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India's Response To The Gold Sell Off: A Massive Buying Frenzy

C0INB0YC0INB0Y Posts: 627 ✭✭
in Precious Metals
A Nice Pick-me-up read for the Evening
I was ‘COINB0Y' with 4812 posts and ‘Expert Collector’ ranking (Joined in 2006).

Comments

  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭
    The Indian people own (and buy) huge amounts of gold. By comparison, their government keeps only about 10% of its financial reserves in gold... compared with most Western European countries and the US which keep 60-70% of their reserves in gold. Link to article.

    I've said it before, and I'll say it again -- if gold is good enough for the ultimate central banking authorities, it's probably good enough for Joe Six Pack.
    "Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
  • C0INB0YC0INB0Y Posts: 627 ✭✭


    << <i> I'll say it again -- if gold is good enough for the ultimate central banking authorities, it's probably good enough for Joe Six Pack. >>



    Amen on that!

    Watch what they do, NOT what they say!
    I was ‘COINB0Y' with 4812 posts and ‘Expert Collector’ ranking (Joined in 2006).
  • jmski52jmski52 Posts: 22,863 ✭✭✭✭✭
    The Indian people own (and buy) huge amounts of gold.

    Maybe their long history and culture has taught them something over the years.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Gold is important in India for many reasons - cultural being most important (i.e. dowries, jewelry, etc). Cheers, RickO
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