Regular readers know we have faith in the judgement* of Indian women when it comes to valuation metrics.
From Reuters India:
India imported no gold for the second month in a row in March as high prices dented consumer demand in the world's biggest market for the metal, the head of a trade body said on Tuesday. "Our records are showing zero so far," Suresh Hundia, president of the Bombay Bullion Association (BBA) told Reuters. "Scrap sales have reduced, but demand is not there either.">>>MOREHere's another story via Reuters India:
Asia Gold-Discounts narrow, slow wedding season in India
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...In India, the world's largest consumer, dealers complained about poor sales during the normally busy wedding as consumers waited for a price correction, but sales of scrap had subsided.
"There is still no buying. We feel at above $880 an ounce nothing will happen. If it falls below $850, there will be good demand," said Ketan Shroff, director of Pushpak Bullions Pvt Ltd, referring to levels last seen in January....MORE
...As a side note, in December 1979, as silver was making its historic run, an old Jewish trader told me he was lightening up on Ag.When I asked why he said "I hear the Indian ladies are taking their bracelets off and they've been trading it longer than I have".