Monday, September 26, 2011

Golden India

Saturday : In air : Frankfurt Mumbai
Some sunahara gyan from who heads gold trading of Canadian bank. India is world's biggest importer of gold. She import and consumes close to 900 tons per year and our gold import bill is next to oil. Even Dubai be around 200 tons and that too bulk of it is exported. His major customers are Zaveri Bazar, Laxmi Road. A big jewelry shop would house at least few hundred Kgs just on display. Nearly 12 banks are in the business of this trading. With price being uniform ; service, payment terms and relationship must be variables that would differentiate one trader from the other.

US interest is zero percent, stock and bond market crashing, western countries economy tottering , real estate price defeating. People who hoards the money need a place to park. No other option than gold. Result gold prices are going up and up. I kept on thinking, can this gold asset of India not be channeled in economy ? Answer lied in various gold loan schemes that are promoted.

This man who possessed golden knowledge had penchant for vodka to liqueur, after gulping few shots he snored his way to long sleep. His dangling thick gold bracelet, ring studded with diamonds and his stout physical frame reminding me of representative from Pune who shot to fame with his gold dangling.



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