Akshaya Tritiya ~ make it a great day for Self - not for the trader

“For centuries, gold was measured in “tola”  but the advent of metric system overtook this historical association – nowadays, you read daily about the change in price per gram !

Photo credit :prnewswire.com

Last week, Silver prices were up by Rs 59 to trade at Rs 41,625 per kg in futures trading as participants indulged in enlarging positions amid a firm trend in precious metals overseas. In futures trading, silver for delivery in May was up by Rs 598, or 0.14 percent, at Rs 41,625 per kg at the Multi Commodity Exchange, in a business turnover of 58 lots.  It is not Gold and silver alone, the  number of rigs drilling for natural gas in the United States fell by 1 this week to 87, data from oil services firm Baker Hughes showed on Friday.  Saudi Arabia's oil output will edge up close to record highs in coming weeks to meet summer demand for power but is unlikely to be pushed to the limit and flood global markets, Saudi-based industry sources said.

As you open the newspapers today, you see more advertisements, there would be more milling crowds at T Nagar : – crowds and TNagar – strongly bonded.  Many jewellers would add spice with famous and little known stars of tinseldom – while there is many meme on a clan of a famous shop appearing in the advts – to me, the ridiculing is meaningless.  Beauty lies in the eye of beholder – in an age, where everyone indulges in selfie, what is wrong in self-promotion of the son of the visionary owner who sort of changed the name of TNagar to read as ‘Saraavana stores’ everywhere. 

So with “Akshaya Tritiya”  rush… there would be mad frenzy for gold and by the way how many grams are you planning to  buy ?  Traders capitalised the sentiments by promoting Akshaya Tritiya; 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. For Akshaya Tritiya 2016  - all  the gold retailers in the city seem to be quite miserable due to a day-long strike in contradiction of the excise charges. That might be the reason for any of the gold retailing shop not even trying to allure the customers to make them purchase gold with exciting discounts and offers for the upcoming occasion of Akshaya Tritiya. Akshaya Tritiya is regarded an auspicious day for everyone to buy gold, is expected to be jaded this time as jewellers are anticipating negative to marginal growth compared to previous year, on the back of up surging gold prices, which is ruling around Rs 30,000 per 10 grams.   Last Akshaya tritiya day it was Rs.26960/- ; in 2009 – it was 14624/-

Today, the All India Gems & Jewellery Trade Federation (GJF) expects good growth in sales across India on Akshaya Tritiya, , due to the ongoing wedding season. MMTC Pamp on Friday launched new gold coin ‘Tola’ of 11.6639 grams and said it would mint 0.5 million pieces of these coins in the current fiscal ahead of Akshaya Tritiya festival to be celebrated on May 9. The company already mints different designs of gold and silver coins. MMTC-Pamp also has plans to launch half and quarter ‘Tola’ gold coins in the coming months. The ‘Tola’ is an octagonal shaped coin with distinctive knurled edges and an intricate finish with 999.9 pure gold.

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.  Now they are associating it with Parasurama too. The auspicious occasion of Akshaya Tritiya marks great spurt in gold jewellery sales. The yellow metal has always had its share of symbolic value – rich invest in it; everybody wears and flaunts them.  Does it hae medicinal property too ?  in my younger days, people used to talk that MGR is shining because he takes ‘thanga paspam’-  thought to be a potion containing some Gold; whether it was Gold ash or some other herbs taken as ‘kaya kalpam’ one would never know !  In Siddha and Ayurveda, people say gold is an excellent source of medication !  The yellow metal is believed to be a rejuvenator !!

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

9^th May 2016.