The world’s second biggest gold consumer continues to replenish its bullion reserves, a Reserve Bank of India (RBI) report shows. At the same time, New Delhi is slowly but surely reducing its share of US debt bonds.
The annual report from the Indian financial regulator reveals that the country followed other BRICS partners in adding physical gold to its foreign exchange reserves. The RBI reportedly bought 8.46 metric tons of gold during the last fiscal year ending in March.
As of the end of June, the country’s central bank held 566.23 metric tons of gold against 557.77 metric tons a year ago. The RBI purchased gold for the first time in nearly a decade. The regulator acquired 200 metric tons of the precious metal in 2009 shortly after the global financial crisis.
According to the RBI, India’s international reserves rose by five percent from June 2017 to June 2018 in comparison to the 6.3 percent growth seen in the same period in the previous year.
“Diversification of India’s Foreign Currency Assets continued during the year with attention being ascribed to risk management, including cybersecurity risk. The gold portfolio has also been activated,” the report added.
Meanwhile, the country’s share of US sovereign debt saw a gradual decline from $157 billion in March to $148.9 billion by May, according to the latest US Treasury report.
Eliminating US sovereign bonds has recently become a trend among major holders. According to the latest statistics, Russia dumped 84 percent of its holdings during 2018, while Turkey’s share of US Treasuries fell by 42 percent during the first half of the current year.
At the same time, Japan and China, the biggest holders of the US papers also reduced their shares, albeit insignificantly.
Fiat currency is a jew trick. It's no longer backed by gold so utterly worthless. They over print it. The US forcing(US being a bully as usual) sand niggers to sell their oil in USD is what's making it appear to worth something.
Hunter Anderson
The poos are being smart on this one. A currency backed on empty promises with tricksters is worthless.
Luke Morales
True. And its not just India, Russia and China too. Other countries like Germany are looking for ways out the Western SWIFT payment system in defiance to the US dollar. Everyone around the world knows the US dollar is phony debt….well everyone except most Americans.
Brandon Hill
bumparoo
Jack Lewis
Oh well, I guess all parties have to end sometime. Just be prepared!
Evan Hall
It all depends if countries are confident the US will pay them any sort amount in the future. We are not quite past the tipping point but it does look like people are starting to hedge their bets in the event America defaults any of their debt.
Josiah Baker
REAL
Benjamin Kelly
Im underemployed and make just enough to qualify for welfare. I take that welfare and buy gold with it. Ive been stacking for 6 years now.
Angel Gutierrez
You should consider stacking some basic essentials while your at it. Gold or silver alone won't save you, it only preserves wealth for the already wealthy. Extra food, water, sanitation supplies, basic medical supplies, guns/ammo, etc. all should be your TOP concern when prepping. >>>/prepare/1
Jackson Miller
POO ON US DOLLAR
Kevin Taylor
Absolutely nothing significant will come of this
Hudson Gutierrez
You know little about economics. This is not the only country liquidating Treasury bonds to stockpile hard commodities and precious metals. You yuppies are in for a surprise in due time. A very big surprise.
Brayden Jackson
POO ON YOU
James Nelson
Who cares the USA already has a lot of commodities stockpiled themselves reserved ready to pay off creditors nothing will come of this
Luis Perez
I don't believe you at all. I'm not risking my lifestyle and my ass for feel-good hear-say.
Ian White
America currently has more Gold and Oil reserves than anyone else. You can do whatever the fuck you want with your life but I'm just saying, nothing will come of this. Its bad being naive sure but being an alarmist is just as unhealthy
Michael Foster
Preparing is as healthy a lifestyle you can get. The oil part is true. But so do many other countries too. As far as gold reserves, no proof of that at all. They won't even allow gold audits anymore. Until there are public audits I will prepare for the worst case scenario.
Matthew Clark
Fair enough. Realistically the best way to prepare is invest in silver or commodities in general. Good point. As far as we know Fort Knox still has about 3 percent of all Gold ever refined but without any recent audits it could be empty for all we know. Although it would be hard selling all that off without someone raising an eyebrow
Tyler Walker
Shut up poojeet, we have a lot bigger stick than you
India can side with Russia and China in no time, and remember both are superpowers who don't like us very much. This is not being "anti-patriotic" in any way, its just a FACT. The US is already losing hegemony… we haven't won a war for a very long time either. As we involve ourselves with endless wars and Trillions in DEBT, other countries are advancing their weapons systems and nuclear capabilities to match us if need be.
