts to 420 tonnes or around 15% of world production.
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