india gold for cash scheme

[HawkHybrid]

http://www.business-standard.com/article/economy-policy/will-the-gold-for-cash-scheme-pay-off-115060301452_1.html

 

are they trying to convince their nations people to

go backwards?

 

HH

[Cointreau]

I wonder when Barclays will ask me to give em my gold?

Can't see it catching on somehow.

[HawkHybrid]

there's an estimated 22k tonnes at stake.

that's more than the 8133 tonnes the us

fed hold, so if gold is the only money then

india have more money than america 

 

HH

[HelpingHands]

Banks will lend the deposited gold to jewellers, who otherwise would import their requirements

Or the jewellers would not see it. If the GOFO rate is negative (as we often hear) the banks will in theory be able to lend out gold and get more gold back (or the gold plus cash). The problem being that they'd have as much chance on getting all the gold back as Germany does.

[Hookythestacker]

I bet the banks in India just can't cope with the amount of people wanting to give them their gold. Anyway, I was looking for a bit more on this story and this article I missed first time cropped up

 

http://www.bbc.co.uk/news/blogs-news-from-elsewhere-31091986

 

No pictures of the gold this time, maybe because there never was any gold, got it Mr. nosey reporter. Bit like the picture Kman put up, I bet the guy holding the bars is thinking "these two here, you never saw these two, right?"