India loves gold

Gold is very popular among Indians. The country is one of the largest gold bullion and coin markets, ranking second in the world. Private gold ownership in India is about $1.4 trillion, or about 25,000 tons. The government is striving to attract gold into the economy. This would reduce the need for gold imports and thus strengthen the current account deficit.

The Indian government is planning an India International Bullion Exchange to monetize domestic gold holdings. But at festivals and weddings, gold is strongly in the public eye, especially among the rural population, for whom gold is considered the best investment, a cultural asset. Today’s geopolitical uncertainties and squabbles are also pushing Indians toward gold as a safe haven.

In India, there are gold-backed financial instruments such as gold savings funds and new products are entering the market. Often there is a lack of access to financial and investment products, this moves especially the rural population to buy gold. Especially low- and middle-income groups like to buy. Gold is considered a hedge against inflation and is purchased in case of liabilities, such as for short-term needs, i.e., gold as collateral for loans.

Thus, gold has many functions in India. Gold has proven to be a very good investment vehicle and those who trust in gold like Indians do, but are not afraid of a certain risk, should look at gold companies as an investment like OceanaGold or Tudor Gold.

OceanaGold – https://www.commodity-tv.com/… – owns gold mines in the USA, New Zealand and the Philippines and is a successful gold producer.

Tudor Gold – https://www.commodity-tv.com/… – has a major diamond drilling program underway at the Treaty Creek Gold Project in British Columbia. The property is one of the largest discoveries of the past 30 years.

Current corporate information and press releases from OceanaGold (- https://www.resource-capital.ch/… -).

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