India 11th in gold reserves with central bank

From Business-Standard.com

India is the world’s 11th largest player in terms of gold reserves with the country’s central bank.

Data compiled by the World Gold Council (WGC) showed that India has a total reserves of 557.7 tonnes of gold in its kitty as on today.

United States leads with 8,133.5 tonnes of gold reserves, followed by Germany (3,391.3 tonnes), International Monetary Fund (IMF – 2,814 tonnes), Italy (2,451.8 tonnes) and France (2,435.4 tonnes).

Read more:
http://www.business-standard.com/article/markets/india-11th-in-gold-reserves-with-central-bank-113082700596_1.html

Gold jumps to all-time high of Rs 34,500 on weak Indian rupee

From IndianExpress.com

Gold prices zoomed to a record high of Rs 34,500 per ten gram with a biggest ever single day surge of Rs 2,500 in opening trade in bullion market today amid the Indian rupee hitting historic low of 68.75 a dollar.

The current upsurge surpassed its record price of Rs 32,975 per ten gram, set on November 27 last year, with its biggest ever single day surge as panic-striken investors rushed to purchase gold as a safe haven during current financial crisis when forex and equity melting fast.

Read more:
http://www.indianexpress.com/news/gold-jumps-to-alltime-high-of-rs-34500-on-weak-indian-rupee/1161231/

Gold demat? Why is the RBI suggesting a Ponzi scheme?

By Shanmuganathan Nagasundaram
From FirstPost.com


I wonder if the works of Adam Smith, Henry Hazlitt and Frederic Bastiat should be required reading for would-be and current central bankers – whether in India or elsewhere in the world. Else, they would not be making a mockery of the vary basics of economics in their pronouncements.

Consider the latest “game-changer” proposal by Reserve Bank Deputy Governor Subir Gokarn – for the “dematerialisation of gold”. Firstly, I think what Gokarn is recommending may actually be illegal or unethical – but let’s leave that aside for a bit. I think it’s one of the most banal ideas that could have been floated to deal with the problem of high gold imports.


 Read more:
http://www.firstpost.com/printpage.php?idno=537057&sr_no=0

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