You are here
Indian farmers reminded that gold is always as good as money
Indians Pawning the Family Gold Amid Credit Crunch
By Rajendra Jadhav and Nupur Anand
Reuters
Thursday, August 22, 2019
Refused a loan by a state-run lender and desperate for funds to buy cotton seeds before the summer sowing season window closed, Indian farmer Babasaheb Mandlik ran out of choices -- he pawned his wife's gold jewelry.
Mandlik, who owns an 8-acre cotton farm in western India, pledged 70 grams of gold, almost all his wife's precious trinkets, in June in return for 150,000 rupees ($2,105).
... Dispatch continues below ...
Buy, Sell, or Store Precious Metals with Money Metals
Money Metals Exchange, a national bullion dealer recently voted "Best in the USA" by a worldwide ratings group --
https://www.moneymetals.com/news/2015/02/03/worldwide-ratings-organizati...
-- is a great low-cost source for precious metals coins, rounds, and bars. Money Metals also pays handsomely when you wish to sell your precious metals.
Shop online with Money Metals Exchange here --
https://www.moneymetals.com/buy
-- or by calling 1-800-800-1865.
Meanwhile, the Money Metals Depository --
https://www.moneymetals.com/depository
"Pawning the jewelry was a difficult decision as my wife likes to wear it at festivals and weddings," 50-year-old Mandlik told Reuters. "I convinced her that we didn't have any other option."
Mandlik is not alone. While pawning gold has long been an option for quick funds in a country that is the world's second-biggest consumer of the yellow metal, several lenders told Reuters of unprecedented demand as people struggle to secure loans from banks grappling with bad debt and a shadow lending industry stung by a liquidity crunch.
The trend, which has prompted some lenders to impose restrictions as risks and borrowing costs rise, has been accelerated by record gold prices. ...
... For the remainder of the report:
https://www.reuters.com/article/us-india-gold-loans/indians-pawning-the-...
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Friday-Monday, November 1-4, 2019
https://neworleansconference.com/noic-promo/powellgata/
* * *
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:
