Gold coins in India are sold like hot cakes

Gold coins in India are sold like hot cakes

www.commodityonline.com...

December 27, 2010

MUMBAI (Commodity Online): Cash in on the gold glitters seems to be the mantra in India now a days. From large corporate house, state run banks, post offices to small time entrepreneur – everyone has one eye on Gold and the other on the huge volumes it is generating now a days.

After the stupendous success of Gold coins through Post Offices and the State Bank of India branches, Reliance Money, the investment and broking arm of Anil Ambani group, has now come out with flying colours in its Gold coin sales.

It has so far sold 1000 kg of gold coin so far and in the next four months, it will reach 2000 kgs, sources in Reliance Money reveals.

Most of the gold coins that Reliance Money has sold from its own outlets were in the form of gifts whereas the Post Office sales were more or less rural or semi urban areas for individual investment purpose.

The public sector SBI has continuously failed in its attempt to reach out to the customers in its sales as the information dissemination it should have generated is slow and not user friendly.

Most of the gold coins in India are in the range of .5 gram, 1, 5 and 20 grams denominations. Reliance had earlier joined with Indian Post for leveraging the reach of post office across the country.

Caveat emptor when purchasing gold from india.. Often its lead thats gold plated.

This is nothing new. During their holy seasons gold is given as gifts. Among the caste's, it is always about showing that you are above your caste. An ego pump.

i have a few stacks of gold and silver coins gained along the way as gifts from Hindu friends. I have also been blessed with clarified butter once or twice. A small price to pay to maintain my supply of killer indian cuisine!