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Gold ETFs in India touch 40 tonne (40,000 kilo)

 
Anonymous Coward
User ID: 33034699
United States
02/07/2013 12:04 PM
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Gold ETFs in India touch 40 tonne (40,000 kilo)
India's high gold imports are hurting the country's current account deficit. The government's import restrictions are hurting the populace. The only organisation not worried, as of now, are gold backed exchange traded funds.

Worried investors are veering towards the country’s 14 gold exchange traded funds (ETFs), which together have garnered 40,000 kilo of the precious metal.

The ETFs allow investors to trade in the metal in a non physical form and electronically on stock exchanges. Gold ETFs debuted in India about six years ago.

The first gold ETF launched in 2007 by Benchmark Mutual Fund (now Goldman Sachs) was followed by 13 others in quick succession. The 14 mutual fund houses present in this segment are managing gold assets worth nearly $2.2 billion (Rs 120 billion).

In terms of gold weight, Goldman Sachs Gold ETF manages 11,218 kilo, followed by RShares Gold ETF with nearly 9,800 kilo. Kotak Gold ETF and SBI Gold ETS hold about 4,500 kilo each.

Incidentally, comparatively smaller gold ETFs from UTI and HDFC fund houses manage gold weighing less than 3 tonne each.

While one might consider the gold stocked at the ETF a huge cache, it could also prove to be a bane for some. SBI chairman Pratip Chaudhuri was recently quoted by newswire agencies as saying that the bank was unable to profit from the two tonne of gold lying in the gold deposit scheme of the bank, or lend it out.

Recently, the Indian government allowed gold ETFs to deposit part of their gold holdings with banks in an effort to manage the demand for imported gold. The idea was to put the gold corpus of ETFs to productive use.
[link to www.mineweb.com]
Sir Griffo
Sir Griffo

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Australia
02/07/2013 12:13 PM

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Re: Gold ETFs in India touch 40 tonne (40,000 kilo)
bump
Anonymous Coward (OP)
User ID: 33034699
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02/07/2013 12:17 PM
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Re: Gold ETFs in India touch 40 tonne (40,000 kilo)
Yet the RBI says there is only 18 - 20,000 tonnes in the whole country

Someone is lying here ?

“There has been big demand for gold coins in general. Last year, we sold 150 kg.

“In the first three quarters of the current fiscal, 135 kg of gold coins have been sold by SBH,” Bhagavantha Rao said.

The RBI panel is of the opinion that buyback of coins might help recycle the domestically available gold which is estimated at 18,000-20,000 tonnes.


[link to www.thehindubusinessline.com]

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