By Nigam Arora India remains the best long term opportunity outside the U.S. Buying Gold We wrote in the Morning Capsule: India bought 39 tonnes of gold and reduced U.S. Treasury holdings from $242B to $227B. As we previously shared with you, foreign central banks are rebalancing their holdings and deprioritizing U.S. Treasuries. Cutting Taxes India is changing its tax structure to cut taxes on consumer goods in an effort to increase local consumption. The previous structure for consumption tax had four tiers: 5%, 12%, 18%, and 28%.  The revised structure has only two tiers: 5% and 18%.  Select specialty items