Gold Investor

Indian politicians are not that different from others of their ilk, in that they want to be able to keep their (cushy) jobs. So it shouldn't come as a huge surprise, that as India heads to election for the lower house of its Parliament (Lok Sabha), the president of the ruling Congress party has asked the government to relax the draconian import taxes that her ruling party had imposed.

"Congress president Sonia Gandhi has written to the commerce ministry seeking a cut in the import duty on gold, reports ET Now, citing government sources. Ms Gandhi is said to have pushed for the relaxation of 80:20 scheme on the import of the yellow metal. This comes after three import duty hikes seen in the year gone by."

This has given gold a bit of a bump up this morning as it headed into the $1,260 per ounce range. Apart from it being bullish for the price of gold, it is good news for the Indian people as it returns to them some freedom to do what they please with their hard earned incomes. That concept (freedom) in itself is what should be paramount in this discussion. And maybe this will also cut down on some of that illegal gold smuggling.