Comments on: The Gold Rush of 2009 http://calpolymbatrip.com/2009/india/the-gold-rush-of-2009/ The MBA Graduate Program at Cal Poly Tue, 22 May 2012 01:18:53 +0000 http://wordpress.org/?v=2.6.3 By: Frederick Peemoeller http://calpolymbatrip.com/2009/india/the-gold-rush-of-2009/#comment-17792 Frederick Peemoeller Thu, 11 Mar 2010 18:19:03 +0000 http://calpolymbatrip.com/?p=2300#comment-17792 With such an adornment of gold, you have to wonder how much more will India be willing to pay to have such a precious metal. 1128 per ounce isn't exactly chump change for anyone let alone a person in a country that has an average income of 3100 US dollars a year. Even though gold is part of their culture, prices this steep make it difficult to sustain such a desire for this metal, and it seems like these prices aren't decreasing any time soon. With that said, I wonder if the culture will bend their views a little on gold, because it is so difficult to obtain. With such an adornment of gold, you have to wonder how much more will India be willing to pay to have such a precious metal. 1128 per ounce isn’t exactly chump change for anyone let alone a person in a country that has an average income of 3100 US dollars a year. Even though gold is part of their culture, prices this steep make it difficult to sustain such a desire for this metal, and it seems like these prices aren’t decreasing any time soon. With that said, I wonder if the culture will bend their views a little on gold, because it is so difficult to obtain.

]]> By: Emily Schaapveld http://calpolymbatrip.com/2009/india/the-gold-rush-of-2009/#comment-17524 Emily Schaapveld Thu, 11 Feb 2010 21:32:11 +0000 http://calpolymbatrip.com/?p=2300#comment-17524 I knew that India was the largest importer of gold, but I cannot even fathom what forty-four elephants worth of gold looks like (much less the US$6.7 billion used to pay for it!). I have always been curious as to why gold was so popular in Indian, defaulting to the fact that it probably has some sort of religious tradition. Thanks for posting such an interesting article, because now I better understand the significance of gold in India. Like you, I cannot wait to treat my self to a beautiful piece on the trip! I knew that India was the largest importer of gold, but I cannot even fathom what forty-four elephants worth of gold looks like (much less the US$6.7 billion used to pay for it!). I have always been curious as to why gold was so popular in Indian, defaulting to the fact that it probably has some sort of religious tradition. Thanks for posting such an interesting article, because now I better understand the significance of gold in India. Like you, I cannot wait to treat my self to a beautiful piece on the trip!

]]> By: Jason Silver http://calpolymbatrip.com/2009/india/the-gold-rush-of-2009/#comment-17473 Jason Silver Tue, 02 Feb 2010 00:04:30 +0000 http://calpolymbatrip.com/?p=2300#comment-17473 The large purchase of gold by India from the IMF can be quite a shock to people who are not familiar with the ties India has with gold. Through generations of conquests, wars, and political and social change, gold has been a constant. Gold has been used as currency in India dating back thousands of years and has been used as a constant measure of wealth over that time span. This relationship goes even deeper. The god of creation, Brahma, is said to be the one born of gold (Hiranyagarbha). Gold is used in all sorts of cultural and traditional ceremonies from weddings to births, birthdays, and even for offerings to Indian deities. It is so ingrained in Indian society that gold is sometimes willed to unborn children and to those who will be married in the future. This purchase should not surprise most Indians, as one person puts it, “Gold to us Indians is that ultimate love object… not only does it adorn our bodies, it also acts as a good investment… Gold is ancestral”. This affinity for gold will last as long as Indian culture and tradition persists. So when you see all those “Cash 4 Gold” commercials on your TV’s, at least you can be comforted in the fact that a whole subcontinent is investing in gold as well. The large purchase of gold by India from the IMF can be quite a shock to people who are not familiar with the ties India has with gold. Through generations of conquests, wars, and political and social change, gold has been a constant. Gold has been used as currency in India dating back thousands of years and has been used as a constant measure of wealth over that time span.

This relationship goes even deeper. The god of creation, Brahma, is said to be the one born of gold (Hiranyagarbha). Gold is used in all sorts of cultural and traditional ceremonies from weddings to births, birthdays, and even for offerings to Indian deities. It is so ingrained in Indian society that gold is sometimes willed to unborn children and to those who will be married in the future.

This purchase should not surprise most Indians, as one person puts it, “Gold to us Indians is that ultimate love object… not only does it adorn our bodies, it also acts as a good investment… Gold is ancestral”. This affinity for gold will last as long as Indian culture and tradition persists. So when you see all those “Cash 4 Gold” commercials on your TV’s, at least you can be comforted in the fact that a whole subcontinent is investing in gold as well.

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