Discreet Bullion
  • Home
  • Bullion
  • Prices
  • Blog
  • 1776
  • Links
  • About
  • FAQ
  • Contact
  • Diamonds

What will Narendra Modi's incoming government in India mean for the Gold Market? 

5/17/2014

0 Comments

 
From Al Jazeera English
Narendra Modi speaking at the Bombay Bullion Association summit on 5 Oct 2013:

Modi said gold has always been closely connected with human civilisations in the world.

"We have not seen gold just as money, it is related with all aspects of our social life. We have always attached the term 'gold' with anything good in our life," he said, adding that it was used even in Ayurvedic medicines since ages.

"In our society, gold is connected with security, respect and a friend in need during hours of crisis. It is also related to the well-being of our daughters through exchange of the matter during marriage times," he said.

"After a doctor, the goldsmith is the most trusted man in the family."

On the Gold Control Act

Modi said it is debatable how much successful the act was to preserve gold, but it seriously hit two generations of goldsmiths. "They shifted to some other profession and the skill which was honed over ages was lost," he said, adding that the country suffered a huge loss.

"Rise of gold-smuggling" The gold-smuggling activity increased during the time of the Gold Control Act. "These gangs became rich and they started to put their Money in other professions. Our film industry is an example. A class of rich goons was established and they posed serious threat to the ordinary people's lives," he said. "Could anyone imagine how the gold act put the social life under threat?." he asked.

"You must have noticed how people have been caught at airports while carrying golds in recent times. It means again the gold-smuggling activity is increasing," he said. "If narcotics, arms, fake currency and easily marketable gold are being smuggled into the country, then we can understand the danger the country is facing," Modi said.

Read more at: http://news.oneindia.in/mumbai/narendra-modi-slams-gold-policy-of-upa-at-bullion-summit-1318844.html#infinite-scroll-1

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Follow our CEO on Twitter
    Tweets by @MoonSunTruth

    RSS Feed

    Favourite videos

    Archives

    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012

      Contact us          Questions            Prices            Storage               Bullion               About us