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Hindustan Times explains the fraud of India's gold bond program
12:41p ET Wednesday, February 24, 2021
Dear Friend of GATA and Gold:
Thanks to the Hindustan Times in New Delhi for spelling out today just how stupid the people of India would have to be to invest in their government's Sovereign Gold Bond program.
Presumably Indians, like everyone else, invest in gold in the hope that it will appreciate in value or at least hold its value. But the Times' report today shows how the program is only a diversion from investment in gold.
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The Times' report couldn't be more candid:
"'Indians are known for their huge appetite for gold. So to reduce the demand for physical gold, the government created a new way to invest in gold via Sovereign Gold Bonds. This gave a push to the government's agenda to shift a part of the domestic savings (that was used for the purchase of physical gold) toward financial savings,' says Dev Ashish, founder of StableInvestor."
So there it is. The government's program has been devised "to reduce the demand for physical gold." How is the gold price supposed to rise amid falling demand?
Maybe the Times will publish another commentary addressing that question.
The Times' report is headlined "It's Time to Look Beyond Physical Gold" and it's posted here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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