Indian government calls meeting on gold monetization scheme's lack of success


Government Calls Meeting to Review Gold Monetization Scheme

By Rajesh Bhayani
Business Standard, New Delhi
Wednesday, March 9, 2016

MUMBAI, India -- Following a tardy progress in the most ambitious gold monetization scheme since its launch on November 5 last year by Prime Minister Narendra Modi, the Finance Ministry has called another meeting of all stakeholders on March 18 to discuss why the scheme is not gaining momentum.

Until February a little over 1 tonne of gold was mobilized under the scheme compared to nearly 4 tonnes of sale of sovereign gold bonds in first two tranches while the third tranche is still open.

Interestingly, at a time when jewellers are on a strike opposing imposition of excise duty in the Union budget, the government has preferred not to invite all trade bodies. Hence only Indian Bullion and Jewellers Association has been called to meeting while the Gems and Jewellery Foundation has not been invited. From the refiners' side, many representatives have been asked to attend. ...

... For the remainder of the report:


Direct Ownership and Storage of Precious Metals
Outside the Banking System in Zurich and Singapore is a precious metals investment company that enables investors to own and store gold directly in their own name (no mutualized ownership) in Zurich and Singapore.

Goldbroker's clients are not exposed to any counterparty risks. They own gold and silver in their own names (the ownership certificate cites the name of the investor and serial number of his bars) and they have storage accounts opened in their own name as well. So's storage partner knows the exact identity of each investor. doesn't store in the name of its clients; rather, Goldbroker's clients store personally. All investors have direct access to their gold and silver bars. was launched in 2011 so that investors would avoid any counterparty risk when investing in physical gold and silver. is listed among GATA's recommended monetary metals dealers:

To invest or learn more, please visit:

Join GATA here:

Mines and Money Asia
Tuesday-Thursday, April 5-7, 2016
Hong Kong Convention and Exhibition Centre
Hong Kong Special Administrative Region, China

Mining Investment Asia
Wednesday-Friday, April 13-15, 2016
Marina Bay Sands, Singapore

Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit: