With India's 10% gold import duty on top of other capital controls, the price one has to pay for gold in India has reached a record spread of 21.6% vs. what one has to pay in countries where there are no such controls or import duties.
My friend Nick at Sharelynx Gold pinged me earlier today with a chart that shows the premium one has to pay to buy gold in India.
click on chart for sharper image
If there was little demand for gold in India, the premium would be much smaller.
Mike "Mish" Shedlock