In this presentation at Mining Investment Asia in Singapore on March 30, 2017, I discuss what is really happening with gold in India and why official statistics fail to capture the realities on the ground.

I examine India’s gold imports, the role of corruption and bribery, the effects of government controls, and why gold remains deeply embedded in Indian society as a store of value, a means of protection, and a refuge from weak institutions and unreliable paper money.

Watch the full presentation below:

Key Takeaways

• Why official statistics do not fully capture the reality of gold flows into India.
• How corruption, bribery, and informal channels shape India’s gold market.
• Why Indians continue to trust gold more than paper currency and banking systems.
• How government controls distort trade and push activity into unofficial channels.
• Why gold remains central to savings, security, and trust in Indian society.
• What India’s gold market reveals about deeper institutional and cultural problems.