So what is it that keeps Indians crazy for gold?
There are several reasons why Indians consume so much gold. One of the main reasons can be generally attributed to their culture. In India, gold represents the goddess of fortune, Laksmi Devi who is a worshippable demi-godess. This is one of the reasons why ladies never place gold jewelry on their feet or anywhere below the waste. By gifting gold, one invites fortune into their own life as well as to the receiver's life. Gold has been very much part of the tradition and immense history of Vedic ceremonies.
In the Vedas, the ancient scriptures of India, elaborate rituals have been described in which Kings and the wealthy warrior class known as the Ksatriyas, gifted vast amounts of gold to the Brahmanas, the priest class of society. These Brahmanas would in turn give blessings and invoke good fortune to the giver of gold as well as to the society.
For this reason, gold consumption tends to increase during religious festivals or weddings and makes up 60% of the gold demands in India. These festivals or weddings don't take place whimsically, but in congruence with India's climatic changes. Beginning with Deepavali—or the light festival in November and ending in March with Holi—the color festival, this period makes up the harvesting season. The wedding season, taking place from October to May is another high time for gold. Weddings are the time for overwhelming displays of wealth and the invocation of good fortune, which explains the exaggerated amounts of gold that are gifted to the uniting families, especially—the bride.
It is interesting to note that weddings take place during this period because there are no rainy months. During the rainy season, rituals and offerings cannot be offered to the gods because they are resting and consequently, cannot bestow their blessings.
On a more practical level, Indians know that gold is a protector of wealth and therefore, the real currency or indicator of wealth. Every family man knows that money comes and goes quickly, but converting assets such as property, money, or houses into gold, the future is secure. Security, on that account, is another one of the main reasons that Indians are currently investing in gold.
The current trends of gold consumption are nothing new, but simply an inherent investment habit that has grown large due to the increasing population of those making higher incomes. And yes, in spite of the fact that their buying power has caused fluxes in the world market, they stand firm and ready for more.
So, we have plenty of information about India's relationship with gold, both spiritual, traditional, and financially, but, where do we go if we want to buy gold, the legal way? That's a good question.
Read more next week to find out where in the world, is the best place to buy gold.
Works Cited:
www.goldnews.bullionvault.com
www.economictimes.indiatimes.com
*The photos included in this article are a courtesy of google. Thank you!
In the Vedas, the ancient scriptures of India, elaborate rituals have been described in which Kings and the wealthy warrior class known as the Ksatriyas, gifted vast amounts of gold to the Brahmanas, the priest class of society. These Brahmanas would in turn give blessings and invoke good fortune to the giver of gold as well as to the society.
For this reason, gold consumption tends to increase during religious festivals or weddings and makes up 60% of the gold demands in India. These festivals or weddings don't take place whimsically, but in congruence with India's climatic changes. Beginning with Deepavali—or the light festival in November and ending in March with Holi—the color festival, this period makes up the harvesting season. The wedding season, taking place from October to May is another high time for gold. Weddings are the time for overwhelming displays of wealth and the invocation of good fortune, which explains the exaggerated amounts of gold that are gifted to the uniting families, especially—the bride.
It is interesting to note that weddings take place during this period because there are no rainy months. During the rainy season, rituals and offerings cannot be offered to the gods because they are resting and consequently, cannot bestow their blessings.
On a more practical level, Indians know that gold is a protector of wealth and therefore, the real currency or indicator of wealth. Every family man knows that money comes and goes quickly, but converting assets such as property, money, or houses into gold, the future is secure. Security, on that account, is another one of the main reasons that Indians are currently investing in gold.
The current trends of gold consumption are nothing new, but simply an inherent investment habit that has grown large due to the increasing population of those making higher incomes. And yes, in spite of the fact that their buying power has caused fluxes in the world market, they stand firm and ready for more.
So, we have plenty of information about India's relationship with gold, both spiritual, traditional, and financially, but, where do we go if we want to buy gold, the legal way? That's a good question.
Read more next week to find out where in the world, is the best place to buy gold.
Works Cited:
www.goldnews.bullionvault.com
www.economictimes.indiatimes.com
*The photos included in this article are a courtesy of google. Thank you!
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