Pakistan refuses to sell $2.7b worth of gold says IMF

[Hyperion]

I can believe that. Jeez, everyone there has at least a kilo of gold.

I read somewhere Indian housewives have more gold (collectively ) than the govts of the US, China, UK, France and India combined.

 

[DESERT FIGHTER]

I read somewhere Indian housewives have more gold (collectively ) than the govts of the US, China, UK, France and India combined.

poor ppl got gold?

 

[jarves]

I can believe that. Jeez, everyone there has at least a kilo of gold.

I dont now if what he said is true or not but its in Hindu traditions to offer gold in temples and Housewives also wear gold(Mangalsutra and all that stuff) so yeah he could be right.India was largest importer of gold till recently and India ranks also in top 10 in gold reserves(maintained by gov.).

 

[Star Wars]

Good, india should not give it away not even to IMF or israel this is the future.

FYI...all of Ukrainian gold has been taken into U.S for "safe keeping" ..... Asian Nations especially China and India has been hoarding gold like mad ...

 

[jarves]

poor ppl got gold?

Yeah poor people also have gold but in small amount since its has a lot of importance in Hindu traditions.

 

[Contrarian]

Conspiracy or not going on world is moving to gold currencies will die out, israel is on shopping spree to get the most gold and house the largest gold reserves very clever indeed.

No its not.
Each country holds a certain part of its national reserves in gold. It is generally never even 30% of their total reserves.

I can believe that. Jeez, everyone there has at least a kilo of gold.

poor ppl got gold?

Yes. Most poor people in India keep their savings in gold form.
Even if their entire savings for a year is Rs 5000, they buy a small gold coin.It also fits with cultural and religious reasons.

We are almost every year, the highest gold importing country in the world. At certain times, China exceeds India. But in both cases India and China import Gold heavily and have been doing so for decades now.

 

[LordTyrannus]

Rothshilds have the most Gold.

House Of Rothschild Hoarding Gold In Face Of Coming Collapse? | ExplosiveReports.Com

They are not listed on that funny wikipedia List. Can you even imagine how much Gold spanish conquistadores stole from Majans and Azteks in south america over centuries?

They shipped back thousands of tons to spain.

Even the eating tablets of the Majans was made of pure Gold.

Aztecs did eat Human flesh. They did eat Human hearts for breakfast. Spains slaughtered them by the millions.

Rothshild family has some 10.000 Tons of Gold in many many secret bunkers. They are preparing for colapse of World economy. Than they will buy us all. They will own us. They will own global finance completely.

 

[Jaanbaz]

So IMF is actually a blackmailing mafia.

 

[Umair Nawaz]

Thats a very very very good decision the Gold reserves must be kept inside the country so that our own currency gets stronger.

 

[jarves]

Thats a very very very good decision the Gold reserves must be kept inside the country so that our own currency gets stronger.

Explain please,as the article says you need to sell your gold reserves to maintain your foreign reserves and thus keeping your curency strong.So what theory you are applying here??

 

[Umair Nawaz]

Explain please,as the article says you need to sell your gold reserves to maintain your foreign reserves and thus keeping your curency strong.So what theory you are applying here??

yaar then why does it says that india has also imported gold? China in the other hand is importing gold for years now. IMF is just a foolish organization for looting countries.

 

[jarves]

yaar then why does it says that india has also imported gold? China in the other hand is importing gold for years now.

Because India has pretty decent reserves(bw 290 to 300 billion dollars) to pay for oil which it imports and China is sitting on a sea of foreign reserve of 4 trillion dollars.So we can use the extra money to buy gold.Pakistan on the other hand has very less foreign reserves (less than 8 billion dollars) so for paying for imports of oil and and other important commodities you need more dollars.Since Pakistan also receives less FDI due to security problems the only option you have is to sell gold(or have friends like Saudi Arabia who are ready to throw loads of dollars anytime just like they did recently).
I dont know why some of the posters are against it once your economy improves and you have extra foreign reserves you can buy it again.
For e.x In 1991. India had only weeks of foreign reserves left for sustaining our economy,at that time we had to put our mearge gold reserves at stake in IMF to keep the economy running but currently we rank in top 10 in the list of countries in terms of gold reserves.

 

[Umair Nawaz]

Because India has pretty decent reserves(bw 290 to 300 billion dollars) to pay for oil which it imports and China is sitting on a sea of foreign reserve of 4 trillion dollars.So we can use the extra money to buy gold.Pakistan on the other hand has very less foreign reserves (less than 8 billion dollars) so for paying for imports of oil and and other important commodities you need more dollars.Since Pakistan also receives less FDI due to security problems the only option you have is to sell gold(or have friends like Saudi Arabia who are ready to throw loads of dollars anytime just like they did recently).
I dont know why some of the posters are against it once your economy improves and you have extra foreign reserves you can buy it again.
For e.x In 1991. India had only weeks of foreign reserves left for sustaining our economy,at that time we had to put our mearge gold reserves at stake in IMF to keep the economy running but currently we rank in top 10 in the list of countries in terms of gold reserves.

what if these commodities r brought by exchanging this gold or by doing trade in local currency.

 

[himalayah]

I read somewhere Indian housewives have more gold (collectively ) than the govts of the US, China, UK, France and India combined.

“Gold has a special status socially, culturally and economically in the minds of Indians,” Somasundaram says. “India’s love for gold is timeless.” Indians privately hold more than 20,000 tons of gold that is rarely traded in the domestic market.
India: High Demand for Gold Putting Pressure on Economy | TIME.com

Jewellers say the move could help mobilise more of an estimated 20,000 tonnes of gold stored in Indian households, some 35 times the Reserve Bank of India's official reserves.
With gold scarce, Indian wedding buyers recycle jewellery| Reuters

Jewellers are pushing for a more imaginative solution. It is estimated that households and Hindu temples are hoarding around 25,000 tonnes of gold bars and coins. Jewellers are lobbying government to implement a scheme that could unearth 10% of the treasure.
India's economic downturn leaves middle classes fearing the worst | World news | theguardian.com

 

[sree45]

Very very true.



Actually it can. I mean there are Laws, during desperate times, Govt can buy such gold using Rupees, so its a win win situation for govt . Read somewhere in pdf.
Govt can get enough gold from Jewellery brands shop outlets themselves directly if such a need arises.

Forget about gold owned by individuals. If the govt. gets it's hands on the gold stored in Indian temples. Am sure, we will have the world's largest gold reserves by a loooong margin!!