India might buy gold from citizens to ease rupee crisis

jeff of pa

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(Reuters) - India is considering a radical plan to direct commercial banks to buy gold from ordinary citizens and divert it to precious metal refiners in an attempt to curb imports and take some heat off the plunging currency.

A pilot project will be launched soon, a source familiar with the Reserve Bank of India (RBI) plans told Reuters. India has the world's third-largest current account deficit, which is approaching nearly $90 billion, driven in a large part by appetite for gold imports in the world's biggest consumer of the metal.

With 31,000 tonnes of commercially available gold in the country - worth $1.4 trillion at current prices - diverting even a fraction of that to refiners would sate domestic demand for the metal. India imported 860 tonnes of gold in 2012.

Exclusive: India might buy gold from citizens to ease rupee crisis | Reuters
 

mytimetoshine

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GRIZZLY GOLD TRAP - ANGUS MACKIRK EXPLORER- BLUE BOWL - GOLD CUBE, MINELAB PRO 25 PINPOINTER-
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Look around at the world economy..precious metals are a "no brainer". Traditionally diversity is king but right now im all in. Its a gamble but then again im a gambling man.
 

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