In 1991, a bankrupt India pawned 47 tons of gold for $ 400 million to prevent default in payment of a short-term loan.
18 years later, Indians have bought a record 56 tons of the yellow metal in just eight days leading up to Diwali for Rs 9,000 crores or almost $ 2 billion! This despite the price of gold being at an all-time high of Rs 16,000 per 10 grams. With marriage season kicking off, analysts see no signs of the yellow fever fading even though, thanks to a weakening dollar, prices are likely to touch Rs 18,000.
Gold is also being seen as a safer investment than shares and property. That is why the Multi Commodity Exchange recorded the highest delivery of five tons of gold during October. The demand is only increasing.
Did any one say 'recession'?
Our anchors
4 years ago
4 comments:
The general view seems to be that Gold prices can only go up!
Gold jewellery sellers have made it easier to buy gold by offering EMI schemes like those available for consumer goods.
There are also schemes like the Gold savings schemes (at Post offices) to lure small investors.
May be that is why India became a 'soney ki chidiya' in the past too. Like then, it is forgetting that gold has to be guarded well.
Sure,if it is sone ki chidiya,let us get ready for another set of people to come and rule us.
I am not an economist,but they say if people lose faith in country'e currency,they invest in Gold.Is it ?
I think it is a deep-rooted tradition in India to buy gold. Everyone knows that the yellow metal will never lose its shine come what may.
If we don't guard our increasing riches again, well, then coming generations will have to the price for our refusal to learn.
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