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Government mobilises 6.4 tonne gold under monetisation scheme

Discussion in 'Gold Silver (All things Metal)' started by Goldhedge, Mar 10, 2017.



  1. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

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    all that glitters....

    Government mobilises 6.4 tonne gold under monetisation scheme

    By PTI | Updated: Mar 10, 2017


    NEW DELHI: The government has collected 6.4 tonnes of gold under the scheme for monetising the metal, Parliament was informed today.

    Launched in November 2015, the scheme intends to mobilise idle gold held by households and institutions so that the wealth can be put to productive use.

    The scheme also intends to reduce the current account deficit by lowering country's reliance on gold imports to meet the domestic demand, Minister of State for Finance Arun Ram Meghwal sai ..

    Read more at:
    http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst
     
  2. Son of Gloin

    Son of Gloin Gold Member Gold Chaser Site Supporter ++

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    How do they "mobilize idle gold held by households"? Does that mean confiscate? That's what it sounds like to me.
     
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  3. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

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    mobilize and monetize.....had the same question myself...........the article seemed very non specific and poorly written...
     
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  4. Bottom Feeder

    Bottom Feeder Hypophthalmichthys molitrix Silver Miner Site Supporter

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    Mobilized... hummm. Now that's an interesting term.

    I think I might keep my eye on this word for further developments.

    BF
     
  5. latemetal

    latemetal Platinum Bling Platinum Bling

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  6. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

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  7. Montecristo

    Montecristo Silver Member Silver Miner

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    I have a customer who is Indian. He's been talking aboutthis for a while. The plan, as he described it to me, is to set up a way that Indians can place their gold with he Government and borrow funds against it to invest. The goal is to take that money that Indians have tied up in gold that they have just sitting there and pump it into the active economy.

    It's a move right out of the Keynesian play book.. Savings (the gold Indians have stashed for emergency) are bad for the economy and debt (borrow on your assets) is good.
     
  8. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

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    If you don't hold it...
     
  9. Winston_Room101

    Winston_Room101 Seeker

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    Lets
    Think

    the population of India holds some 20,000 tonnes

    I am going to scare them

    by saying

    Boo

    YGBSM
     
  10. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

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    doubt your going to scare them.......but if indian government scemes to gain possession of all that physical gold ....a BOO from them might scare a lot of people
     
  11. Joe King

    Joe King Gold Member Gold Chaser

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    Or in other words, time to mortgage the farm.
     
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  12. Ragnarok

    Ragnarok I'd rather be Midas Member

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    "Idle" gold. What a moronic concept. That's what gold does best, conserve value through (interesting) time(s)!

    "Brokers and traders will show you, "turn your gold into wealth", "put it to productive use, Trade It"! "Sell your gold and buy it again, many times". "Do this and find the value lost from your youth"! But I say, spend your time in the company of truly wealthy ones, see how they make gold lie very still!"
    -Another

    R.
     
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  13. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    Are there no boats in India?
     
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  14. Son of Gloin

    Son of Gloin Gold Member Gold Chaser Site Supporter ++

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    I'm not sure if they have any lakes.
     
  15. dacrunch

    dacrunch Gold Chaser Platinum Bling

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    They have hundreds (thousands) of "Temples" to "Obscure Gods", with TONS of Gold (& jewels) in their basements... Some they've even forgotten about! (article a few years back).
     
  16. Ragnarok

    Ragnarok I'd rather be Midas Member

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    But can they buy it back, or is it lost to them for good?

    R.
     
  17. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

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    Seems like to me once the government has a cla
    supposed to be collateral (so returnable).......but my conspiracy radar would suspect differently....it seems very convienent for the govenment should they need it to have access to a "free" gold supply
     
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  18. Winston_Room101

    Winston_Room101 Seeker

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  19. Montecristo

    Montecristo Silver Member Silver Miner

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    The plan was/is that when people give their gold to the gov't and borrow against it, the gov't would in turn lease the gold out to jewelers to put back into the market. As far as I know India doesn't have any gold mines so they import tons and tons of gold throwing off their trade balance.
    Money leaves India to import bullion so jewelers can turn it into jewelry which Indians buy and stash at home. It's a problem for their economy/money velocity as seen by the gov't. So the gov't plan is to recirculate the gold already in the country.

    It sounds an awful lot to me like the gov't wants to set up a fractional reserve lending system with the gold their citizens have worked so hard to accumulate for security.
     
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  20. latemetal

    latemetal Platinum Bling Platinum Bling

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    Well we Americans gave our government our gold, see how well that worked for us....
     
  21. madhu

    madhu Silver Member Silver Miner

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    The government assays it makes sure its real gold and then they melt it and when you want it back they give you gold covered tungsten. No one trusts Mr Modi, he is called Feku, meaning trickster
     
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  22. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

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    I would call that a Bullseye Bingo statement there exactly my thoughts.......Fractionalize the hell outa it and keep debasing the currency.....trade them bad money for good money...
     
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