India has above ground gold stocks worth $800 billion: WGC

Discussion in 'Politics & Society' started by maomao, Nov 10, 2010.

  1. maomao

    maomao Veteran Hunter of Maleecha Senior Member

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    India has above ground gold stocks worth $800 billion: WGC

    BANGALORE: India owns over 18,000 tonnes of above ground gold stocks worth approximately $ 800 billion and representing at least 11 per cent of global stock, according to estimates of World Gold Council.

    "This is equivalent to nearly half an ounce of gold ownership per capita, a figure which is significantly below consumption in Western markets, representing scope for additional future growth", says a WGC research paper entitled 'India: Heart of Gold'.

    In 2009, total Indian gold demand reached $ 19 billion, or Rs 974 billion, which accounts for 15 per cent of the global gold market, according to WGC.

    Over the past ten years, the value of gold demand in India has increased at an average rate of 13 per cent per year, outpacing the country's real GDP , inflation and population growth by six per cent, eight per cent and 12 per cent respectively.

    The country currently has one of the highest saving rates in the world, estimated at around 30 per cent of total income, of which 10 per cent is already invested in gold.

    Eily Ong, Investment Research Manager at the WGC, said: "India is the largest gold market in the world and, as such, the likely recovery of local gold demand to pre-crisis levels is of considerable strategic importance to the wider gold market.

    "Gold is an integral part of Indian society and a foundation of wealth and savings in India. As consumers have adjusted their price expectations upwards, a further rise in gold jewellery and investment demand is anticipated and this trend is projected to continue over the long-run as local investors are buying gold driven by wealth accumulation motives," Ong said.

    http://economictimes.indiatimes.com...worth-800-billion-WGC/articleshow/6903514.cms
     
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  3. ajtr

    ajtr Veteran Member Veteran Member

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    i dont doubt this claim with temples made up of gold in india its quite possible or may be its the estimate at the lower end of the spectrum.....real figure may be beyond that.
     
  4. maomao

    maomao Veteran Hunter of Maleecha Senior Member

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    Even I believe that, over and above that the average household holding of GOLD if found out will blow the roof top over WGC!!
     
  5. Agantrope

    Agantrope Senior Member Senior Member

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    Why? still people on the west bank of indus is still trying to loot the temples yet again?
     
  6. maomao

    maomao Veteran Hunter of Maleecha Senior Member

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    The actual figures could go into Trillions, as WGC can never know how much Gold Indians own through generation, it has a figure based on past 30-40 years of demand and supply...no one goes public with the amount of Gold they have stashed!
     
  7. ajtr

    ajtr Veteran Member Veteran Member

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    you guessed it right.i think we ve to come again to help you guys with your gold.otherwise you gonna die uner the weight of 18000 tons.:happy_2:
     
  8. Agantrope

    Agantrope Senior Member Senior Member

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    Lady, we are actually underweight on 18K Tonnes. :happy_2:

    Thats why India is well known as the land of himalayan wealth and grinding poverty
     
    Last edited: Nov 10, 2010
  9. ajtr

    ajtr Veteran Member Veteran Member

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    that why you neede to be mal-nourished.suggest some temple to loot in your state we will send the marauding hordes to loot them.
     
  10. sesha_maruthi27

    sesha_maruthi27 Senior Member Senior Member

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    The reddys' in Andhra Pradesh have lots of gold than this. If discovered or probed properly we can get to know the illegal gold within our country.
     
  11. SHASH2K2

    SHASH2K2 New Member

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    These are one of few unexplored Gold mines in Kerala.There are millions gold mines like this.
     
  12. warriorextreme

    warriorextreme Senior Member Senior Member

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    lol if GOI decides to take all the household gold then there will be 500 times more gold than this
     
  13. SHASH2K2

    SHASH2K2 New Member

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    First of all GOI cannot do so and if it decide to do anything it will not get anything . entire gold will go under the ground where it came from .
     
  14. Rage

    Rage DFI TEAM Stars and Ambassadors

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    This is not even including all the gold in temples, on temples, in the private charities and trusts of temple trustees and that effaces temples. There is no way of measuring that.

    The figure includes only estimates* of gold holdings held by the Indian public in the form of coinage and jewellery; and bullion and reserves held by the government.

    Infact, research by the WGC suggests that after Gold ETF's, Indian housewives may be the second largest investors and holders of gold as a group!

    Worthwhile remembering also that India alone sucked up most of the gold sold under the Central Bank Gold Sales Agreement in this decade.

    The Chinese have also been actively investing in gold, and the Chinese government has been actively touting gold and silver investments on TV.

    Interestingly, a tip for all you stock brokers / punters: Quantitative easing is driving gold through the roof, and all this printing money is going to take gold to atleast $1600 from the present $1403 - or so, before it crashes. So, don't sell your gold.


    *estimates: because it is impossible to observe the vast amount of gold that gets transferred between families, due to marriages, gifts, emigration and other such int'l ''wealth transfers" etc. every year.
     
  15. amoy

    amoy Senior Member Senior Member

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    or investing in gold mining companies listed is a good idea.

    with the quantitative easing, all mining (gold) stocks are soaring recently and quite a lot of bucks flowing in :happy_7:
     
  16. RPK

    RPK Indyakudimahan Senior Member

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  17. smartindian

    smartindian Regular Member

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    India owns over 18,000 tonnes of above ground gold stocks worth approximately $800 billion and representing at least 11 per cent of global stock, according to estimates of World Gold Council.

    This is equivalent to nearly half an ounce of gold ownership per capita, a figure which is significantly below consumption in Western markets, representing scope for additional future growth", says a WGC research paper entitled 'India: Heart of Gold'.

    In 2009, total Indian gold demand reached $19 billion, or Rs 974 billion, which accounts for 15 per cent of the global gold market, according to WGC.

    While Indian consumers continue to stock gold despite rising prices, when it comes to total gold reserves in the country, India ranks 11th in the world with 557.7 tonnes of gold. Above the ground gold stocks is different from the total gold reserves.

    Over the past ten years, the value of gold demand in India has increased at an average rate of 13 per cent per year, outpacing the country's real GDP, inflation and population growth by six per cent, eight per cent and 12 per cent respectively.

    The country currently has one of the highest saving rates in the world, estima
     
  18. smartindian

    smartindian Regular Member

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    India owns over 18,000 tonnes of above ground gold stocks worth approximately $800 billion and representing at least 11 per cent of global stock, according to estimates of World Gold Council.

    This is equivalent to nearly half an ounce of gold ownership per capita, a figure which is significantly below consumption in Western markets, representing scope for additional future growth", says a WGC research paper entitled 'India: Heart of Gold'.

    In 2009, total Indian gold demand reached $19 billion, or Rs 974 billion, which accounts for 15 per cent of the global gold market, according to WGC.

    While Indian consumers continue to stock gold despite rising prices, when it comes to total gold reserves in the country, India ranks 11th in the world with 557.7 tonnes of gold. Above the ground gold stocks is different from the total gold reserves.

    Over the past ten years, the value of gold demand in India has increased at an average rate of 13 per cent per year, outpacing the country's real GDP, inflation and population growth by six per cent, eight per cent and 12 per cent respectively.

    The country currently has one of the highest saving rates in the world, estima
     

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