Indian households have piled up as much as 20,000 tonnes of gold, worth $1.16 trillion, an historic high

The World Gold Council’s (WGC) latest estimate of India’s household gold reserves is 11% higher than the 18,000 tonnes it had been pegged at earlier. Coupled with 557.7 tonnes of the central bank’s holdings, gold stocks at known sources in the world’s largest consumer would represent more than 75% of its gross domestic product.

12 comments on “Indian households have piled up as much as 20,000 tonnes of gold, worth $1.16 trillion, an historic high
  1. I_Cant_Believe_Its_Just_a_Dip says:

    Thats 16.7 grams per person, making half a coin or 1 small necklace each.

  2. What-me-worry? says:

    Very smart and looking dandy.

  3. Marc Authier says:

    INDIA about to ban Monsanto and GMOs from the country. Here is why courtesy ot the LARGEST healthcare provider in the USA ! THIS IS BIG VERY big news. GMOs attacked by the largest US health insurer !

    http://www.hangthebankers.com/top-us-healthcare-giant-gmos-are-devastating-health/#comment-2548

  4. O says:

    Gold bugs are anarkists
    We like gold bugs
    And silver bugs
    Because they read books
    And hate leaders

  5. chris m says:

    Yes.But how much Gold do Chinese households have?
    i would just love to know.

    Officially Chinese households have little to zero Gold
    on account that it has only been in recent years
    that the Chinese have allowed their people to even own any Gold.

    so presumably before this point the Chinese people did not own
    any Gold. None.Nil.Zero.Zilch.

    That is none officially, but unofficially who knows.
    Their (Chinese, Indians, Turkeys, Vietnamese, et al)
    future well being (ie Savings) could come down
    as to how much Gold they have access to
    should there be a worldwide collapse of paper currencies.

  6. I_Cant_Believe_Its_Just_a_Dip says:

    chris, the Chinese are large producers of gold (355 tons) and they don’t export any at all, furthermore they are net importers, simple maths reveals they must be holding 1000’s of tonnes somewhere. Also as with silver, chinese people are allowed to loan money officially from their banks based on the PM’s as collatoral that are stored in their physical accounts.
    http://socioecohistory.files.wordpress.com/2012/11/worldwide_annual_gold_production2011.png

  7. I_Cant_Believe_Its_Just_a_Dip says:

    O and the Vietnamese price their houses in oz of gold btw.

  8. Steven says:

    I find it extremely evil with few exceptions that the right to own and possess any thing is subject to the opinion and policy of government or its allies.

  9. Bonn says:

    @ chris m
    Most Indians Buy Gold at Marrages and there are a couple of Festivals That They Solely Go and Buy Gold on that Day.
    The Festivals name is Akshaya Tritiya it is an Annual event when Indians House Holds Spend thier Entire Income For that month If not 2 Months Income on Gold . So its Like A Major Chunk is bought at Marrages plus the yearly Buy of Gold
    http://en.wikipedia.org/wiki/Akshaya_Tritiya
    Personally I dont own much Gold Probably ,
    When I Kind of Suspected USA ( aka 6th Riech (Term Coined by Bonn the Great )) was doing Inter – Gallactic Travel, It Dawned on me that this Financial/ Monetary System Which is in Place IS THE BIGGEST SCAM PERPETRATED ON THE HUMAN RACE ! Funny thang is no one gets it !
    lolz
    Hic ;-)

  10. jischinger says:

    that has to be the middle and upper classes only

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