I can’t imagine saying “don’t buy any precious metals” will ever result in anything but a surge in buying precious metals.
126
AggravatingJudge70921 day ago
+24
It might work it might not, he has an almost cult following, even among the middle class,
Last time when some maldivian ministers made distasteful remarks of India and targeted modi specifically, indians stopped going to the Maldives, cancelled their trips and diverted them to places like Sri Lanka for example, their tourism sector tanked like 50% and made the Maldives government run a complete u turn on their position on India (mind you, Modi didn't even say anything or ask indians to stop going to the Maldives or anything like that)
On the other hand, Indians love gold, the same way garfield loves his lasagna. It's not even like an investment thing they just value gold because its auspicious and symbolises wealth and what not. So that's a pretty tall order.
Personally, I don't think anything is gonna change with regards to gold specifically.
24
PhysixGuy20251 day ago
-13
Nah gold ETFs down.
-13
EN3RGIX1 day ago
+12
Not talking about tokenized gold here.
12
PhysixGuy20251 day ago
-18
How would I know that?
-18
Excellent_Safe_19151 day ago
+3
Indians like the gold jewellery. No plans to sell them later
3
TheSaltyStrangler1 day ago
+60
Will this not just likely spark a surge of panic-buying?
60
nextkevamob21 day ago
+1
I hope so!
1
Introvertloner1011 day ago
+92
But Modi ji and his MPs and Ministers will each continue to use 100+ cars everyday.
92
No_Signal_69691 day ago
+30
And buy as much gold as they can
30
Adventurous-Wall-1221 day ago
+12
Another 500 trillion acres to A&A!
12
AkaiAshu1 day ago
+15
Right after, he did a huge road show with multiple cars. My man is wild.
Also, he can enforce wfh. HE IS THE PM.
15
Independent-Size-2581 day ago
+17
Less travel sounds like a reasonable ask, but can someone explain what would buy less gold do?
17
No_Tree_81441 day ago
+32
so india has a merchandise goods deficit of like 250 billion dollars or something. when you account for their services surplus they have about like 100-110 billion dollar deficit. but when you account for remittances and everything their deficit is pretty manageable which is why the country doesn't seem to falter even tho the absolute number of deficit is so high.
out of that 250 billion dollar deficit, they import like 130-140 billion dollars worth of oil/gas because they have none. so the economy/trade balance is very sensitive to oil price shocks (like this iran war is causing) and puts a lot of stress on the rupee since the deficit ends up widening.
but the thing is, indian LOVE gold. so the country ends up importing around 70 billion dollars worth of gold a year. about 700 tonnes equivalent. so not buying as much gold means that 70 dollars worth of imports that doesn't particularly help the Indian economy, goes down a bit. theoretically stabilizing the deficit and not putting any additional stress on the rupee and economy.
32
HystericalSail1 day ago
+30
As a collective that would make economic sense. As an individual, hedging against currency weakness in an inflationary environment? All I hear is "buy as much gold as you can get your hands on."
30
No_Tree_81441 day ago
+16
I mean tbf it doesn't really matter what he says. god himself could come down tom and tell indians to stop buying gold and they won't. it's baked into the culture at this point and ppl buy a ton of jewelry for weddings and things like that.
I doubt him saying to chill on buying gold is gonna cause a spike in gold purchases.
16
Independent-Size-2581 day ago
+8
Great explanation, thanks!
8
catsgardening22 hr ago
+1
Also the rupee is basically in free fall approaching 1 dollar to 100 INR. Basically all Asian currencies are free falling during this oil shortage except the Chinese RMB which is appreciating against the dollar.
A lot of INR is being exchanged for dollars for both expensive oil and gold right now and cutting down on precious metals would help on that front.
1
Shivamrocks50391 day ago
+15
Wow not a single comment here of cause of it all iran war and India's stance and policy, all are fighting among themselves lol.....
15
Short_Association6561 day ago
+13
God tell me about it I don't know why we Indians are not able to think normally or neutrally it's always some kind of political hatred blinding us and here we are even having North-South divide lol.
13
Unfair_Fact_82581 day ago
+5
India rupee was in a free fall well before Iran war. The war is just an excuse
5
Shivamrocks50391 day ago
+5
Yes indian rupee was free fall before the wall but..... Iran war worsened the things..... Govt has been spending billions just to keep prices same here while other asian countries have prices hiked up in 20-30-40 percentages....
Both factors combined is what causing that....
