India can't get enough gold: India’s gold imports surged to 7.8 BILLION over the last 3 months, the 2nd-largest on record. This is TRIPLE the amount recorded in the prior 3-month period. Additionally, the Reserve Bank of India has increased its gold holdings by +25 tonnes so far in 2025, reaching 880 tonnes, an all-time high. The central bank also repatriated 64 tonnes of gold in the 6 months ending September. As a result, 576 tonnes, or 65% of total gold reserves, are stored domestically, up from ~38% in September 2022. Gold now represents a record 13.9% of India’s total currency reserves, up from 11.7% at the end of March. The gold rush is in full swing.(The Kobeissi Letter)