India's untold billions

[6pack]

Source: India’s $600 Billion Hidden Treasure - India Real Time - WSJ

While the recently discovered treasure in a Kerala temple has grabbed the world’s attention, India’s real treasure is hidden elsewhere.
It’s in steel cupboards and in bank vaults across the country, where India’s housewives and other private owners have stashed their jewelry and gold savings. India’s private gold holdings probably total 15,000 tons, according to an estimate by Citigroup analysts in May. Some jewelers like T.K. Chandiran of Coimbatore thinks this number is too conservative, and the real amount is more like 30,000 tons, counting other hidden temple treasures.

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[kippu]

seriously weird article , so people have gold in their homes , they are not hand it to the government or pool it in one big pile and spend it ...some woman with a lot of time in her hand and a computer

leads to such articles

 

[6pack]

^ take it with a grain of salt. OTOH the author did not count the diamonds in the people's safes. And do you seriously expect women to part with their gold?

 

[Superbad]

Misdirected article i have to say.
The real untold billions lie in the reality sector.
Where deals go as high as 50% in black money.
But since everybody has their own share in the pie nobody talks about it.

 

[Emperor]

Why not kidney, hart, lungs, legs, eyes, blood etc. after all we all earn Gold & all with this Precious Things by God

They don't talk about Black Money, Corruption & Money in Swiss Bank (I mean Seriously) but easy behind peoples treasure because in India people is easy target for EVERY one from police, politicians to Terrorist

1) Lots of Onion stock- Order Export & shoot price up to Rs.80/- kg in local market
2) Bumper Garlic - Order Export & shoot the price Rs.300/- kg
3) Ample production of Sugar- Order Export & shoot price in local market up to Rs.80/- kg
4) .. & now Wheat Export Opened- wait & watch the price in coming 2-3 months

Does Farmer really get all those increase in price.... NO but YOU KNOW IT

 

[blr_p]

seriously weird article , so people have gold in their homes , they are not hand it to the government or pool it in one big pile and spend it ...some woman with a lot of time in her hand and a computer
leads to such articles

Very few cultures have the same craze with gold as we do. Read somewhere that we're the biggest importer of gold in the world.

Misdirected article i have to say.
The real untold billions lie in the reality sector.
Where deals go as high as 50% in black money.
But since everybody has their own share in the pie nobody talks about it.

50% ? how about 75%

And how much black in gold maybe even higher.

YIKES! i read OP's article and wonder what its doing in the WSJ, its not worth even a local rag. Absolutely nothing of value other than this figure 15k tons or 30k tons, which you prefer.

 

[whatsinaname]

I think I see what the author was aiming for (apart from the humour). The problem is that the gold reserves make no difference because India is not on the gold standard. So the hidden gold would be equivalent to black money on the economic front.

 

[blr_p]

A much simpler take -- India ain't as poor as its made out to be

 

[TEUser2K1]

This article, though we Indians may silly talk, is important is some sense.

The idea is, instead of buying big LCD TVs /iPads and spending on trivial stuff which are momentary, at least our older generation saved money as gold. Not many countries saves gold as we do.

Gold savings in India, especially in rural homes of South India is higher compared to that of people in other countries.

The US$ is going to lose its value unless war like situation happens, according to many contrarian economic legends like Marc Faber. Even if war like situation happens, gold will turn very costly. According to them, not to own gold in current situation is trusting US$, which will not be worth the value of paper it is printed on (hyperbolic here).

Ignore gold in temple, that is up to temple to manage.

But, gold within this country is indeed an asset, there is no doubt about that.

Only problem is insecurity of being the owner of gold, which may cause the envious and greedy to loot us. They can create unexpected problems which we can't imagine.

There are talks in USA, that if gold goes so high and US$ go down, Govt. will even take over gold from public ownership. i.e., they will create law that normal public can't own gold and will be owned by Govt. only.

Govt. of India, through RBI, brought several millions worth gold few months back. Though the news was printed on News papers only on a day, GOI was increasing its gold reserves.

 

[blr_p]

Gold is good because its untaxable and appreciates in value over time.

Prole you might want to read this article about the temple gold. The argument is we had all this money but what did we do with it. Oh and its not just about temples. Churches & mosques also have loads of assets, all untaxable beause they are not-for-profit.

The idea isn't that the govt should tax religious institutions, its about how that wealth could better serve society. Sticking it in a vault takes it out of the economy and does nothing.

Not many countries saves gold as we do.

What is the reason for that ? We are quite unique in this regard. The article i linked to only skirts around the issue.

There are talks in USA, that if gold goes so high and US$ go down, Govt. will even take over gold from public ownership. i.e., they will create law that normal public can't own gold and will be owned by Govt. only.

Unlikely, gold isn't that popular in the US.

 

[trigger]

This is nothing compared to

In total, this is coming upto Rs. 910,603,234,300,000, which is equal to USD 20.23 trillion...

 

[Emperor]

हिंदुस्तान सोने की चिडिया ऐसे ही नहीं कहलाता था|

First Mahmood Ghaznavi than Britishers LOOT INDIA & what escaped from this 2 LOOTERS went underground, proof is just 1 temple! isn't ENOUGH to believe.