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India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today

 
Anonymous Coward
User ID: 33034699
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02/02/2013 12:24 AM
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India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
Classic weak sales pitch they are going to try in the next few weeks ! Never gonna happen as that's why they hoard and charish Gold in the first place 1rof1

The RBI plans to introduce three to four gold-linked products in the next few months, in an effort to bring 20,000 tonnes of gold held in households into the banking system, but the measure is unlikely to cut bullion imports sharply, a senior official said.

India is the largest importer of gold, which is its second biggest import item after oil and contributes around 10 percent to the total import bill.

Large gold imports are a worry for the government and the RBI, with the current account deficit shooting to a record high in the September-quarter, pressuring the rupee, and adding to inflationary pressures

The Reserve Bank of India (RBI) plans to mobilise the unused gold by lending it to importers and exporters of the yellow metal, in a move it hopes will bring down the demand for physical gold.

It wants banks to encourage products linked to accepting physical gold as deposits and investing public money in gold-related products, and extend loans against gold as collateral.

Indians own about 20,000 tonnes of gold, or three times the holdings of the US Federal Reserve, in jewellery, bars and coins.

"Overnight there won't be any reduction in imports, but people need to be made curious about new products," the RBI official with direct knowledge said.

The rest here. Make sure you press next at the bottom of the page as there are 5 pages to this article

[link to www.rediff.com]
JUST HERE

User ID: 25610447
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02/02/2013 12:32 AM

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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
5 stars
:glp sign:
Anonymous Coward (OP)
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02/02/2013 12:32 AM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
Here is another article from today on the same subject.


Large gold imports are a worry for the government and the central bank, with the current account deficit shooting to a record high in the September-quarter, pressuring the rupee and adding to inflationary pressures.

This is an extremely important fact above and I will write about this in my next post here.

The article link: [link to economictimes.indiatimes.com]
Anonymous Coward (OP)
User ID: 33034699
United States
02/02/2013 12:53 AM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
Here is another article from today on the same subject.


Large gold imports are a worry for the government and the central bank, with the current account deficit shooting to a record high in the September-quarter, pressuring the rupee and adding to inflationary pressures.

This is an extremely important fact above and I will write about this in my next post here.

The article link: [link to economictimes.indiatimes.com]
 Quoting: Anonymous Coward 33034699


So the question is why is Gold pressuring the Rupee ? and why is it causing inflationary pressures ?

A few years ago as I pondered the future and I knew this was the end game here in this country. The problem is that people are looking at the Rupee in one hand (that has a history of massive devaluation by the Gobermant) and Gold in the other and they are asking themselves which one they trust. They are throwing the Rupee into the fire - trading it for Gold as it, the rupee, is devalued every few weeks.

The question is where do those Rupee's go once Gold is purchased with them ? Answer: It goes nowhere because there is no demand for Rupee's and it only keeps recycling back into the demanded/trusted Gold. Again this non-steerable Rupee inflation from the Gold sales is in direct competition with the steerable Rupee creation freshly printed by the central banks. So the money from those sales is not going to where the central banks want it to. The same thing is going on and happening in this country. That is the reason there is no employment here because the healthy inflation created through the fractional lending scheme in this country is un-steerable and why employment has been set on a shelf so the "steerable" inflation created by the printing presses can be focused on creating the illusion (stock market for instance) of an expanding and appreciating economy by reflating the banks and insurance companies balance sheets.
If the healthy Non-steerable inflation, was combined with the toxic steerable directly printed inflation, the combined inflation of them both at the same time would deem the dollar worthless within weeks.

Why dont you have a job now ? Goofy Thum
Anonymous Coward (OP)
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02/02/2013 01:11 AM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
bump
Anonymous Coward (OP)
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02/02/2013 01:43 AM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
Thought this would have more views !rockon
Anonymous Coward (OP)
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02/02/2013 01:11 PM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
bump
Anonymous Coward
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India
02/02/2013 01:18 PM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
been going on since a while 3-4 years.

people are falling for it in hordes. glitzy glamorous marriages. middle class marriages have Bollywood stars in them now thanks to gold loans. attended a few such marriages myself.
Anonymous Coward
User ID: 14474717
India
02/02/2013 01:19 PM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
the good part is they also buy gold jewelry for marriage through the same loans offsetting the problem a little in their favor.
Anonymous Coward
User ID: 33516479
India
02/02/2013 01:22 PM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
Indian people may be dumb or naive, but they somehow know the value of gold. They will never sell their gold for the central banksters.
Anonymous Coward (OP)
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02/02/2013 01:28 PM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
the good part is they also buy gold jewelry for marriage through the same loans offsetting the problem a little in their favor.
 Quoting: Anonymous Coward 14474717


