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Friday, May 2, 2014

Today is Akshaya Tritiya ........... are you in Q to buy Gold & Silver ?

Not sure, whether it is a lull or me not experiencing it ... it is not raining that many offers – though some reports state that  jewellers, automobile dealers and electronic gadget traders are doing every bit to tap the rush on Akshaya Tritiya falling on May 2. Apart from lucrative discounts and attractive schemes, gift are also on offer to lure buyers.  At Patna, reportedly, jewellers are offering 50% cut on making charge of gold ornaments and flat discounts on diamond jewellery.  A branded showroom is  giving a free gold coin on every purchase of 10 gram gold ornament or diamond jewellery worth over Rs 10,000.....

Today is “Akshaya Tritiya”  the day when Lord Parashuram, the sixth incarnation of Lord Vishnu, is believed to have been born. It is considered one of the most auspicious days in the year and, as such, people not only buy jewellery but also perform all 'shubh karya' on the day.  Last year there were calls from Stock brokers informing their clients of the special evening session….. and that time  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.  Over few years have seen people inching 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..

Some would remember 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.

Last year’s  Akshaya Tritiya on Monday ~ 13th May 2013  marked  great spurt in gold jewellery sales ~ suggestively a 20-25 per cent rise in sales. According to industry estimates, 20-25 tonnes of gold were delivered as jewellery and coins.  The word "Akshaya" means the never diminishing in Sanskrit and the day is believed to bring good luck and success. Traders have made it appear that it is the day when one must make purchases, especially of Gold.  The year that went by -  saw a lull in gold prices and some serious short-selling by gold bears, especially after the Fed started shutting the stimulus tap progressively. But unlike in the West, it is not just about calculated returns; because, in India, we buy gold for a variety of reasons including ornamentation, investment, social compulsion as well as religious reasons. From Akshaya Tritiya last year, on May 13 till date, gold prices on the MCX is up 7.06 percent (mostly due to weak rupee), while the international markets have declined by around 10 percent in the same time frame as investors have been on a selling mode globally and tough restrictions on import and jewellery businesses have taken the wind out of the sails of the sector.  So with gold prices falling perhaps it is the right time to buy.  Silver also dropped for the third straight day by losing Rs 430 to Rs 41,650 per kg. Globally, gold in Singapore, which normally sets price trend on the domestic front, fell by 0.2% to $1,282.25 an ounce and silver by 0.3% to $18.97 an ounce.

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.

Happy Akshaya Trithiya ~ plan it to be a Good day for Self & family, rather than for the trader alone.
With regards – S. Sampathkumar

2nd May 2014.

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