Wednesday, October 13, 2010

This is How you can Manipulate SIlver and Gold prices if you run a government!

Nepal Rastra Bank (NRB) has on Tuesday sold 100 kg of gold and 1,000 kg of silver at Rs 3.2 million per kg and Rs 56,585 per kg respectively, although the central bank had fixed the rate of gold at Rs. 3.18 million per kg and silver at Rs. 55,835 per kg.

As the government has banned the imports of gold and silver, the central bank has been auctioning the gold and silver to ease the demand of the market.

However, traders are not happy on the auction of gold as the demand of the market is higher than 100 kg due to festive mood.

The central bank had also made the provision that the traders who don't want to buy the gold through bidding process can purchase the 25 kg of gold paying the highest price set in the auction every week.

The customers have been facing the high price of the precious metal during this festival season, as the traders have been buying the gold at higher price.

The price of the gold in the market is higher by Rs. 1,000 per 10 gram than the price of the international market.

Gold and silver was traded at Rs 38,200 per tola (11.664 gram) and Rs 680 per tola respectively on Tuesday, this week.

On, September 28, the traders have to return with only around 9 kg of gold worth over Rs. 27.81 million and 31.317 kg of silver worth Rs 1.77 million though the bank has announced to sale 100 kg and 1000 kg of gold and silver respectively.

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