5
Unfair_Fact_82581 day ago
You are conflating 2 different things
The price of petrol has gone up in other countries- which is because they had reduced the price when crude oil was low. India did not, and reaped profits at that time, so it’s only normal to keep it the same now
Buying less gold and avoiding foreign travel is not for oil, it’s for forex. The Indian currency has been shit before the war and hasn’t really had a bigger dip because of the war. Moreover, other currencies have actually strengthened against the dollar
You should read up on these instead of believing the first WhatsApp forward that comes your way
0
Shivamrocks50391 day ago
Ofcourse it's a forex problem..... How do you buy oil, gold and other things..... sorry for not including this in above comment.... Every import requires forex dude
RBI had spent forex before trying to break the ruppee downfall even then it has fell ..... Then this war, since it has started we have been burning forex as oil price have increased by so much.......
0
StayingUp4AFeeling1 day ago
+2
This is because India is extremely oil import dependent. And in general, India has never been more than one major black swan away from a full balance of payments crisis.
Some of the domestic pain was delayed by slashing of central taxes on petrol and diesel. And since the main distributors are state run, the price could be kept artificially low for a short while.
However, this is unlikely to continue further.
The recent dip in the rupee value (95 rupees to a dollar and counting. Not long ago it was 80) is DESPITE the Reserve Bank of India burning through 30 billion USD in forex reserves to cushion the excess demand.
This is also resulting in FIIs pulling out of Indian capital markets -- no one wants to lose gains to currency fluctuations.
The only way to stop this is to reduce imports as much as possible. Whether voluntarily or by force.
What do we import?
a) Petroleum
b) GOLD -- lots of it.
QED.
Edit: See: balance of payments crisis of 80s/90s, resulting IMF bailouts and liberalisation by the PV Narasimha Rao/Manamohan Singh government.
2
ItsReemAlBlahBlahDee1 day ago
+20
I wish Indians would see what a shitty PM he is instead of worshipping him. It sucks to see such a great country descend into utter social disharmony and chaos. They’re being distracted so that they never speak up about lack of jobs, infrastructure, rapes, lawlessness.
20
No_Tree_81441 day ago
+61
unironically part of the reason they worship him is because of the insane push for infrastructure. for example they had like 250 ish kms of metro about a decade ago. a little over 1000 now and they're hoping for 2000 by 2030. that's a pretty massive push. that's just one example.
for the most part at this point they just keep voting him in because the opposition is just incredibly useless. if they replaced the Gandhi family, the opposition would have a very solid chance of winning in 2029 but it's unlikely so he's gonna win again
61
look_so_random1 day ago
-4
A lot of it is so they can swindle large amounts of money at once.
The length of the metro should be compared with the ridership to realize how some of this shit has no planning or foresight behind it.
Bridges routinely collapse, the road to the himalayas are annually blocked for about 2 months during monsoon because they “developed” the area roads and hydroelectric power plants.
He’s now leaving for a 5-nation trip on my tax money a couple of days after he asked me to cancel my trip.
-4
IsJohnKill1 day ago
+8
> A lot of it is so they can swindle large amounts of money at once.
Which happens even when nothing is built. So might as well get something out of it.
8
No_Tree_81441 day ago
+13
ehhhh not really. pretty much all the half decent developed metro's are doing fine. the problem is when they have to rush out *something* before the elections spin around to prove to ppl they're actually doing something. that's when you end up with like 7 km of operational metro in a city that doesn't really do much in terms of ridership. 2-3 years from then when they build the other 20+ km or whatever, you get a noticeable bump in ridership.
now technically it's not a bad problem to have. it means the ppl now expect physical development before they cast their votes for an election. the problem is political parties are gonna be more prone to rushing certain parts just for the sake of it.
china doesn't have to worry about elections so they can make most of their metro lines operational in a more "expected" manner.
13
ravbuc1 day ago
+1
The apex predator. No wonder there are so many more of those videos recently
1
ataturd1 day ago
+1
So many more of apex predator of usa the guns haha fun to watch.
1
Introvertloner1011 day ago
-7
Believe me we do. He and his party aren't popular in south India. In my state they usually don't get any seat during elections at all.
EDIT: Wow you are a bot, that replied to my comment below and later on blocked me so that I cant reply to it. LOL, get a life!
-7
Impossible_Ruin2681 day ago
+16
>He and his party aren't popular in south India. In my state they usually don't get any seat during elections at all.
Only in Kerala and Tamil Nadu. Modi and his party are very popular in Karnataka and Telangana. I don't know about Andhra Pradesh.
