from Casey Research:
Indian Prime Minister Narendra Modi wants to get his hands on the gold in the country’s temples—approximately 3,000 tonnes, more than two-thirds the amount held at Fort Knox—to combat the country’s chronic trade imbalance.
He plans to launch a program next month that would “encourage” temples to deposit their gold with banks, in return for interest payments. The government would then melt the gold and loan it to jewelers. The thinking is that this would reduce gold imports, and thus the trade deficit. Gold accounted for 28% of the country’s deficit last year.
If successful, gold prices could come under pressure. India represented 17% of total global gold demand last year.
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