During the course of your daily life you make certain routine purchases and certain special purchases which are close to your heart. These may be luxurious items such as watches or certain long term investments such as a car or a scooter. No matter which religion you belong to , you would purchase them on certain special occasions or religious festivals. You would then have them blessed at religious places of worship. Don’t you have your new car or scooter purchased on an auspicious festival such as Ugadi blessed in the temple? Haven’t You Heard The Phrase Nothing Is More Powerful Than A Custom Or A Habit. Akshaya Triiya is a highly auspicious day which falls on the third lunar day from Amavayasya (New Moon) during the waxing phase of the moon. There are numerous legends associated with Akshaya Tritiya including one in which Sudama visits Lord Krishna with a bag of parched rice. His return back is one marked with a change in his fortune. Clearly this symbolizes a change in fortune brought about by a great amount of wealth symbolized by gold .Clearly we in India have a festival of Gold. On a lighter note I am proud of my Gold Watch .My Grandfather sold it to me on his deathbed. Here we come to know of the value of Gold. I would like to remind all of you that the team of financial planners at IndianMoney.com are always there for you to plan your financial needs in an efficient manner. You can explore this unique Free Advisory Service just by giving a missed call at 022 6181 6111.
Today is Akshaya Tritiya. This day is symbolized by long queues outside gold jewellery shops. This is a day in which all jewelers both big and small anticipate huge profits and give liberal discounts in order to make the maximum sales. This year we have a slump in Gold prices with gold hitting an eighteen month low last month .Clearly in our gold crazy nation this translates into a God sent opportunity .Currently the price of Gold is around INR 27000 per 10 g in the four main metro’s of our country. In the past year people purchased gold at values closer to INR 30000 per 10 g .People in India were expected to cut down their gold purchases this Akshaya Tritiya owing to a bearish sentiment prevailing in the gold market worldwide. But a confident buyer stated that I have been buying gold on all Akshaya Tritiya years and at much higher prices. So why should I postpone my purchases? .Clearly a sign of undying optimism while purchasing gold.
Here in this season Gold is purchased mainly in the form of Gold coins. No Gold Jewelery here. Here people purchase gold coins and gold bars mainly as a means of investment. About 50% of all investment purchases are gold coins. Banks too cash in on this demand launching gold coins in various denominations. You might ask “Then What About Gold ETF’s ? .So far this trend has not caught on ,however in future we might see this form of investment take off too. Right now the trend has been the physical purchase of gold on auspicious seasons and no matter what the price of Gold is ,it will be a prime purchase in India.
Akshaya Tritiya is an auspicious season celebrated in the Northern parts of India .It was not practiced in Southern regions and is a recent custom in the South. This auspicious season triggers a gold rush every year irrespective of sound economic decisions. This has merely come to mean a blind purchase of Gold. This season let us consider an investment in knowledge which will give us better returns in the future. Gold is merely a thing of intrinsic beauty and aesthetic appeal.It does not fuel the economy or aid in industrial production unlike silver which has huge industrial applications. Gold thrives on fear.Downturn in the economy, The USA Subprime crisis, The European PIGS crisis all of these contribute to a rise in the price of Gold as these fuel fear of paper money in men. Here the logic is simple. As long as the uncertainties which are currently prevailing in our economy persist gold will have its say.It’s as simple as that. So use this unique opportunity to study and gather knowledge on gold.
I would like to end this article by asking you never speculate on the price of gold. In India we require gold which is not sold even for economically viable reasons. Would you sell your family jewels because of a rise in its price? Clearly not ?. In India gold is used for gifting and emotional reasons and not merely for investment purposes .As gold prices will rise in the future and the need for gold in India is mainly sentiment driven always accumulate on dips in its price.' Remember Fire Is The Test Of Gold As Adversity For Strong Men."
The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.
Subscribe to our Youtube Channel
Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.