Edit: [u/Introvertloner101](https://www.listnook.com/user/Introvertloner101/) blocked me after posting this reply. I found his reply in my gmail inbox:
>You know 'everyone'. Take the narrative somewhere else BJP IT wing. You people wont come here. And I'm done with this toxicity of audacity of you denying I'm from Telangana just because I don't support bjpee. Live in your wonderland, elections will show the truth, AGAIN.
Unlike you, I live in Telangana. I was born and raised in Hyderabad. I travel to other districts of Southern Telangana and occasionally to districts in Northern and Eastern Telangana. I interact with the local people here. Congress only remains popular in Eastern Telangana districts like Khammam, but it's extremely unpopular in Southern and Northern districts of Telangana.
Water crisis has worsened all over Telangana under Congress leadership. There was no shortage of water in Hyderabad, the capital of Telangana, before Congress came to power. Congress government also removed many social programs initiated by the previous BRS government.
Also, the current Congress government is investing less in infrastructure development than the previous BRS government.
The policies, campaigns and promises given by senior leaders are what makes a party popular or unpopular in Telangana, not some allegation of a politician raping someone.
In Telangana, people know politicians are criminals and have been criminals from decades. No one gives a f about them. At the best, they might make a politician unpopular but not the party itself. People only care what benefit or loss they will get when a party comes to power. Caste and religion also play a significant role.
You don't know these basic facts cause you are NOT from Telangana. It's pretty obvious from your comments you don't live here. You posted an entire thread worth of comments on Telangana politics without once mentioning BRS, the current most popular party of Telangana, that shows how ignorant you are about Telangana.
So stop pretending you live here, in Telangana.
16
Introvertloner1011 day ago
-3
They arent in power anywhere else except AP (with regional alliance). In Kerala and TN though, they just get rejected.
-3
Impossible_Ruin2681 day ago
+11
Currently, they are not in power in Karnataka but they are the 2nd largest party in the state.
In Telangana, BJP is the preferred party for most people when it comes to national politics & Parliament elections but people ignore BJP during assembly and municipal elections.
11
Introvertloner1011 day ago
-2
Man, if they are 'very' popular as you have put it, they would have been the ruling govt, wouldnt have lost in assembly. By that logic, even Rahul Gandhi is popular because he is in opposition.
-2
Impossible_Ruin2681 day ago
+2
In both Karnataka and Telangana, BJP gets more votes than any other party in Parliament elections. People of Karnataka and Telangana prefer BJP and Modi when it comes to national (federal) politics.
State/Assembly elections are more nuanced. In 2023 Karnataka state elections, BJP got 36% of votes and Congress 42% of votes. In Telangana, people don't prefer BJP in Assembly elections but they support BJP and Modi at national-level politics.
2
Massive-Carrot-238923 hr ago
+1
Congress has more vote share than BJP in Telangana and roughly equal in Karnataka, a quick look at last national election result will prove that.
1
Impossible_Ruin26823 hr ago
+1
>Congress has more vote share than BJP in Telangana
Not in Parliament elections. Only in local elections like Assembly elections.
1
Introvertloner1011 day ago
+1
Well I am talking about assembly elections (most reflective of a state's sentiments as they choose the ruler that rules their state, national politics doesnt get as much attention from people) and I meant that the ruling party is the popular one. And at the moment, the parties which are in power are the most popular ones compared to other parties, thats all.
1
Impossible_Ruin2681 day ago
+6
Modi is not a state-level leader. He is a national leader.
I'm from Telangana, politics here are very nuanced. BJP is a very popular part here. That's why in Parliament elections, they got more votes than any other party.
For Assembly elections, BRS and Congress has strong local leaders and it takes some time for BJP to develop more strong leaders.
6
Introvertloner1011 day ago
+3
I'm also living in Telangana bro. See my point is very simple. I meant the assembly/state level elections and the ruling party is the most popular one, which is why they are the ruling party. As far as national politics goes, the options are extremely restricted, modi/rahul. Who would choose Rahul?! I mean, I don't know about the next election, but thats the reality of it.
3
No_Tree_81441 day ago
+6
I mean his party is definitely pretty popular in Karnataka and they'll probably win in 2028 again. Andhra is allied with his party. they've broke in a bit in Telangana where they won 8 seats out of like 17 in 2024, but we'll get a more clear picture in 2028 in the state elections.
they won 3 seats in kerala and honestly, when you go off bjp's history, once they break in it's generally a matter of "when" they end up becoming a dominant force. 10 years ago they won like 3 seats in West Bengal.
tamil nadu is still very anti bjp tho. but then again they just elected an actor who promised to give everyone the moon.
