http://www.business-standard.com/india/news/mcx-new-silver-contract-clocks-record-delivery/194330/on Maybe of interest. Physical deliveries at record.
Props to Indian stackers. Starting to pull their weight. Though 1000 kilos isn't a lot for an exchange. That is about 20 Comex contracts.
I've read that the amount of gold held privately in Indian households equals the holdings of the USA and the EU combined- 18,000 tonnes or so. They bought "200 metric tons of Gold from IMF at $6.7 billion on 3/11/09 at an average price of $1045 per ounce. Experts say that India is increasing its gold reserves to hedge against the falling US dollar."
Nah not really, just a measly 7.8%! Average income was $1,400 a year in 2011. Not even an ounce of gold today
The amount of countries buying large amounts of physical gold now really is an indication that they're preparing for the worst economic times. Yet the sheep, totally oblivious.
Yes India has the "wedding season" where gold purchases spike considerably. 50% of that countries gold hangs around people's neck and on their fingers !
What happenes if the Fed Reserve went to the market tomorrow and offered $10000/oz for Gold? It would put their Gold reserve value cover % to total currency at Bretton Woods levels and makes them the most powerful economic force in the world taking account of their gold holdings?
http://www.relbanks.com/rankings/world-gold-reserves Then there all the conspiracy theories about what they have spent on the war effort? Assuming they have these holdings ...consider what may pan out if they decided to be a price setter and buy at $10000/oz for Gold?
This MCX in India is doing what Ned Naylor-Leyland et. al. were trying to set up in China with P.A.G.E. Glad to see the Indian exchange becoming a success. Hope to see more like them pop up.
The USD would collapse. The international currency system would collapse. The US wants gold prices as LOW as possible, not as HIGH as possible.
If the USA did this then overnight they would go from about 15% to 65-70% Gold to total currency coverage thereby making their currency the leading currency backed by the most gold of any country in the world? The International currencies would not collapse however there would be a massive revaluation of currencies world wide based on the respective countries Gold Reserves.
