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Bloomberg/Swansy Afonso/7-11-2021
“With the pandemic pushing millions into poverty or bankruptcy, many Indians are now turning to their last resort: selling their gold jewelry to make ends meet. In rural India, the biggest bullion buyer, a brutal new wave of the virus has had a catastrophic impact on the economy and incomes. With fewer banks around, people in rural areas rely on gold in times of need as it can be easily liquidated.”
USAGOLD note: In India, gold is savings. People tap their savings if need be. That draw down, however, does not correlate with a sudden loss of faith in gold’s value. If anything, it will enhance it. Down the road, those forced to sell gold are likely to buy it back as circumstances improve.
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