January 24, 2021

Heard on the Avenue: Demon consumers of gold, silver getting exit now



Grapevine has it that residents who bought gold and silver jewelry, and bars and cash at enormous premiums publish demonetisation on November 8, 2016 have gotten an exit with gold hitting file highs previous Rs 55000 per 10 gm and silver spot at Rs 73617 a kilo Thursday, simply shy of the file Rs 75020 hit on April 11, 2011.

Again then, gold traded at round Rs 30000 per 10 gm and silver at Rs 38000 a kilo. Some residents throughout the nation scurried to alter their Rs 500 and 1000 notes which might stop to be authorized tender publish 12 pm on November 8. Of their desperation, they’re rumoured to have paid something between Rs 40000 and Rs 55000 for gold and Rs 40,000-55000 a kilo for silver, other than different luxurious objects.

The demonetised notes would get replaced by new Rs 500 and Rs 2000 notes at banks. These with unaccounted cash used a number of routes to change their tender. It’s rumoured that they now might promote their wares at breakeven charges in gold and even for revenue in case of silver.