Submitted by SD Contributor SRSrocco
Indians should reduce gold tributes to God – RBI Deputy Governor
‘In order to keep gold prices under check, the practice of giving gold as dowry or as an offering at religious places must be curbed, as should gold jewellery purchases, suggests a senior official at India’s central bank.’
These are the sort of TRICKS those in high places in govt have to resort to in the GREAT BAMBOOZLE. We can also see how Chakrabarty has taken the WARREN BUFFET GOLD PLAYBOOK…. HOOK, LINE AND SINKER.
I find it simply amazing that these clowns have nothing better to do than try and resist the natural forces of gravity…. complete folly in my book. I believe the Indian public is probably a great deal more aware of the merits of REAL MONEY, than the Royal Bank of India’s Deputy Governor and his crew of orthodox accountant cronies.
Gold offerings at temples have come under the scanner of the Reserve Bank of India. Deputy Governor K C Chakrabarty has called for a reduction in demand for gold as an offering to the deities.
“Ninety percent of the gold demand is jewellery or to offer to God. Both have to stop,” said the official of the apex bank. The deputy Governor noted that Indian society’s obsession with gold was an archaic idea of pre-historic times when India was a rich society of abundance.
“Wearing gold as an ornament was a culture when you were a rich society, when you were contributing to 30% of the GDP of the world. Today, we have become a poor country, we need to change our culture,” he added.
Going even further to drive in his point, Chakrabarty claimed there was no `intrinsic value’ in the `speculative’ investment of gold. He urged those in the financial world like chartered accountants to explain to the people the non-productivity of investing in gold.
Hitting another nail, he added the precious metal cannot be used for anything productive and gains in value only because of a “mad rush” for the commodity among speculators. The day this will end, the price will fall sharply, he said