Precious Metals | wealthymatters

Goldman Sachs Vs AP Gold Lovers

April 15, 2013 Leave a comment

wealthymatters These are interesting times for gold investors.On the one hand we have storied names such as Goldman Sachs de-emphasising gold and on the other hand we find reports of avid buying in Andhra Pradesh. Only time will tell if the MBAs or Mango People got things right.

If you are looking for the above mentioned Goldman Sachs report,here it is:Link.Scroll down to page number 74.

Here’s the TOI article about the rush by the AP middle class to buy gold following a drop in prices.

Filed under Precious Metals Tagged with gold bulls and bears, gold buyers in India, gold price prediction, Goldman Sachs, postaday

Bidding For The Lord’s Treasures

April 13, 2013 Leave a comment

wealthymatters Here is some news of interest to all devotees of Lord Venkateswara and bullion lovers in general:

The Tirumala Tirupati Devasthanams is planning on e-auctioning the gold and silver ornaments from its hundis in collaboration with MSTC. It has already sorted the first lot of gold and silver jewellery for e-auction, got MMTC India to certify its purity, and has formed a committee of IAS and IPS officers to fix the floor price. The first e-auction is expected to rake in Rs 15 crore.

For each transaction, MSTC is to earn a service charge of 2-2.5% of sales.

If you are interested,watch the TTD and MSTC website.

Filed under Precious Metals Tagged with e-auction of gold ornaments, Investing in Gold Jewellery, Investing in silver jewellery, MMTC India, MSTC, postaday, Tirumala Tirupati Devasthanams, Tirupati Balaji

Zaveri Bazaar Gossip

April 13, 2013 2 Comments

wealthymatters

If you believe that there is something to be gained to by keeping your ears open to bazaar gossip,here is the on-dit in Mumbai’s wholesale gold market:

The international slowdown in gold prices has hit India in a significant way. Investors are disappointed and look to sell at the earliest opportunity.The current scenario does not make for a buyer’s market. People are waiting for prices to drop further. The sale of exchange-traded funds (ETFs) and short-selling by investors has contributed to the decline.

A correction was in order given the astronomical rise in bullion over the past few years.Its the same for silver as well. This could be good news for retail buyers with the wedding season coming up in May.

May 13 is Akshay Tritiya, which may witness a drop in sales. The prospect of a free fall in prices will prompt buyers to defer non-essential purchases until Dhanteras, when prices could be even lower at round 22000-23000 Rupees per 10 grams.

Certainly,going by the subdued responses to the Siddhivinayak Mandir‘s gold auction for drought relief on the 11th i.e, Gudi Padwa, there is reason to be cautious.Small buyers were on a strict budget and the devotees who regularly make the big purchases were uninterested and absent.

Filed under Precious Metals Tagged with Akshaya Tritiya gold price, Dhanteras Gold price, fall in gold prices, Gold Price, gold price forecast, gold price opinion, gold price prediction, Investing In Gold, investing in silver, Maharashtra Drought Relief, postaday, Siddhivinayak Gold Auction, wholesale gold market, Zaveri Bazaar

Auspicious And Inauspicious Days To Buy Gold In 2013

March 14, 2013 2 Comments

wealthymatters January 14 Makar Sankranti

January 27 Pushya Nakshatra

February 13 Shree Ganesh Jayanti

February 23 Pushya Nakshatra

March 23 Pushya Nakshatra

April 11 Gudi Padwa Read more of this post

Filed under Precious Metals Tagged with auspicious days to buy gold, inauspicious days to buy gold, postaday

The Truth About Gold And The Current Account Deficit

March 13, 2013 5 Comments

wealthymatters Our government would have us believe that it is the insatiable appetite of Indians for gold that is at the bottom of our balance of payment problems.Here is the truth and the figures have been put up by the RBI not any advocacy group with an agenda!

The net impact on trade deficit due to the domestic demand of gold is estimated at 0.3% of GDP. It is not perceived to be very significant. However, reducing this could bring down the current account deficit (CAD) — which reflects the gap between domestic savings and investments.

So how about some truth?Anybody for fiscal consolidation?Cutting down on wasteful government expenditure?Can we start out by ensuring that government servants opt for basic vehicles not glam ones and ordinary phones not Apple models,when these are bought out of government money?How about an audit of where exactly our subsidies have gone and who exactly has benefited from them?How about a little less corruption in government?As one stalwart put it why not a more tolerable level of corruption rather than the dacoity killing our economy?