RAWALPINDI: Sept 6 : After currency gold is the most unpredictable market in Pakistan. The fixers are at liberty to exploit and reset both the markets at their will and desire.
There is no authority in Pakistan to check what was actually going on in gold and currency markets. Those who are trading in these two commodities are behaving like uncontrollable mafias. These two mafias –the currency mafia and gold mafias—have their own networks to exploit the market to make windfall profit and extort money from the real buyers.
In the case of currency, forex companies and banks are main faces of mafias and they are over and above the law of the land. The State Bank of Pakistan (SBP) being a regulator of the currency market should have put checks and balances to discourage exploitation of the currency market, but its role is otherwise. SBP authorities instead asserting the position of a regulator seems a party to the mafia of the currency market. Unbelievable profit and dictating position of the forex companies and the banks is enough to establish that SBP does not act at any stage to check exploitation of the currency market’s mafias.
Gold market is run and controlled by an equally deadly mafia. Its mafia can fix any price rates of gold. Mostly, Pakistan’s mafia controlled gold market does not link itself with the global market.
Have a look on the last only three to four days gold rates in Pakistan . On September 3, just three days ago, gold rushed to Rs 240000 mark and it stunned the real buyers. Then gold took downward tend and its price reduced by Rs 18000 in just last three days.
Today gold price has dropped to Rs 218000 level. Such an unpredictable fluctuation in gold prices stunned the real buyers. It also created panic among gold smiths. Then the question arises who is beneficiary of fixing of gold prices . The answer to those who are yet finding answer to this question is that its mafia of big gold traders and smugglers who exploits Pakistan’s gold market and make undue profit through fixing of gold prices.
Historically, gold market in Pakistan is extremely volatile. In the recent weeks, the gold rates showed unpredictable fluctuation and it has left the gold business in Pakistan in total disarray. Gold smith say the sale of gold has literally come to a halt. They argue that genuine buyers of gold have put their plan to purchase gold at hold due to rising uncertainty in its local market.
