Indian's hoard Gold

[5huggy]

“Households in India may have piled up around 24,000-25,000 tonnes of gold, remaining the world’s largest holders of the precious metal, Somasundaram PR, managing director (India) of the London-headquartered World Gold Council (WGC), has told FE. At Friday’s international price, the value of the holdings (25,000 tonne) would be as much as $1,135 billion, or equivalent of more than 40% of India’s nominal gross domestic product (GDP) in FY19.”

 To give you an idea just how much gold the people of India own in the overall scheme of things, the total amount of gold held by governments and central banks globally is 33,976 tonnes, according to World Gold Council statistics.

[Miganto]

That's a minimum of 31,250,000 bum-smuggling operations completed.

[Roy]

3 minutes ago, Miganto said:

That's a minimum of 31,250,000 bum-smuggling operations completed.

You did the math?! 😂

[5huggy]

Indian mathematician - works it out with "LOGS"!!!!!🤣🤣🤣🤣🤣

[Roy]

26 minutes ago, 5huggy said:

“Households in India may have piled up around 24,000-25,000 tonnes of gold, remaining the world’s largest holders of the precious metal, Somasundaram PR, managing director (India) of the London-headquartered World Gold Council (WGC), has told FE. At Friday’s international price, the value of the holdings (25,000 tonne) would be as much as $1,135 billion, or equivalent of more than 40% of India’s nominal gross domestic product (GDP) in FY19.”

Who wrote this article? 😂

My italics 😉

[5huggy]

5 minutes ago, Roy said:

Who wrote this article? 😂

Households in India pile up 24,000 tonnes of gold

Posted on September 12, 2019 by News

Financial Express/Banikinkar Pattanayak

[Abyss]

https://www.businesstoday.in/current/economy-politics/indian-households-have-stocked-up-to-25000-tonnes-of-gold-world-gold-council/story/348598.html

Had these discussions when I was in India last year. Added all Gold owned by private citizens in India (include safety deposit boxes) and stored in temples was all added to the central reserve bank of India it would allow the bank back its entire Rupee currency with Gold and achieve parity with US Dollar when it comes to purchasing power. Gold does rise to five thousand dollar mark (be careful what wish for) see purchasing power move from west to the east.

[Roy]

9 minutes ago, Abyss said:

see purchasing power move from west to the east.

I'm certain of it.

Do you hold accounts in India @Abyss? (PM if you like)

[KDave]

The Indians live Austrian economics and so have retained understanding of the value of money?

[TheGeneral]

On 13/09/2019 at 12:23, KDave said:

The Indians live Austrian economics and so have retained understanding of the value of money?

Could you expand on that for a newb? 

[RacerCool]

China's not in the top ten of state gold hoarding? I have a hard time believing that one.

[5huggy]

4 hours ago, RacerCool said:

China's not in the top ten of state gold hoarding? I have a hard time believing that one.

Primarily ,I think, because they DON'T report their own mined and stored internally - and they are also KNOWN to shuffle western AU through Hongkong and Shanghai

ergo - what appears to be their holding is nowt! - but theyve done what we Forum members are - doing!!

hiding it off the system!

😉I have NO pm's  - i sold em to fella down the Pub/bar!!!  🤣

 

[5huggy]

2 minutes ago, 5huggy said:

😉I have NO pm's  - i sold em to fella down the Pub/bar!!!  🤣

SEE the power of anonymity!!   😉 

[RacerCool]

2 hours ago, 5huggy said:

 

😉I have NO pm's  - i sold em to fella down the Pub/bar!!!  🤣

 

What are these "PMs" you speak of...? 🤔

Whatever they are, I don't have any either. 

[5huggy]

"

2 minutes ago, RacerCool said:

What are these "PMs" you speak of...? 🤔

"PRETTY METALS"!!!🤣🤣🤣🤣🤣🤣🤣

[RacerCool]

3 minutes ago, 5huggy said:

"

"PRETTY METALS"!!!🤣🤣🤣🤣🤣🤣🤣

I thought it was "plastic miscellany", in which case nope I don't have any of that.

"Ok", you ask, "what do  you have??"

I  don't have any of that either. 

[5huggy]

7 minutes ago, RacerCool said:

"plastic miscellany",

YEP GOT LOADS OF them empty capsules BOSS! 🤣🤣🤣🤣🤣🤣🤣🤣