Grapevine has it that residents who purchased gold and silver jewellery, and bars and coins at huge premiums post demonetisation on November 8, 2016 have got an exit with gold hitting record highs past Rs 55000 per 10 gm and silver spot at Rs 73617 a kilo Thursday, just shy of the record Rs 75020 hit on April 11, 2011.
Back then, gold traded at around Rs 30000 per 10 gm and silver at Rs 38000 a kilo. Some residents across the country scurried to change their Rs 500 and 1000 notes which would cease to be legal tender post 12 pm on November 8. In their desperation, they are rumoured to have paid anything between Rs 40000 and Rs 55000 for gold and Rs 40,000-55000 a kilo for silver, apart from other luxury items.
The demonetised notes would be replaced by new Rs 500 and Rs 2000 notes at banks. Those with unaccounted money used several routes to exchange their tender. It is rumoured that they now could sell their wares at breakeven rates in gold and even for profit in case of silver.