Originally Posted by
percy
Not according to Jon Nadler:
Several days ago we also mentioned that it would be wise to keep an eye out for…the weather as regards future (fall) festival-related gold demand in India. Less rain means fewer crops, which, in turn, means less cash available to spend on baubles by rural India’s residents. While there is still time (and hope) that the worst start to the monsoon season in three years could be turned around, the current situation not only has farmers and the weathermen up at night, but also the country’s jewelers. The season ends with the harvest in September and is followed by a traditional buildup of bullion demand into Diwali – which starts this year on the 13th of November.