“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
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
In kerala ,India where i’m from , the largest tax payer of the state is a gold jewelry chain.
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.
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.
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.
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?
“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.
With that mindset…”gold never goes down” and the World Gold Council funding the whole piece..a top cannot be far away!
gman
Sorry you missed the point.
Coming From An Indian American…I found this to be extremely embarrassing to Indians.
That is why I call myself an American…