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Indian govt. tells people: Deposit your gold with us so we can drive its price down
India's Gold Stash Dwarfs Fort Knox Hoard and Modi Wants It
By Swansy Afonso and Vrishti Beniwal
Bloomberg News
Thursday, November 5, 2015
There's about 20,000 metric tons of gold stashed away in India's temples and households -- more than four times the amount held in Fort Knox in Kentucky -- and Narendra Modi wants to get his hands on it.
India's prime minister today unveiled three state-backed plans to try to tap the stockpiles of the precious metal to trim physical demand and reduce imports by providing people with alternative avenues for investment. At an event in New Delhi, Modi announced the formal start of a gold-deposit plan, a sovereign-bond program linked to the metal's price and introduction of locally minted coins, some bearing the face of Mahatma Gandhi. ...
... For the remainder of the report:
http://www.bloomberg.com/news/articles/2015-11-05/india-has-four-fort-kn...
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