NEW YORK (Scrap Monster) : According to INTL FCStone, the Indian government’s move of verifying the gold stocks obtained by wholesalers to match with the amount of imported gold is likely to drag down the physical shortage of gold further. The Commodities Consultant of INTL FCStone, Mr. Edward Meir says that this has distressed the India Bullion and Jewelers Association according to which the Indian government agencies are confiscating gold at various places and the gold bar number is being asked to be reconciled with the imported gold. Meir adds that even though the move is created to axe the ballooning smuggling, it would in turn worsen shortages in the physi­cal market even further.

Courtesy : Kitco News