3 Kerala companies have more gold than Sweden, Singapore, Australia

Ray

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3 Kerala companies have more gold than Sweden, Singapore, Australia

Three gold loan companies in Kerala have more precious metal in their vaults than the gold reserves of some of the richest nations. Muthoot Finance, Manappuram Finance and Muthoot Fincorp jointly hold nearly 200 tonnes of gold jewellery, which is higher than the gold reserves of Singapore, Sweden or Australia.

India accounts for approximately 30% of the global demand for gold, a true-and-tested source of insurance for millions of families that have little access to other forms of social security. What is true for India is even more so for Kerala, where 2 lakh people are employed in the gold industry. The metal's fungibility makes it an ideal collateral for over-the-counter loans.

Muthoot Finance holds 116 tonnes of gold as security for its loans, Manappuram Finance has 40 tonnes and Muthoot Fincorp, 39 tonnes. The trio's combined holdings are 195 tonnes. To put things in global perspective, Singapore's gold reserves are 127 tonnes, Sweden's 126 tonnes, South Africa's 125 tonnes and Mexico's 123 tonnes.
3 Kerala companies have more gold than Sweden, Singapore, Australia - The Times of India
And India is a poor country!
 

Kshatriya87

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Re: 3 Kerala companies have more gold than Sweden, Singapore, Australi

I wouldn't be surprised if certain temples trusts like Shirdi, Tirupati, Golden Temple etc. have more gold or currency than these countries' reserves.
 

karn

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Re: 3 Kerala companies have more gold than Sweden, Singapore, Australi

FYI that is approaching half the RBIs gold reserves.
 

Razor

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Re: 3 Kerala companies have more gold than Sweden, Singapore, Australi

I wouldn't be surprised if certain temples trusts like Shirdi, Tirupati, Golden Temple etc. have more gold or currency than these countries' reserves.
Have you heard of the Sree Padmanabhaswamy Kshetram in Thiruvananthapuram ?

It is the richest temple on the planet.

A recent study found that there are 6 vaults in the temple, which hold treasures.

5 of these vaults were opened and assessed. The value of these treasures were estimated at $ 19 B. The value will be much much higher if the historical and cultural value of the items are added.

The unopened vault holds the largest amount of treasures and some estimates say it's value is several times the other vaults combined.

Also more vaults may be discovered in the temple.

Essentially that temple holds over a hundred billion USD worth treasures.
 

Kshatriya87

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Re: 3 Kerala companies have more gold than Sweden, Singapore, Australi

Have you heard of the Sree Padmanabhaswamy Kshetram in Thiruvananthapuram ?

It is the richest temple on the planet.

A recent study found that there are 6 vaults in the temple, which hold treasures.

5 of these vaults were opened and assessed. The value of these treasures were estimated at $ 19 B. The value will be much much higher if the historical and cultural value of the items are added.

The unopened vault holds the largest amount of treasures and some estimates say it's value is several times the other vaults combined.

Also more vaults may be discovered in the temple.

Essentially that temple holds over a hundred billion USD worth treasures.

Yes I did hear about it. Was quite a news. I am still anxious about the last door though. There are already a lot of imaginative theories about it. Some say there is a UFO in there, some say there is a source of a devastating epidemic etc. etc.

Fingers crossed. :)
 

Razor

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Re: 3 Kerala companies have more gold than Sweden, Singapore, Australi

Yes I did hear about it. Was quite a news. I am still anxious about the last door though. There are already a lot of imaginative theories about it. Some say there is a UFO in there, some say there is a source of a devastating epidemic etc. etc.

Fingers crossed. :)
:D

Well, according to the legends opening the last vault will bring trouble to the kingdom.
Maybe the trouble that they foresaw was the government dogs who will steal the treasures.
The treasures belong to the temple.
 

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