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5huggy

Indian's hoard Gold

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“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.

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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 😉

Edited by Roy

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

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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.

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