I think you may be fibbing ! I know people from India and they say that people in India bring their raw Gold to trusted generational jewelers and they make the Jewelry from Gold thats been in the family for generations as a sort of religion, and then they buy new Gold to replace it. They also said that the generational jewelers are trusted for generations and they (the jewelers) know that if they try and fuck someone #1 they could lose their business and trust from the public and #2 They could lose their lives. So, I am not so sure you live in India and may be using a pro-x---.ie address
Anonymous Coward (OP)
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02/02/2013 01:28 PM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
Indian people may be dumb or naive, but they somehow know the value of gold. They will never sell their gold for the central banksters.
 Quoting: Anonymous Coward 33516479


You I believe !
Anonymous Coward
User ID: 14474717
India
02/02/2013 01:46 PM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
the good part is they also buy gold jewelry for marriage through the same loans offsetting the problem a little in their favor.
 Quoting: Anonymous Coward 14474717


I think you may be fibbing ! I know people from India and they say that people in India bring their raw Gold to trusted generational jewelers and they make the Jewelry from Gold thats been in the family for generations as a sort of religion, and then they buy new Gold to replace it. They also said that the generational jewelers are trusted for generations and they (the jewelers) know that if they try and fuck someone #1 they could lose their business and trust from the public and #2 They could lose their lives. So, I am not so sure you live in India and may be using a pro-x---.ie address
 Quoting: Anonymous Coward 33034699


bhenchod mein desi banda hun.

so that is proof im indian.

dude propaganda works. you can even check zerohedge website they had a recent article on how gold is streaming out of india because of these gold loans.
Anonymous Coward
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India
02/02/2013 01:48 PM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
at the moment there is hardly anyone who isnt living it up based on gold loans in all major cities.

bmws audis lamborghinis... you name it and its running on indian potholed roads ROFL
Anonymous Coward
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02/02/2013 01:48 PM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
all thanks to gold loans...
Anonymous Coward
User ID: 14474717
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02/02/2013 01:51 PM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
its funny to see lamborghinis and ferraris stuck in jams involving cows
Anonymous Coward (OP)
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02/02/2013 02:04 PM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
the good part is they also buy gold jewelry for marriage through the same loans offsetting the problem a little in their favor.
 Quoting: Anonymous Coward 14474717


I think you may be fibbing ! I know people from India and they say that people in India bring their raw Gold to trusted generational jewelers and they make the Jewelry from Gold thats been in the family for generations as a sort of religion, and then they buy new Gold to replace it. They also said that the generational jewelers are trusted for generations and they (the jewelers) know that if they try and fuck someone #1 they could lose their business and trust from the public and #2 They could lose their lives. So, I am not so sure you live in India and may be using a pro-x---.ie address
 Quoting: Anonymous Coward 33034699


bhenchod mein desi banda hun.

so that is proof im indian.

dude propaganda works. you can even check zerohedge website they had a recent article on how gold is streaming out of india because of these gold loans.
 Quoting: Anonymous Coward 14474717


So why are they trying to stop the import ??????????
Because there is to much export ?????????

WTF are you talking about ? Explain it as what you say makes not one bit of sense, what so ever !
Anonymous Coward
User ID: 14474717
India
02/02/2013 02:12 PM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
the good part is they also buy gold jewelry for marriage through the same loans offsetting the problem a little in their favor.
 Quoting: Anonymous Coward 14474717


I think you may be fibbing ! I know people from India and they say that people in India bring their raw Gold to trusted generational jewelers and they make the Jewelry from Gold thats been in the family for generations as a sort of religion, and then they buy new Gold to replace it. They also said that the generational jewelers are trusted for generations and they (the jewelers) know that if they try and fuck someone #1 they could lose their business and trust from the public and #2 They could lose their lives. So, I am not so sure you live in India and may be using a pro-x---.ie address
 Quoting: Anonymous Coward 33034699


bhenchod mein desi banda hun.

so that is proof im indian.

dude propaganda works. you can even check zerohedge website they had a recent article on how gold is streaming out of india because of these gold loans.
 Quoting: Anonymous Coward 14474717


So why are they trying to stop the import ??????????
Because there is to much export ?????????

WTF are you talking about ? Explain it as what you say makes not one bit of sense, what so ever !
 Quoting: Anonymous Coward 33034699


stop import = less gold people can buy

increase export = less gold people have with them

so

stop import + increase export = less gold people own.
Anonymous Coward
User ID: 14474717
India
02/02/2013 02:13 PM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
less gold people own = more gold tptb own
Anonymous Coward
User ID: 19315397
Mexico
02/02/2013 02:46 PM
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Re: India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
BASICALLY , India ppl is replacing currency with gold !!
Not good for Gvt.
India Gvt. is in a 22 catch situation :
if they ban gold imports , gold price will soar because supply .
If they devalue currency , ppl will go buy gold to protect themselves and price will soar too .

Gold in India is a culture and economic issue hard to beat !
IMHO

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