Modi Has Just Banned High Denom Notes!
 

Fuck me! Modi (Primo of India) has just rendered the 500 and 1000 rupee notes invalid (not legal tender) in India.

He has also de-activated the ATMs in India. It's another move in the war against cash but this is going to be very interesting... there may be riots over there tomorrow. This is to do with "black money" (untaxed or illegal money) but it looks to me like the anti-cash movement is trying to prepare large countries for a bigger move down the line. He must have wiped out some hundreds of billions if not over a trillion USD equivalent in wealth in a matter of minutes.

This is going to be HUGE news globally - the Gold Price is spiking as we speak but that can't continue since no-one can use that money anymore ie to buy gold.

What's this about?..

Seems strange.....

yes, the ban of cash has been in movement. there was talk about removing the 500 euro and 100 usd a while back.

Reads more like someone in Pakistan has the printing plates for your money.

Total clusterfuck from the Indian government

The cash economy inflates tax rates on reported income -- get it?

Also, reported sales like VAT and sales taxes collections.

"Gold Price is spiking " where do you get your info ?:1orglaugh

The 500 and 1000 notes can be exchanged for new notes.

However in doing so they are disclosed for taxation, which is the whole point of this.

mother fuck!!!

wait until the UK follows considering Theresa May's been nestling with India & creating easier visa business travel between Britain & Pakistan :2 cents:

I don't know that it would happen in the UK. In India, this was more about illegal money, corruption and black money which is basically unrecorded and untaxed money that is circulated as a matter of course in India. Cash transactions for properties for example.

It's causing absolute chaos but countless hundreds of billions of USD equivalent has been taken out of the Indian money supply and liquidity. Apparently as much as 15% of all money there was black money.

As a result of this move, the gold price in India shot up as high as $2300 USD per ounce, which is higher than it has ever been anywhere through history. I think it has come down now.

Gold Price Skyrockets In India After Currency Ban | Zero Hedge

gold is actually down few % since OP made his post... :1orglaugh

And your point is? The gold price is fluid so it moves up and down. It just momentarily spiked when that news was announced, then on the Trump news and has fallen since. That's the way markets work - they move up and they move down often based on economics and geo politics.

However, in India prices diverged from the global price and went as high as $2300/oz

You're a bit of a clueless loser, WOJ.

the way you phrase your comments about gold make it sound like gold is a good investment, and that there is some easy $$ to be made on a swing trade... i.e. "This is going to be HUGE news globally"...

while what really happened, was nothing at all, this "HUGE news" was only barely mentioned in mainstream media and the brief spike on global exchanges on Tuesday was a result of uncertainty connected with the election, not because of some policy changes in India... and then 2 days later, gold is actually down few percent... how is that possible? maybe it wasn't that "HUGE news" after all?

so it was a pretty weak tip, anyone taking advantage of it would have lost $$$...

De-activating ATMs WTF!

I never said that. In fact, Gold is the *worst* investment on earth and it has no yield. Gold is money, pure and simple. What you keep in your bank is a financial deposit and what you keep in your wallet is currency. Anyone who thinks otherwise, doesn't understand counter party risk.

It probably will have some global impact because so many people think of their national currency as money. Actions like this from central banks alert people to the fact that their fiat currency can be pulled at any moment.

That's why it was timed just before the US election. They knew the election would steal headlines but sure this is just one country.

As for the spike, it was a brief spike on global exchanges. However in India it was a $1000 USD spike as the price went from around $1300 to around $2300 for a brief period. That is pretty much record territory so I think the word "spike", in those terms, is quite an understatement.

Prices on global exchanges are set by the paper market, not the physical market and you're proving that you have absolutely no idea about how markets work.

Show me where I gave people a tip to buy gold in this thread?

Dude, you're a complete amateur, go back to your coding desk...

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