Monday, February 13, 2012

India's Unconditional Love for Gold

*Updated Video Link*

There is numerous individuals even in the PM community who are looking for quick profits.  A far different story then the stackers of India, "Gold is a part of life, you can not have a family which doesn't own gold, it's an incomplete family".  In India, gold is considered honorable and the more you possess the higher you are up on the social ladder."  Ajay Mitra, World Gold Council Director in India.  

"Its impossible to tell an Indian consumer that the gold prices will fall"

In India, buying gold is not considered spending, it's considered saving.  On average, Indianan's save over 30% of their personal income compared to 5% in the U.S.  India also has a rising middle class unlike the United State's increasing reliance on Medicaid and food stamps.  The gold price as it decouples from the paper price, may be set by India, "The Indian Fixed Gold Price," in the very  near future.