Pan American Metals of Miami says Indian Households Own Over $950 Billion in Gold |
| December 05, 2011 | December 2011 Bond Updates |
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India is world's largest consumer of gold. (1888PressRelease) MIAMI, FL - In case you were wondering where all the people buying gold come from, a significant number of them will likely be private investors in India. Indian households together own more than $950 billion worth of gold, equivalent to approximately 50% of that country's GDP. And the Indian consumers are continuing to buy, not sell. In Indian culture, the appeal of gold is deeply rooted while selling gold carries a stigma, so that Indians will be highly reluctant to sell, even if they encounter hard times. Private households in India alone account for more than 10% of the world's entire gold stock. Granted that India has a huge population and is a strongly emerging economy with a rapidly growing middle class, this is still a staggering amount of gold. Some of the gold in Indian households will be in the form of jewelry; gold jewelry and ornaments are traditional gifts for special occasions, such as weddings. However, much of it is in the form of gold bullion and coins. "India is the largest consumer of gold bullion," says Bill Hionas, CEO of Pan American Metals of Miami. "India's burgeoning middle class is buying, and hoarding, gold, which represents wealth and status." India's Diwali festival last month spurred renewed gold buying among individuals while the central bank has also added to its reserves this year by a significant amount. There is a smaller, but also significant, demand for silver in India also. About us: Pan American Metals of Miami, LLC is a group of traders, investors and account executives that combines many years of experience to help clients invest in bullion. PAMM provides an individual investment service and is based in Miami, Florida for convenient access to both North and South American investors. Website: http://www.panamericanmetalsofmiami.com Press Contact: Debbie Bailey Executive Administrator Pan American Metals of Miami, LLC Email: dbailey@investpanam.com Website: http://www.panamericanmetalsofmiami.com |
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