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Gold loans starting to take place in India

Submitted by cablenewsjunkie on Mon, 10/05/2009 - 20:14
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http://www.nytimes.com/2009/09/29/business/global/29gold.htm...

KOCHI, India — Indians own more gold than the citizens of any other country. They use the glittering metal as ornaments to flaunt family wealth, as a source of retirement savings and as insurance against calamities.

For many in India, gold and silver jewelry serves the purpose that retirement accounts and insurance do in the West, and advertising for it is everywhere.
But lately, gold has become something else: collateral, and the basis of one of the country’s fastest-growing businesses, gold loans.

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India is thought to have the

Submitted by RicheyG on Mon, 10/05/2009 - 21:19.

India is thought to have the largest gold supply...

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