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India’s new “money worship” doctrine

By admin - Sun Jul 29, 9:41 am


by University of Maryland Press Releases

Soaring price of gold in the international context of rich Indians set off a new round of gold fever.

In a southern Indian city of Madras is located in NAC’s gold shop called everywhere can see the fine workmanship of gold and silver jewelry. But this treasure store of Zhendian is hanging in the upstairs office of a small photo. The photo is an inlaid with 4,000 diamonds and 7,000 grams of gold made by the tall crown. This crown jewels from the four divisions with NAC 6 months to complete, worth about 70 million, is now worn on the temple in southern India Tailujiana (Tiruchanur) inside the statue’s head. NAC, a partner A Nansha (Anantha) proudly show a photo album, the above records are his gold shop to complete the works of other Indian temples. He said that all the famous temples in India focused their silver into gold-plated statues.

“Now the Indians have money, let us all into the Golden Temple Temple Temple of the Silver.”

This phenomenon simply reflects the gilded temples Indian obsession for gold on the one hand. This country to buy gold each year the number of at least one-fifth of the global total, is the world’s largest gold consuming country. Experts believe that there are 15 000 -2 tons of gold bars, gold bullion and jewelry store in India where the bank safe and the safe house. And this figure is rising. According to the World Gold Council statistics, in India to buy gold at an increase of the ratio of nearly 33% to 850 tons. This upward trend in the international gold market price of gold on January 6 this year, soared to the highest level in 24 years: 541.20 U.S. dollars an ounce. Although not all the gold imported into India are used for domestic consumption (some is used to make jewelry and exports), but the Indians apparently are not confused by soaring gold prices lost appetite.

Why are Indians still buying gold?

Can be seen from the many Indians obsession with gold is advocating extravagant legacies of ancient India. It now appears that weak investment policy and volatile economy, people no longer believe in banks and stock markets, investment in tangible assets instead, mainly gold. Indian economic boom in recent years to bring a mature and relatively stable economic investment opportunities: Public funds, stocks, bonds, even abstract art. Affluent Indians are trying to diversify investments. World Gold Council vice-chairman K. Madras Division Shi Wen Long (K. Shivram) said: “The elite of Indian society has begun to reduce the enjoyment of the gold.” Clearly, along with India’s middle and lower socio-economic conditions turn for the better Today, the sharp rise in demand for gold are from middle class or poor.

Despite the current economic development in India has been criticized as only benefits the rich, but has an endless stream of new wealth to penetrate every corner of the country, especially in emerging middle class, such as in Madras when the maid’s 40-year-old The Pan Dema? Kangdababu (Padma Kondababu). As the first home to make money out of women, Pan Dema earn 85 dollars a month, in the eyes of Indians is very high salary. She had to buy a gold deposit, sometimes installments, to pay 12 U.S. dollars each to buy a pair of gold earrings. “For people like me, buying gold is a symbol of dignity. In my parents era, hundreds of rupees to buy a gold pound (1 pound is equal to 8 grams of gold), but they dare not think. Now Rs 6,000 can buy a gold pound, but we can afford. “

Indian economy in recent years, rapid development and penetration depth of wealth can understand the high spending power in southern India is not a coincidence. Southern Indian city of Kerala (Kerala) not far from Madras. There, gold everywhere billboards. In some local traditional wedding, the bride often wears gold necklaces, bracelets and gold earrings appearance. 1 ? Manon (Ambika Menon) Indians think that people addicted to gold is the embodiment of changing times. Broke the old money system and the hereditary class system of discrimination brought by the concept. “Let your daughter wear a gold wedding would be tantamount to others that I am important to the community.”

Economists believe that if the money used to invest in banks or stocks, rather than in the safe, will greatly increase India’s GDP. But this idea out of date. Gold is considered in this unstable world of relatively safe assets. Jane Williams, a teacher Madras? Lonnie (Jhansi Rani) said: “The collapse of so many banks give them great loss.” One of his close relatives of the pension there is a private bank, then this the sudden closure of the bank, his money has gone.

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