"Take away India's demand; and world gold prices will immedietly dive to less than half its current value" !
So why should ordinary Indians worry at all that they continue to remain among the world's poorest peoples ? They are making others richer and richer, aren't they ?? They ought to derive happiness from that !
Re: Oft said at the London Metal exchange :
by surya das on Apr 30, 2011 08:50 AM
Gold touched $1570, record high which never seen before. It is mainly due to weak dollar and uncertain world market. Same time, news are coming from Russia, China (World's 2nd biggest Gold reserve country after US) that they are creating their sovergein funds to shift US$ to gold reserve and same time many central banks in the world increasing their gold reserve recently. It may touch $1600 soon.. But in future it should go below $1200 mark once dollar start strengthning. Every one waiting Federal to indicate the hike of interest rate at least 50 basis points..in 3rd or 4th quarter...
Common South Africans give a damn about gold. And so do commoners across much of the world.
It is only in South Asia (India, Pakistan, Bangladesh, Sri Lanka, etc.) that commoners consider gold as great investment. In fact, they also somehow have convinced themselves (against all dictates of commonsense) that wearing gold jewellery will make them look more attractive than they are !!
Now, the South African gold miners know very well that their countrymen will not buy much gold; if they had been forced to stop exports, all mines would have to be closed ! But what do they care anyway when they know that a nation with a 'slimy slithering, heaving and wretched' population of a billion-plus would stake everything just to buy more and more gold each year ??
So, that is how it has gone on for decades now; India and other south asian nations yearn for and buy more gold each year (and commoners are steadily fooled into thinking that gold is worthwhile investment) and S.Africa and a few other gold producing nations get richer and richer each year !
