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Gold Purchases Up in India

2K views 6 replies 6 participants last post by  dmas 
#1 ·
https://www.reuters.com/article/us-...old-demand-through-december-wgc-idUSKBN1I407Y

***Indian gold demand may improve through to December as positive monsoon rains and government efforts to raise farmer incomes could boost rural purchases enough to offset higher prices because of the weak rupee, the World Gold Council (WGC) said. ***

if the World Gold Council says it, must be true

***Gold is an essential part of a bride’s dowry in India and also a popular gift from family and guests at weddings.
India’s gold consumption in 2018 is likely be between 700 and 800 tonnes versus 737.5 tonnes last year, Somasundaram said. Indian demand has averaged 840 tonnes over the last 10 years. ***

not sure if this means anything. India is traditionally a poor country. I've heard for years that gold is hugely desired there.

wonder if Chinese are buying gold
 
#3 ·
Chinamen and Indians (who crap in the streets) own more gold than 90% of Americans. When things pop those two countries are going to be the wealthiest and Americans will be the poor. On the plus side, maybe we can get some manufacturing jobs working minimum wage for their economic booms?
 
#4 ·
can't help but wonder how many of them live in shacks and ride bicycles and have no cable/satellite or other amenities, and have a pm stash.

I wonder, do the 'poor' people have gold? what percentage of the populace owns an ounce or more?
or is this just the upper class stockpiling?

never been there, don't know
 
#7 ·
With middle class defined as economically secure, india has a larger middle class than the population of the us. In just a few years their population will be greater than china's.
Rules change but the US is where to buy gold, mostly honest and a lot is untaxed, india taxes.
Singapore used to sell gold jewelry at spot+ but no workmanship fee. Not sure how that worked.
 
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