The central bank gold rush | Business Line

The central bank gold rush | Business Line

My VIEW:



Excerpts from my article "Gold management needs a makeover" published in The Hindu Business Line, April 13, 2012"

"The Government and RBI decided rather late, or in the last quarter of
2009, to increase the gold component in the country's forex reserves by about
200 tonnes (valued at over Rs. 30,000 crore) by way of a purchase
from the International Monetary Fund.
MAKE GOLD
TRADABLE
While the overall stock position and central bank's holding of gold are
not that impressive, our country imports around 800 tonnes of gold annually,
which is no mean quantity. The deployment of this precious metal to the
advantage of the nation makes for a sorry story.
Gold should be restored its status as a store of value by making it
tradable, secure and available in ‘paper' form, against actual stocks of pure
and standard gold.
It is high time gold is accorded the position it deserves in forex
reserves management. The Centre could also consider an arrangement, through RBI
or any other duly constituted authority, to trade in ‘paper gold', against
genuine tradable gold stocks. Mutual Fund ETFs are no substitute for this." 
M G Warrier

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