“No gold, no wedding,” is a saying in India, indicating the importance of gold to Indian culture and tradition. Byron Pitts reports on India’s obsession with gold.


February 12, 2012 4:04 PM

Source: Precious metal: India’s love affair with gold

Category: Gold & Precious Metals, Video

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9 Responses to “Precious metal: India’s love affair with gold”

  1. jacobsk says:

    In kerala ,India where i’m from , the largest tax payer of the state is a gold jewelry chain.

  2. theexpertisin says:

    Of note is the savings within India: approximately 30%.

    No wonder they can afford gold.

    In comparison, many Americans buy trinkets while overspending into mountains of debt – then expect someone else to provide them “gold” for free.

  3. formerlawyer says:

    Note not only the 30% savings rate, but also the cultural drive that considers gold as an investment: they are not spending money when they “invest” in gold.

  4. Jojo says:

    And watch all the suicides when gold returns to the $500 or below level for a few years.

    I watched the segment . It just boggles my mind how gold marketers have so successful manipulated the Indian people’s psyche. Madison Ave. show be in awe.

  5. jacobsk says:

    One other thing is, there’s a huge market in India to use your gold assets to borrow money, similar to getting a home equity loan here. there are some big companies out there doing that, one of them is http://www.manappuram.com/goldloan/
    another one : http://www.muthootfinance.com/services/gold-loan.html
    A percentage of people doesn’t pay the loan back and the company keeps the gold and makes a good profit. When more that 50% of the borrowers doesn’t payback the loan , don’t know what will happen?

  6. gman says:

    “Of note is the savings within India: approximately 30%.

    No wonder they can afford gold.

    In comparison, many Americans buy trinkets while overspending into mountains of debt – then expect someone else to provide them “gold” for free.”

    What an ideal for the US to strive for!..emulate a nation where the average income for the bottom 90% is $800/yr! If the US gold bugs and tea party have there way we will get there.

  7. gman says:

    With that mindset…”gold never goes down” and the World Gold Council funding the whole piece..a top cannot be far away!

  8. theexpertisin says:

    gman

    Sorry you missed the point.

  9. jaytrader says:

    Coming From An Indian American…I found this to be extremely embarrassing to Indians.
    That is why I call myself an American…