Price Earnings and Volumes

INDIA IS DOING THE TRADE OF THE DECADE 🔥 FM Nirmala Sitharaman just indirectly gave it official blessing today (post-RBI board meet): “All gold… is imported… dependence on precious metals is very much from outside only… Gold has always been a favoured investment for households… Most countries today, particularly their central banks, are buying gold and silver… the spike is largely due to central banks also buying and storing.” Here’s the macro translation every liquidity watcher needs: India as a system is now structurally LONG hard money (Gold + Silver) and SHORT the Dollar. Exactly how this Trade of the Decade plays out at national scale: 1. India earns billions of fresh dollars every month — IT/services exports + NRI remittances create a permanent structural surplus. 2. Households (and quietly the official sector) take those dollars and recycle them straight into physical gold & silver imports. 3. National balance-sheet shift: ✅ LONG hard money, household gold holdings alone > $5 trillion (bigger than entire GDP). RBI gold share at record 17% of reserves and rising. ❌ SHORT the dollar, every gold price spike = Selling dollars to fund imports. Yes, it widens the merchandise trade deficit. Yes, it puts mild pressure on the rupee. Yes, gold imports have spiked to $12 bn+ in peak months. But FM’s tone is crystal clear: “Not alarming… usual seasonal demand… hasn’t gone beyond a certain limit… we’re watching but it hasn’t reached alarming proportions.” No duty hike in Budget 2026. No new taxes. No restrictions. This is official blessing. Global central banks stacking + Indian households stacking = the structural bull case for gold & silver is now India’s de-facto national strategy. The Trade of the Decade is live, and India is fully in it. Position accordingly. 💎