Gold prices retreated to $1,630.40 per ounce on the Comex division of the New York Mercantile Exchange due to a stronger dollar and ongoing concerns about gold demand in India.
“Since India is currently the largest consumer of the precious metal, any change in demand startles investors,” said Chadwick Hopkins, president of C.D Hopkins Metals Division, a leading precious metals retailer and financing institution located in Los Angeles. “When gold is down, it can be an ideal time to invest in precious metals. That’s because most investors expect the price to vacillate upward in the near future. Investors hold the belief that this year will be a 12th consecutive year of gains for gold. Buy now while the price is lower – and then profit when the metal lives up to its bullish reputation.”
Why is Indian demand suddenly decreasing? C.D Hopkins Metals Division says the phenomenon points directly to India’s decision to raise import duties on gold. In fact, according to the Wall Street Journal, the import duty on gold was doubled to 4% -- and a .3% tax on unbranded gold jewelry was introduced, accounting for 90% of sales. Now many Indian citizens’ gold-buying is halted as they face new taxes on the country’s favorite precious metal.
The situation has become so intense than Indian gold traders are protesting until March 24 – with some investors threatening to protest even longer if they aren’t “heard” by the Indian government.
For investors who wish to jump on board the gold train while the price of gold is more affordable, C.D Hopkins Metals Division is here to help.
When investors open accounts with precious metal retailer C.D Hopkins Metals Division, they can buy gold bullion for immediate personal delivery or arrange for convenient storage at an independent bank or depository. The independent precious metal dealer also sells silver, platinum and palladium. Along with you precious metal purchase, you will receive top-notch customer support.
For more information about purchasing gold bullion with C.D Hopkins, visit http://www.cdhopkinsmetals.com/
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About C.D Hopkins Metals Division
C.D Hopkins Metals Division is a leading precious metals dealer and financing institution located in Los Angeles, Calif., specializing in gold, silver, platinum and palladium. With a C.D Hopkins Metals Division account, you can purchase precious metals for immediate personal delivery or arrange for convenient storage at an independent bank or depository. C.D Hopkins offers options for financing and selling your precious metals and expert account representatives to fulfill your investing needs. To find out how to open an account, visit http://www.cdhopkinsmetals.com/