India has had more than it’s fair share of troubles this past year, from a slowing economy to the unexplained exit of their head economist. Some made international headlines, others were swamped by stories like the US-China trade war. Or the Kardashian’s latest tweet…
One of the important stories glossed over was India’s central bankers adding a substantial pile of gold to their central reserves. Substantial as in 52.3 tonnes of gold for the year ending March 2019. That’s enough to catch this observer’s attention. This is the most gold India has added since 2010 when they revealed they’d bought 200 tonnes from the IMF.
There are lots of India-based reasons why they did this, along with a small handful of international reasons cited by the Reserve Bank of India. You can – and should – read about them in today’s featured article, which gives a very balanced account of India’s current situation and positioning.
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