Indians Buy Bullion.

Today is Akshaya Tritiya. The most auspicious of all days in the Hindu calendar. It is believed that any activity started, or any thing bought today will result is success and prosperity. It is the day that Indian jewelery makers and bullion sellers see maximum sales. Other consumer goods and automobile dealers also see peak purchases on this day.

Today, despite being a Sunday, all jewelery shops will be open and the crowds will be a sight to see for those interested in seeing such things. The crowds will be something like the Black Friday crowds of shoppers but not at big shopping centers. The crowds will be at select shops, like in this photograph.

India incidentally is the country where most of the world’s production of gold ends up. Even the poorest of the poor will have some gold ornaments stashed away for the proverbial rainy day. We are simply obsessed with gold!

I personally wear a fairly heavy 22 carat gold chain with a Rudraksha pendant. The chain is one part of a double given to my mother by her mother as part of her trousseau. The other part is worn by my brother Arvind. I also wear a ring with a black onyx stone which was given to me as a wedding ring by Urmeela’s family. The ring that I had given her has ended up as part of some gold jewelery that we gave to our daughter in law.

This year gold prices have shot through the roof and many people who would have bought gold have decided to buy silver instead pushing silver prices also up.

After this post went live, Grannymar sent me a link to a very interesting article related to possible new ways of buying gold in the future in India. I wish to thank Grannymar for this wonderful link.

Funny people Indians! All that gold all over the place and they allow themselves to be perceived as a poor country. What do you think?