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Tuesday, May 14, 2013

the mad frenzy gold on 'Akshaya Tritiya" and doing charity on auspicious day....

Yesterday, there were calls from Stock brokers informing their clients of the special evening session….. and the day before standing at Guruvayur, I heard announcement of Temple selling branded Gold and Silver……… “ Where prosperity pours, beauty pervades – don’t miss to ring in wealth with…….. Jewellery’s collections”   -   Gold sold in the name of God and there are many non-believers too standing in the Queue.

No prizes for guessing  - it was “Akshaya Tritiya” rush… , mad frenzy for gold and by the way how many grams did you buy ?  Traders capitalised the sentiments by promoting Akshaya Tritiya; last year people inched forward shoulder to shoulder, to rush into any shop and buy gold; there was potential stampede near any Gold Jeweler worth their name ~ perhaps the same this year too..

Do you know that until 1990,  the Gold Control Act forbade the private holding of gold bars in India.   Still rich men were possessing gold biscuits often said to weigh 10 tolas – they reportedly bought smuggled bars and buried them for making jewelleries for family wedding.  Akshaya Tritiya is one of the most auspicious days in the Hindu calendar and is considered ideal for new beginning and investment. One of the most important legends associated with observing Akshaya Trithiya is that of Lord Krishna and Kuchela. Another significant mythology is that of the Pandavas receiving the Akshay Patra from Krishna. Interestingly, Lord Krishna plays and important part in the stories associated with Tritiya.  In the most famous story associated Akshaya Tritiya, Kuchela, a poor Brahmin and schoolmate of Sri Krishna, visited Krishna with the intention of asking some financial favor. Kuchela, also known as Sudama, carried with him handful of poha or aval (beaten rice). On reaching, the palace of Krishna at Dwarka, Kuchela was ashamed to give the ‘poha’ to Krishna.  It is also regarded as the birth day of Sage Parashurama, the sixth Avatar (incarnation) of the god Vishnu.

The auspicious occasion of Akshaya Tritiya on Monday ~ 13th May 2013  was marked by great spurt in gold jewellery sales. Reports from jewellers across the country suggest a 20-25 per cent rise in sales. According to industry estimates, 20-25 tonnes of gold were delivered as jewellery and coins.  The rate of gold now is 2745 for 24K 1 gram & 2567 for 22K 1 gram.  Far less than what it was 7 months ago……   As gold prices were low in the last few days, many customers had placed advanced orders for jewellery, and received deliveries on Monday. Many had also placed advanced orders as delivery time had increased. Jewelers reported that demand was high for both gold jewellery and coins; though the sentiment was not that good in Futures market. Investors' interest in gold, through the exchange platform, is seen as relatively low compared to previous years. The brutal liquidation last month and the broad bearish outlook for the commodity have contributed to the negative sentiment. For gold exchange-traded funds (ETFs), stock exchanges kept trading open till evening.

If you ever thought that Sachin should retire and his popularity is waning !!!!! … a limited edition Sachin Tendulkar gold coins, with the senior cricketer’s face and signature embossed on them, were launched today on the auspicious day of ‘Akshaya Tritiya’. Valuemart Gold and Jewels launched one lakh Sachin Tendulkar gold coins, each weighing 10 grams, in the senior cricketer’s presence.  The 24 karat gold coin is priced at Rs 34,000/- much higher than the normal coins and still was selling ….  Incidentally, IPL is gold mine for West Indian cricketers and many of them are seen wearing lots of gold jewellery……

Sachin silver coin of Valuemart ~ 10 g - Rs.950/-

The Reserve Bank of India (RBI), on Monday, imposed restrictions on banks to import gold with immediate effect to curb the widening current account deficit (CAD).  The restriction is brought about to moderate the demand for gold.  The widening CAD is a worry for the government as well as for the central bank. It reached a record high of 6.7 per cent of gross domestic product (GDP) in the October-December quarter on the back of rising oil and gold imports.

The law of demand in economics states that all other things remaining the same, the demand for a good is inversely proportional to its price. But the current selling has more to do with sentiments than anything with the economy……

My personal belief is when you have money – any day is a good day to buy, save and cherish.  If you think, the day on which rates are lowest is the best day to make a purchase.  The schemes of double benefit, free gold, AT offers, double gold protection offer or anything else all sure would do great for the Seller and little for the poor buyer who would scratch and buy one or two grams of gold, which is unlikely to change your life fortune…. And if you are bent on doing something on an auspicious day…… [it need not be buying gold alone !] – you may perhaps do the following :
-          if you do charity, you will be blessed and the blessings will increase manifold.
-          Any venture initiated on the auspicious day would grow and bring in prosperity.
-          It  is most beneficial for performing meritorious (Punya Karma) deeds such as recitations (Japa), penance (Tapa), and other spiritual activities.
-          A good day to start education and read more.
-          Feed cows and other cattle with green fodder
-          Resolve to  take up the education expenses of a deserving, needy child.
-          Obliterate the bitter memories of the past and  renew relationships with friends and relatives
-          resolve to give up a bad habit – smoking, drinking etc.
-          resolve  to start a good habit – learn and practise Yoga.
-          If Saving is utmost in mind, there are various other avenues including Fixed deposits in Banks, Post Office savings
-          Take insurance policy and have full protection for your family
-          Serve and support a good Organistaion rendering Social service  that you know (perhaps you can think of SYMA )
-          If you are residing in another place, call on your parents and old aged relatives seeking their blessing. 

With regards – S. Sampathkumar.
14th May 2013.

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