Rumor: India considers gold-backed bonds

[bushi]

http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=151319&sn=Detail&pid=110649

the reason being, to tame huge gold imports & Rupia slide down, & attract foreign dollars. also, they would be approx 7% interest, and redeemable in gold.

...count me in, I suppose


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[pmbug]

...
The bonds would be issued against the deposit of metal, though the source of gold will not be questioned, with a tenure of 10 years, Gold thus collected is slated to be pledged with foreign lenders.
...

:rotflmbo:

 

[ancona]

I would think that India should welcome rampant gold buying. After all, eventually all countries net worth will be counted as the sum total of all gold in the governments posession and in the hands of their citizens. Per capita, I do believe India owns more gold than any other country. Gold is now and always has been a pretty much required part of their culture. Everyone owns at least a little bit.