India’s gold-theft scheme a SPECTACULAR failure

India’s gold-theft scheme a SPECTACULAR failure by Jeff Nielson, Bullion Bulls Canada

India’s population is estimated to be holding/hoarding somewhere in the neighbourhood of 20,000 tonnes of gold — if not more. The One Bank wants to steal as much of that gold as possible, with the help of India’s new, corrupt government (the Modi regime). Indians Swapping Their Gold For ‘Magic Beans’ Two weeks ago, the “gold deposit scheme” was officially launched, along with an equally preposterous/fraudulent “gold bond scheme”. With the latter scam; India’s government is issuing paper bonds, which pay paper interest, but simply calling them “gold bonds” — in the effort to fool Indian’s into putting their wealth into paper instead of metal.

With the former scam; Indians are supposed to “deposit” gold with their corrupt government, which will then pay paper interest on that deposited gold. How will India’s government pay for that “interest”, given that gold generates no income? Simple. India’s government has already proclaimed that it will “auction off” the gold which it claims to be holding on deposit, in order to pay the interest on that gold…which is no longer there. :silly:  :silly:  :silly:  :silly: As previously observed; it is a clumsy fraud, which should not be able to fool any reasonably intelligent child. And, apparently, Indians have seen through this fraud (finally).

After many previous reports of considerable “enthusiasm” for this proposal (even via my own Indian contact), it appears that sober, second-thought has prevailed — once Indians were faced with the prospect of actually parting with their metal. In the two weeks since the scam was officially launched, Indians have “deposited” a grand total of 400 grams of gold. Let me repeat. In a population of over 1 billion people, hoarding somewhere around 4,000,000 lbs of gold, Indians have handed over less than 1 lb of their metal, or less than 0.000002% of their gold. :laugh:  :laugh: What is equally hilarious is seeing the media liars attempting to tap-dance around the obvious failure of yet another scam aimed at India’s gold market.

Supposedly “a lack of assaying facilities” has slowed down the program. Yes, if there was sufficient assaying facilities, Indian’s may have already deposited two pounds of gold. ;) Previously, I have asserted that China’s open-market purchases of gold, which began as soon as India’s government officially confirmed its intention to commence this scam, amounted to a “gold war” — attempting to buy-up (itself) any/all gold stolen from India. Gold War: China’s SECOND Announcement of More Gold Reserves Gold War II: The One Bank’s Indian Gold-Grab Gold War III: What’s Next? The question then becomes: is this a “gold war”? If so, so far the One Bank has stolen about 1 lb of gold from India, while China has purchased roughly 100 TONNES of gold on the open market (out of the One Bank’s warehouses). General Custer did a lot better at the Little Big Horn… :whistle: Modi’s gold deposit scheme attracts only 400 grammes so far…#zQesTeFGJ1wIhYf9.97

A gold deposit scheme launched amid fanfare by Indian Prime Minister Narendra Modi two weeks ago has so far attracted only 400 grammes, an industry official said on Thursday, out of a national hoard estimated at 20,000 tonnes. Modi has urged Indians to put gold stashed in homes and temples in the bank, offering modest rates of interest that earlier schemes have lacked. His government has also launched ‘paper’ gold in the form of gold-backed bonds. A shortage of centres to assay the gold being put on deposit is a problem that the government has agreed to address, said Anil Sankhwal, the northern regional chairman of India’s Gem and Jewellery Export Promotion Council. “Only 400 grammes have been deposited so far,” Sankhwal told reporters after meeting financial ministry officials. “The government has agreed to review the scheme and open more centres for gold testing and depositing in banks.”…

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Jeff Nielson

Jeff Nielson is co-founder and managing partner of Bullion Bulls Canada; a website which provides precious metals commentary, economic analysis, and mining information to readers and investors. Jeff originally came to the precious metals sector as an investor around the middle of last decade, but with a background in economics and law, he soon decided this was where he wanted to make the focus of his career. His website is