6
Impossible_Ruin2681 day ago
+3
>I mean his party is definitely pretty popular in Karnataka
Also, BJP is the most popular party in Telangana when it comes to Parliament elections. But, they usually struggle in Assembly elections.
3
Introvertloner1011 day ago
+1
Tamil Nadu has a history of electing 'dravidian ideological' parties which is focused on social equality, anti-caste reform, rationalism, and regional autonomy. Even if the actor - his name is Joseph Vijay btw - had joined hands with BJP, he wouldnt have won. Even when he didn't have the majority post-poll to form the govt, he didn't seek BJP or Right wing parties precisely to avoid the backlash. And TN is #2 largest economy in India and well developed under the dravidian parties. Anti-BJP voice is loud here indeed.
1
No_Tree_81441 day ago
+2
I mean sure but I was just saying that "south" is a stretch. when half the states are actually pretty heavily influenced by the bjp lol
2
Introvertloner1011 day ago
Omg. Guys it's just a political party of India. I don't know why you guys get so aggravated. BJP/Modi ≠ India. Currently they aren't in power in any of the southern states (not even a strong opposition) except AP and that too with alliance. They were gaining momentum in Telangana but the BJP minister's son's POCSO case is unravelling it.
0
[deleted]1 day ago
-9
[deleted]
-9
420_69_Fake_Account1 day ago
+2
It’s like Americans and their red vs blue, donkey vs elephants, democrats vs republicans … everything is designed in a way for you to hate the other side no matter what… you can’t win if ‘they do’
2
son_et_lumiere1 day ago
+1
Wait, so is it a great country or a hellhole?
1
jovin491 day ago
-6
I wonder if India would be better run if the south held more governing power than the north.
-6
Introvertloner1011 day ago
-5
True. I agree. Though south India isn't perfect it's certainly on the right path.
-5
SeaProfessor39401 day ago
+8
Quite sure after the recent elections that "South" better image has shattered and God how much superiorty complex do you all have doing the north south divide on an international sub.
8
Introvertloner1011 day ago
What God complex? What about recent elections? They won 1 out of 234, never had a chance in Kerala as well, so what exactly are you talking about? This is not north-south divide. This is just us rejecting bjp, which we have a right to as a citizen.
0
SeaProfessor39401 day ago
+5
I am talking about Tamil Nadu not Kerala and yes superiorty complex do I really need to elaborate on that ? And well of course its your right as a citizen to choose what party you want to but that's not what you are insinuating here are you? instead you are trying to say how south is this that ,how the people are better and what not ,the typical things. And do you really think an international sub is appropriate for these talks like Indian subs aren't enough .
5
Introvertloner1011 day ago
I fail to see the problem here? South being more developed with lesser crime rate is a fact based on stats. Thats not superiority complex. I dont get offended when a state is more developed than mine. And you are the one elaborating these talks here.
0
SeaProfessor39401 day ago
+2
You are also are replying back aren't you and no one is getting offended on a state being developed that's good for the country anyway ,nice try to twist my word's meaning but we both know what you actually meant by . Anyway as said stopping this conversation , nice talking .
2
Introvertloner1011 day ago
+2
So I shouldn't have replied?! I didn't twist your words man.
2
[deleted]1 day ago
+1
[deleted]
1
Introvertloner1011 day ago
+2
Why do you people get so aggressive just for opposing BJP, a political party. God. Any other country people, criticise their political parties and move on, not get harassed for it! And btw, it's North Indians that come to south for jobs.
2
TraditionalPen20761 day ago
+1
Lol what does more developed mean? That's such a vague statement to make
1
Introvertloner10122 hr ago
+1
No man. Based on stats released by central govt themselves, on all parameters. What do you people have against having your own states being progressed?! Never mind. Bye.
1
definitelynothuman531 day ago
-5
You know nothing.
India was like this 20 years ago too,it is the same now.Bjp congress both care about winning elections,just their way is diff.
-5
No-Lobster-56731 day ago
+7
Indians need to conserve fuel so that Modi can do his foreign tours
7
Mo_h1 day ago
+1
When you tell someone ***Don't***, they are inclined to do the opposite!
1
UnicornHostels1 day ago
+1
Don’t Indian women, as a whole, own more gold than some countries?
1
pmmeurb00bs1 day ago
Ache Din
0
Frequently_lucky1 day ago
-11
Gold is the most useless allocation of capital for a low income country that is capital starved.
-11
Mr_Coco12341 day ago
-5
But Papa Modi stabilized the economy! This must be Pakistan's fault.
70 Comments