Yes, governments can steal your gold and kill the people - but that doesn’t
mean they can control either. Look at what is happening in India –
Prime Minister Narendra Modi’s government spent 16
months trying to persuade Indians to deposit their jewelry in the bank
to earn interest, in an effort to curb soaring imports of the precious
metal. But the program has only lured a tiny fraction of the $900
billion of gold that families and temples are estimated to have stashed
away. On the other hand, Modi’s controversial decision to withdraw all
high-value banknotes did the job instead.
Source
Taking away their cash has not worked. People are still acquiring
gold. Maybe not as much, especially of the “official” persuasion, but
they are still adding to their stack every single day.
Gold doesn’t pay interest, remember? It is a barbarous relic held by
central banks as a “tradition”, so I am little confused as to why the
Indian government wants the 20,000+ tons of gold held by the people. Oh
yeah, gold is money and represents freedom and independence – two things
all governments hate. The Indians like their gold and want to keep it
to protect themselves from thieving government officials.
“The government tried, but the people are not coming
forward,” Devendra Kumar Pant, chief economist at India Ratings &
Research Pvt., the local unit of Fitch Ratings, said by phone from New
Delhi. The government is under less pressure to fix it because “the
position right now on the current-account side is relatively
comfortable.”
Source
The Modi government thieves are demanding the people take their gold
to an official assay company with a promise to return the gold
or cash equivalent
at the end of a specified “loan” period. Needless to say the Indians
want nothing to do with this latest scheme to steal their gold.
Under Modi’s plan, holders hand over that jewelry, or
at least part of it, to a bank in return for interest payments on the
value of the precious metal and a promise to return the equivalent
amount of gold or cash at the end of the loan term.
The customer first has to take the jewelry to an independent assay office nominated by the bank to verify its purity. The bank then sends the gold to a refiner before finding a buyer for the resulting bullion. At
the moment, there are only about 440 assayers and 10 refiners across
the country approved by the Bureau of Indian Standards.
[Emphasis added] Source
This is truly a scheme operating in plain sight and the sad part is,
the government thieves believe the people are going to fall for this
nonsense. The Indians have not trusted paper currency for hundreds, if
not thousands, of years. What make Modi and his ilk think that today
that is going to suddenly change? What an idiot.
As if the scheme, that was unleashed on the people in 2016, when Modi
announced the government would be eliminating 86% of all cash in the
country was some type of confidence builder for the people. Did they
really think the people would see this vicious act as a sign the
government was now going to represent the people instead of the bankster
criminals? Seriously?
This latest scheme is going to fail just like all the other recent
schemes have failed. The Indians will continue acquiring gold any way
possible. The Indians will not trust the government to treat them with
the respect they deserve nor will they believe anything
the government says, especially about gold and currency. Why should
they? With a track record like the one Modi is running on, it is a
wonder the people listen at all. Oh, that’s right, they’re not.
 
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Rory Hall, Editor-in-Chief of The Daily Coin, has written over 700 articles and produced more than 200 videos about the precious metals market, economic and monetary policies as well as geopolitical events since 1987. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver and Silver Doctors, SGTReport, just to name a few. Rory has contributed daily to SGTReport since 2012. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few. Visit The Daily Coin website and The Daily Coin YouTube channels to enjoy original and some of the best economic, precious metals, geopolitical and preparedness news from around the world.
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The author is not affiliated with, endorsed or sponsored by Sprott Money Ltd. The views and opinions expressed in this material are those of the author or guest speaker, are subject to change and may not necessarily reflect the opinions of Sprott Money Ltd. Sprott Money does not guarantee the accuracy, completeness, timeliness and reliability of the information or any results from its use.
