whilst world markets are panicking...

I learn that gold imports into India now account for a HUGE 3% of GDP... Astonishing... So the Indian govt are trying to reduce demand for gold by issuing new govt bonds pitched at retail pm buyers:

"The aim is to arrest the flight of savings from financial to non-financial assets, as gold imports approach over 3% of GDP."

http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=194973&sn=Detail

Also that China's gold imports are set to exceed India's shortly:

"China's domestic consumption totalled 776.1 tonnes in 2012, compared with 864.2 tonnes in India, according to the gold council. Zhang of the Chinese association said consumption jumped more than 36 per cent to 456.2 tonnes in the four months of this year."

http://www.scmp.com/business/commodities/article/1265378/chinas-gold-consumption-poised-surpass-indias-year

Just one view of why many believe in gold for the medium & long term... the metal has, after all, served us as the ultimate store of wealth for thousands of years. Interesting insights here too as to why BGS in Mali may be sitting pretty, re: accessibility of gold deposits:

http://www.uncommonwisdomdaily.com/3-reasons-gold-has-touched-bottom-16544

"First, production costs are high and getting higher. This is important because, like any commodity, gold’s price depends on supply and demand. The easily tapped gold deposits are running dry.

Yes, there’s still plenty of gold locked inside the Earth, but it’s increasingly found in remote areas or deep underground.

Stubbornly high energy prices are a big part of the equation. Mines need enormous amounts of fuel. Gasoline is expensive enough when you’re in the middle of civilization. Imagine what it would cost if you were 300 miles uphill from the nearest refinery city with no highways, railroads or pipelines.

But that’s where the gold is.

The mining business is about cold, hard economics. If you can produce gold for $1,000 an ounce and sell it for $1,300 an ounce, you can make a nice profit. But if your production price goes up to $1,300, you’re just breaking even. Why bother?

The experts I trust don’t see production prices going down. This means new gold supplies will stay scarce. Score one for the bullish case.

Second, demand for physical gold is strong and getting stronger. Tried to buy gold coins lately? You probably had a tough time, and you almost certainly paid a big premium to the “spot” wholesale price quoted on TV.

It’s happening everywhere. The U.S. Mint can’t keep up with demand for American Eagle gold coins. The same pattern is unfolding in India, China, the Middle East … even Africa and South America. People want gold in their hands — not hidden away in a vault where they can’t see it.

Why? I can’t read minds, but it looks to me like people are losing faith in markets, banks, governments and even private businesses. I don’t blame them. Just look what’s happened the last few years.

Taxpayers found themselves bailing out politically powerful bankers in the U.S. and Europe.

In Cyprus, bank depositors almost had their money confiscated.

And right here in the U.S., we’ve learned the government is spying on our private communications.

Keeping your money accessible, safe and private is tough and getting tougher. For thousands of years, gold was “money” precisely because it was safe, private and portable.

Guess what: It still is. Billions of people know it, too.

Third, central banks everywhere are in a race to devalue paper currency. It’s official policy in Japan and the U.S. The big shots want to cheapen the money in your pocket. They’ll tell you it’s for your own good, of course. It promotes exports, creates jobs, etc., etc.

I hear what they’re saying. I just don’t believe it. The Fed, the Bank of Japan, the European Central Bank and all the others are running out of ammo. They’re not powerless, by any means, but they are not near as omnipotent as many people think.

We little guys don’t ask for much. We just want our $10 bills to buy as much stuff five years from now as they did five years in the past. Otherwise they’re just ink and paper and a promise from some old guys in Washington. And those guys have already proven they can’t be trusted.

If the Fed comes out and says that QE-Infinity will end, gold may be in for a slight tumble that we should be ready for.

If the Fed says QE-Infinity will continue with no mention of tapering, gold should go up — signaling a near term bottom — and we will ramp up our metals recommendations for our readers to buy.

If the Fed mentions QE-Infinity will stay in place but mentions some sort of tapering will occur, gold may trade sideways for the next month or two. But we will continue to pick and choose undervalued assets as gold completes the bottoming process."