You are here
Indians plow 2.95 tonnes of gold into banks
By Andrew Topf
Mining.com, Vancouver, British Columbia, Canada
Sunday, July 31, 2016
The Indian government's plan to incentivize households to hand their gold over to banks in return for interest payments appears to be working.
According to The Indian Express, the government collected 919 crore (US$137.8 million) during the fourth tranche of its Sovereign Gold Bond program, rolled out in November 2015.
"The amount realised through the fourth tranche, at around Rs 919 crore, is the highest achieved as yet. The previous highest was Rs 746 crore in the second tranche, when the issue price was only Rs 2,600 per gram of gold. This was mobilised through over 1.95 lakh applications representing around 2.95 tonnes of gold," a finance ministry statement said.
The first three tranches of the Sovereign Gold Bond program raised 1,318 crore (US$197.6 million). The fourth tranche was launched July 18-22, in consultation with the Reserve Bank of India. ...
... For the remainder of the report:
http://www.mining.com/indians-plow-2-95-tonnes-gold-banks/
Direct Ownership and Storage of Precious Metals
Outside the Banking System in Zurich and Singapore
Goldbroker.com 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 Goldbroker.com's storage partner knows the exact identity of each investor. Goldbroker.com 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.
Goldbroker.com was launched in 2011 so that investors would avoid any counterparty risk when investing in physical gold and silver.
Goldbroker.com is listed among GATA's recommended monetary metals dealers:
To invest or learn more, please visit:
Join GATA here:
New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/
Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
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:
