Investment demand for gold in India has continued to move higher despite the record-setting run by the yellow metal in recent months.
P.P. Jose, the COO of Joyalukkas India Ltd – which has 24 stores in India – stated that “Our sales have only gone up even though the price is going higher,” in an interview with Bloomberg.
“Gold has become so strong, people are investing more in gold,” he continued. Demand “will definitely be higher than last year,” as people “are very confident in gold, they are sure they can get the money back with a profit if they sell it.”
Mr. Jose went on to say that “Nowadays people invest in gold, because gold is stronger and as long as the European and the U.S. economy are weak, gold will become strong. Many people these days have come to invest in gold, earlier they were buying ornaments for customs like marriage, or births.”
Investment demand for gold in India – the largest gold consuming nation in the world – climbed 60% to a record 217.4 tons in 2010, according to the World Gold Council. In the first quarter of 2011, demand rose 8% to 85.6 tons.
These figures illustrate a key catalyst behind the yellow metal’s ascent, and a factor that many long-time gold bulls – including Eric Sprott, Jim Rogers, and Marc Faber – have predicted will continue in the years ahead.
Crocodile Gold Advances Thunderball Deposit
- The Thundelarra program will be focused on drilling over 20,000 meters in the Pine Creek region with the goal of defining additional uranium resources.
- Under the joint venture agreement, Crocodile Gold retains all other metal rights including precious metals and base metals.
- Of particular interest to Crocodile Gold is one drill hole (TPCRC066) established during the 2010 drill program at the very north end of the Thunderball deposit that returned 4.96 g/t Au over 12 metres, which included 10.90 g/t Au over 4 metres from 66 metres down the vertically drilled reverse circulation (RC) hole.