INDIANS HOARD 20K TONNES GOLD WORTH RECORD $1.16 TRILLION
NOVEMBER 29, 2012
Apparently Indians are fully aware that unlike what Bloomberg may wish you to believe to the contrary, fiat debt notes are NOT the best vehicle to preserve wealth. Indian households have reportedly stashed 3x the stockpile of physical gold as the OFFICIAL US gold reserve!
New Delhi: Indian households have piled up as much as 20,000 tonnes of gold, worth $1.16 trillion, an historic high. This shows that the government’s efforts to trim overseas purchases of the idle asset by imposing an import duty and raising it in short intervals to reduce the current account deficit (CAD) haven’t yielded the desired results.