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GoldCore's Skoyles notes Indian government's hypocrisy on gold
1:25p ET Tuesday, May 12, 2026
Dear Friend of GATA and Gold:
GoldCore's Jan Skoyles today notes the Indian government's hypocrisy in telling its people not to buy gold even as the Reserve Bank of India increasingly holds gold as a superior form of money, as the money issued by the reserve bank, the rupee, is quickly losing value, and as other central banks steadily have been acquiring more gold as well.
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Apart from the government's hypocrisy, there is much irony here as well. There is more gold in the hands of ordinary people in India -- an estimated 35,000 tonnes, worth about $4 trillion -- than is held by any other country. So if India ever gave up on the rupee and recognized gold as the country's primary currency, giving up also on the government's long campaign against gold, India quickly might transform itself from a poor developing country into the world's richest.
But then the government would be less able to order people about in their daily lives.
Skoyles' commentary is not quite 9 minutes long and can be viewed at the GoldCore channel at YouTube here:
https://www.youtube.com/watch?v=_KLDzMTEmEU
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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