Gold is one of the commodity on which many investors/ traders are focusing now in India. The festive season is soon going to start giving boost to gold imports in India. The demand of gold has already fallen substantially in the past couple of months as the import duty on gold has been hiked from 2% earlier to now 8%. Government has taken these measures to stabilize the rupee against the dollar and to reduce the current account deficit.
According to Warren Buffett “Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”
Here is an infographic on Ingesting in Gold:
Whats your take on this? Comment & share your thoughts!