Has Gold become the smugglers’ first choice?

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January 21, 2014 – In the last year you could read quite regularly about large amounts of gold bars being found on airplanes on various routes. Large amounts really mean large amounts. We are speaking of many kilos up to 1.3 tons coming from Caracas in Venezuela!
This last story seems to originate in drug affairs and authorities arrested six members of an international drug gang. But often there may be other reasons. In November 24 ingots worth some $ 1.1. million were discovered, as usually, by the cleaning staff in the toilet compartment of a commercial airplane. In this case, at least, the reason for smuggling such an amount of gold seems to be the increased import tax rates on gold which India had previously introduced to cut back public demand for gold. In India – but of course not only there – many people use gold as a means to financial security. India increased the duty on imports from 10 percent to 15 percent since these imports are reckoned to a major cause of the country’s account deficit.

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