In the first week of November this year, the Reserve Bank of India (RBI) surprised almost everyone in the world by announcing that it had purchased 200 tonnes of gold bullion, valued at about $6.7 billion, from the International Monetary Fund (IMF).
(This story appears in the 18 December, 2009 issue of Forbes India. To visit our Archives, click here.)
Gold is the ultimate hedge and the god given store for wealth. Writer is being very myopic considering his age and being born in a materialistic and consumerist world doesn't understand whats the potential for Gold .<br /> We are all chanting the songs of industrialisation/capitalism/technology like the westerners but we fail to understand that the very same thing destroyed them and will destroy the world .<br /> Take away L and GOLD is GOD .
on Apr 8, 2010In addition to the general hatred most financial snake oil peddlers have for gold, it is funny that they cant notice how people who invested in the early 90s have not recouped their investments in equities, adjusted for inflation. Choosing dates of convenience to flog your data is the oldest tired trick in the book of the lazy economist.
on Dec 10, 2009The writer labours under the naive assumption that Indian people are willing and ready to deposit their private gold with the govt/RBI for a paltry 1-2%. Such hare brained schemes have been met with resounding failure multiple times. The whole point of people owing gold is because they don't trust the govt with money. It is an inherent cynicism of the Indian investor that keeps the governments from encroaching upon their wealth. The Central banks of the world have a rather dim view of gold. They sold down gold at the bottom -around 1999. Now they are buying. More reason to distrust their judgment.
on Dec 10, 2009