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India’s Love Affair with Gold

Tuesday, July 18, 2017 16:09

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schiffgold.com / BY SCHIFFGOLD / JULY 18, 2017

We focus on India a lot. Why? Because Indians have a love affair with gold. It’s not just a luxury. Even the poor buy gold in India.

There are two main reasons to follow the Indian gold market closely. First, the country ranks second in the world in gold consumption. What happens in India can have a major impact on the world gold market. Second, the attitude of the Indian people can teach us a lot about the wisdom of buying and owning gold.

After a lull in demand last year, Indians have already purchased more gold this year than they did through all of 2016. We saw their passion for gold on vivid display when Indians bought more 23 tons of gold in a single day during the Akshay Tritiya festival. But what drives it? Why do Indians seek gold?

A recent article at MoneyControl.com sheds some light on Indian attitudes about the yellow metal.

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The post India’s Love Affair with Gold appeared first on Silver For The People.

Source: http://silveristhenew.com/2017/07/18/indias-love-affair-with-gold/

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