Post by Rickster on Nov 13, 2015 14:15:24 GMT -6
SOURCE:
Who in their right mind would trust any government to trade in your gold for a note?? A note that pays 2.25 - 2.5%. Everyone always talks about long term investment even if you just "bet" on the blue chip stocks that are included in the DOW you would do hugely better than 2.5% and in the last ten years gold has tripled in value. So they want you to turn in the only hedge against a central banking system by turning in your gold? No wonder they haven't been successful.
It makes you wonder what India's government expects from the future of the global economy, all indications from every major power are bleek. This is just yet another example of the future IMO. Things like this and Russia and the Chinese creating their own financial clearing systems leaving the American SWIFT system does not bode well for the United States.
"India’s Prime Minister Narendra Modi has launched a program to lure tons of gold from households into the country’s banking system. The program consists of three schemes; a gold monetization scheme, gold sovereign bonds and Indian gold coin.
The gold monetization scheme aims to unlock about 20,000 tons of gold worth over $800 billion lying idle in homes and temples. Under the plan, banks will collect gold for up to 15 years and pay 2.25-2.50 percent interest per year. This is higher than previous rates of around one percent. The government hopes that higher interest rates will help in mobilizing the gold as previous attempts have been unsuccessful."
The gold monetization scheme aims to unlock about 20,000 tons of gold worth over $800 billion lying idle in homes and temples. Under the plan, banks will collect gold for up to 15 years and pay 2.25-2.50 percent interest per year. This is higher than previous rates of around one percent. The government hopes that higher interest rates will help in mobilizing the gold as previous attempts have been unsuccessful."
Who in their right mind would trust any government to trade in your gold for a note?? A note that pays 2.25 - 2.5%. Everyone always talks about long term investment even if you just "bet" on the blue chip stocks that are included in the DOW you would do hugely better than 2.5% and in the last ten years gold has tripled in value. So they want you to turn in the only hedge against a central banking system by turning in your gold? No wonder they haven't been successful.
"The Prime Minister said the country has overtaken China as the world's largest gold consumer, buying 562 tons so far this year, against China's 548 tons.
In 2013, India’s budget deficit hit a record $190 billion. The deficit was due in part to Indians spending a lot of money on gold imports. The government was forced to hike its duty on imports to a record 10 percent. Imports of gold fell to $34 billion in 2014-2015.
Indians are known for their obsession with gold, which is seen as symbol of social status and prosperity. Gold is widely used for wedding gifts, religious donations and as an investment."
In 2013, India’s budget deficit hit a record $190 billion. The deficit was due in part to Indians spending a lot of money on gold imports. The government was forced to hike its duty on imports to a record 10 percent. Imports of gold fell to $34 billion in 2014-2015.
Indians are known for their obsession with gold, which is seen as symbol of social status and prosperity. Gold is widely used for wedding gifts, religious donations and as an investment."
It makes you wonder what India's government expects from the future of the global economy, all indications from every major power are bleek. This is just yet another example of the future IMO. Things like this and Russia and the Chinese creating their own financial clearing systems leaving the American SWIFT system does not bode well for the United States.
