"A change to India's anti-gold policies "is inevitable" said Albert Cheng, head of the Far East region for market-development organization the World Gold Council, on Tuesday, "because Modi seems to be pro-gold. "It's just a matter of when he is going to do it."
This sounds like wishful thinking.
There is a major jump between "seems to be pro-gold" and "change is inevitable".
I don't think that the Indian government wants to restrict gold imports. But I don't think that they have any choice. That hasn't changed with the election of a new government.
Until the Indian current account difficulties subside, selling gold into India will continued to be limited, and gold investors will have to discount Indian retail demand as a factor in buying or holding gold.
