Let's check in on that deficient monsoon and impending drought in India that will destroy their economy and thus reduce gold demand, eh?
Skymet - 2015 monsoon update. Doesn't look so bad after all. Don't believe Skymet? Then believe this:
India Economic Times - equatorial system may back plentiful rains. Quote:
Rainfall in June is almost certain to be significantly more than normal, going by predictions of weather scientists from Australia to the US, giving a flying start to the four-month season that brings 75 per cent of the rainfall the country receives and fills up water reservoirs for irrigation and hydropower generation for a year.
The monsoon has already delivered 16 per cent excess rainfall since the start of the season on June 1, and is expected to remain strong at least until the end of the month. This should cheer the markets and calm fears of inflation, which had emerged as the monsoon made a sloppy start.
The floundering monsoon has been catalysed by an equatorial system of clouds and disturbances that traverses the globe. The system, called Madden Julian Oscillation (MJO), has strengthened rain-bearing clouds along its path and given the country 33 per cent surplus rain on Saturday and a drenching 88 per cent surplus on Sunday. "MJO is definitely influencing the southwest monsoon," said Laxman Singh Rathore, director-general of meteorology, India Meteorological Department.
So much for the impending drought that you guys predicted just a couple months ago, Laxman. Continued:
In its current phase, the monsoon is making good progress. "Conditions are favourable for further advance of southwest monsoon into remaining parts of north Arabian sea, Gujarat state, Chhattisgarh, Jharkhand, entire Bihar, Uttarakhand, Himachal Pradesh, Jammu & Kashmir, most parts of Madhya Pradesh and some parts of Uttar Pradesh, Punjab, Haryana, Chandigarh and Delhi and Rajasthan during the next 3-4 days," the weather office says.
So it turns out they're getting a pretty darn good rainfall so far this season.
So buy gold before the Indians do!