{"id":7862,"date":"2011-03-04T02:03:24","date_gmt":"2011-03-04T02:03:24","guid":{"rendered":""},"modified":"2011-03-04T02:03:24","modified_gmt":"2011-03-04T02:03:24","slug":"Why-Farmers-Buy-Gold-In-India","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=7862","title":{"rendered":"Why Farmers Buy Gold In India"},"content":{"rendered":"

There\u2019s a close affinity between monsoons and gold in India. But if you were thinking along the lines of rain rituals and offerings, you\u2019d be on the wrong track. It\u2019s more about rain helping gold than the other way round. \u201cLast year the monsoon was excellent,\u201d said Prithviraj Kothari, president of the Bombay Bullion Association. \u201cThat\u2019s one of the main reasons why prices of gold soared here.\u201d India is one of the world\u2019s biggest consumers and importers of bullion.<\/strong><\/p>\n

Most sales happen in workshops like that of Pranood Soni, a 48-year old goldsmith from Rajnagar, a dusty village in Madhya Pradesh state just a few kilometers outside Khajuraho, famous for its world heritage temples. Mr. Soni\u2019s customers come predominantly from the surrounding countryside and nearby villages. \u201cMost of my clients are farmers,\u201d said Mr. Soni, handling molten gold as he sat crossed-legged in one of his workshops. He is just one of the many jewelry artisans who set up shop in Rajnagar.<\/p>\n

By far the biggest buyers of gold in India are farmers, who almost exclusively invest in gold and, to a lesser extent, in silver. According to the Bombay Bullion Association Ltd., around 70% of gold and silver is bought in rural areas. A lot of it has to do with popular customs. \u201cThere\u2019s a widespread belief [in rural communities] that the price of gold and silver will always go up,\u201d says bullion expert Bhargava Vaidya, the director of B.N. Vaidya & Associates. Many farmers invest in precious metals also because few can or want to have a bank account. \u201cThey don\u2019t trust banks, they trust their jeweler,\u201d Mr. Vaidya added.<\/strong><\/p>\n

SOURCE<\/a>
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