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Alasdair Macleod: Indian govt. aims to expropriate its people's gold
11:35a ET Thursday, December 10, 2015
Dear Friend of GATA and Gold:
GoldMoney research director Alasdair Macleod today analyzes the Indian government's latest gold "monetization" schemes -- paperization, actually -- and writes that that there is "strong circumstantial evidence" that the International Monetary Fund's former chief economist, Raghuram Rajan, "was effectively appointed by the West's central banking establishment with a mandate to rein in Indian buying of physical gold."
Macleod argues that the Indian government's objective is to increase its gold reserves so that India may become a more credible member of the Shanghai Cooperation Organization, which is likely to make gold part of its financial system.
Macleod writes: "India's government therefore sees no option but to obtain sufficient gold from its citizens to hold down its future position in the SCO. And if the current gold monetization scheme fails, the ordinary Indian and his temple will be faced with the prospect of outright government confiscation.
"Indian citizens should be alert to what is going on behind the scenes, and Western observers should follow this story carefully. The Indian government is on course to do what every government does to get its citizens' gold, by fair means initially and foul when fairness fails. Once their gold has gone into the government coffers, the Indian people will never ever see it again."
Macleod's commentary is headlined "India and Gold" and it's posted at GoldMoney here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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