Owen Kelly
The best thing America could do, the best thing for this country and our people, would be to end these senseless wars for ZOG and focus on re-industrializing our nation. If our citizen taxpayers are shackled to trillions in debt, endless wars we never win and a massive reliance on other nations to make our products then we will be the losers in the upcoming era. Since our politicians and government can't understand this - or refuse to fix anything - its in Americans' best interests to be prepare themselves: >>>/prepare/1
Easton Allen
too bad they aren't buying up toilets
Jack Rogers
China and Russia literally cannot afford to dump the USD in any significant way. Especially now that the Yuan is taking a shit.
Jacob Thomas
Wrong. You pay no attention to the news I see. Russia already did, dumped half their US T-bond holdings just a few months ago. BIG NEWS, but Zig Forums must have missed it because I wasn't here to tell them.
As far as the Yuan, it can afford to take a shit for now. Why? Because the Chinese have massive industry and so many other countries (including us) still rely on that……. now, if America got back their industry and told China to "shove it" that would be a whole different situation.
You'll have to go back in the archives a bit to find the report on Russia dumping US Treasury bonds. China is also liquidating but at a much slower pace.
Justin James
Superpower by 2020, cumskins!
Nathan Young
The ironic joke about the poo situation in India is that most of the civilized world forgot about how capitalism works. The jokes on them this time. In order for toilets to be installed you must have proper construction and piping installed including giant sewage maintenance systems built underground. This not only takes time, it takes money to do to. Most of India is butt-fuck rural, meaning they don't have the means to do this. They just don't. So it takes massive allocation of equipment, (typically backlogged), to reach those areas to even BEGIN construction. Not to mention to train sewage management, train the to-be plumbers, even to teach those Indian rednecks how to use a toilet…. its a long long process and many stupid idiots think you can snap your fingers and make a toilet appear from nowhere! Not quite that simple unfortunately!
Don't take your all your wealth for granted folks….. it can disappear and breakdown faster than you can imagine! And one day YOU could become the next one without a functional loo! >>>/prepare/1
Camden Flores
gold is million times better than fiat both the cars and money
Leo Williams
What Keynesian economists don't understand is gold always holds value, always. It can never be devalued to 0. Never has. Never will be. Fiat currency on the other hand, can and always inevitably does devalue to 0. So which would you rather hold as money? Its obvious to those who think about it for a while.
Jonathan Gutierrez
BOOM! All of a sudden Isreal and (((USA))) find a reason to go to war with India.
Isaac Harris
Been happening for 5 years at least
Isaac Richardson
does modhi consfiscated demonimations of blls have anything to do with this move to gold?
Liam White
only so much gold in the world
I say tie an economy's currency to the value of the organs of the young and healthy poor people of a country.
EXACTLY! Get it now? Gold cannot be devalued to 0 because there is not an infinite supply of it. And mining gold takes a LOT of money and resources, so its not very easy to extract either. Thus, its intrinsic value.
Adam Lopez
Interesting you say this, the Chinese government has tried this before without much success. You would need constant demand for these organs which take money and resources to store properly. So its a very difficult complex issue. Not very successful.
Gold and silver ALWAYS holds value. Look it up. All throughout human history when has gold or silver devalued to 0? NEVER.
Gold cannot be devalued to 0 because there is not an infinite supply of it. And mining gold takes a LOT of money and resources, so its not very easy to extract either. Thus, its intrinsic value.
Oh, and by the way, silver is used in ALL electronic devices today. Without silver, none of you would be typing on your computer or gadgets right now. So please… keep telling yourself that precious metals and hard commodities are worthless and to trust fiat currency digits and paper (which CAN be devalued to 0!)
Oliver Rivera
legit news bump
Ryan Hall
Indians always invest in gold, its a part of their culture, that is why they always wear alot of gold jewelry.
the infowars article is dated sep 6 2018 >ARTICLE 2 YEARS OLD AND NOT EVEN REMOTELY TRUE.
Nathan Thomas
I wasn't referring to the infowars article, but the article the one user posted from marketwatch.com, in which I was replying to. He claims gold and silver will soon be worthless. Nope. Its never been worthless. Precious metals always hold value and that is just fact.
