Indian Gold Demand Picking Up

In December, no less. That's according to this Minyanville article, which reveals that Indian demand for December was 33.5 tonnes as compared with only 3 tonnes in November. The December decline was cited as the reason:

...[S]ince hitting a peak intraday of $1,226.56 per ounce on December 3, gold has declined by almost 9% to $1,118.88. And this corrective phase has perked up buyers again.

“I was in India in December,” Holmes tells us. “It’s packed and everybody is doing business. It’s action galore. So we see more confidence. Also, remember that the Indian government made a real statement by buying gold.”

Although Holmes is a gold bull, his on-the-scene report does square with the December figures.