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Tuesday, May 3, 2022

Akshaya Tritiya 2022 - some thoughts !!

 Celebrating Akshaya Tritiya 2022

Irumbukkottai Murattu Singam directed by Chimbu Deven, starring Raghava Lawrence, Padmapriya, Lakshmi Rai, and Sandhya – was a hilarious  comedy parody on  cowboy stories.

Do you know or can you  identify this place !! 

In the International market - Gold is flat and is stuck in between the $1,862.40 lows and $1,864.39 highs so far. A firm USD and soaring Treasury yields continue to weigh on the price of the yellow metal.  Gold dropped around  2% in Monday’s session with readers in anticipation of the Fed will aggressively tighten monetary policy late this week. The outlook for investment demand remains muted, with gold bugs staring down the barrel of a hawkish Fed, while safe-haven flows associated with the war in Ukraine dries up.  ''The market is pricing in nearly 75bp rise in rates in June. However, the rally in the USD is providing the biggest headwind for the gold price,'' analysts at ANZ Bank said.  ''The US Dollar Index has rallied from 98 to 103 in April amid the prospect of higher interest rates. This has offset gains in safe-haven demand amid the Ukraine war and broad weakness in the economic backdrop.''

Today, 3rd May 2022  is ‘Akshaya Tritiya’ –   considered a good day  to buy gold for wealth, health and fortune ! over the years, this was hyped to be most auspicious day for purchase and the volumes of gold trade was touching newer peaks. 

Sometime back read  a little story:   it brought out in detail, the middle-class ‘newly wed girl’s encounters with in-laws’ and the ordeal of the husband trying to balance  – a day closes with a big fight, making it sleepless night for the person trying to balance between newly married wife and his mother – in the morning he wakes up to find, both not at home- confused and worried – he runs around, only to know that both have made a beeline to a nearby jeweller to buy gold for this special day [height of imagination or real experience camouflaged !]  In life’s race, often the destination too is forgotten – every morning you wake up, to start running and feel mission unfinished as you hit the bed .. .. why not change it today ! ~ may be with a small gesture of changing the way you look at the World, the people around – sometime some small gestures makes you feel happy .. .. .. 

Covid 19 has changed the way World looked at many things and in recent past  ‘Akshaya Tritiya’ is no exception.   This year could be far different – and many may be itching to buy Gold .. !!  Gold rates today at Delhi, Chennai, Kolkata, and Mumbai have been  slashed!. The gold rates in Delhi for 10 grams of 22-carat remained at Rs. 47,200 with a fall of Rs. 1190 and that of 10 grams of 24-carat gold  at Rs. 51,510 with a fall of Rs. 1280. The gold rates in Chennai per 10 gram of 22 carats is at Rs 48,160 with a fall of Rs. 390 and the gold rate of 24-carat is at Rs. 52,540 with a fall of Rs. 430

Remember that couple of months back, Gold prices rose towards a nine-month high, as investors sought refuge in safe havens after Ukraine declared an emergency and the West imposed more sanctions on Russia for sending troops into eastern Ukraine.

You may be surprised to know that 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.  Back home, for sure you would have received lot of notifications from Shops and also noticed in the past years -  so many advertisements and offers being made by famous as also little known jewellers – and everyone is shouting to offer gold ! ~ on this day there used to be huge crowds at gold jewellery shops, while smart some   made online purchase or pre-booked their share of gold.  

For the uninformed - Section 54F provides an income tax exemption on capital gains earned from selling capital assets such as shares, gold, bonds etc., other than a house property  You can claim a tax exemption on long term capital gains from the sale of gold assets. Section 54F provides  income tax exemption on capital gains earned from selling capital assets such as shares, gold, bonds etc., other than a house property.  To some, though  gold is no longer a hedge against inflation, it still is a cushion to fall back upon during uncertainty and turmoil. When the Ukraine crisis happened, gold prices spiked. They have declined a bit from the March highs but investors have still made about 11% in the past one year.  

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.  Now this time, Covid 19 has made people realize that more than money, it is existence, it is living – living with good health, with near and dear too keeping good health and being in a position to be with them. Life is now all about survival healthily and being with family !!

Be it Akshaya Tritiya or otherwise – when we have some money – keep some for your future, and spend something on society – on the needy ! on poor – on people known to you.. .. …

            If you donate towards PM Cares Fund / to Hospital / for purchase of oxygen / for medical treatment / health care of anyone suffering – you will be blessed and the blessings will protect you and your family

           One can organize food for those affected and those suffering’

            One can support those daily wage earners who have no avenues for revenue now in the lockdown and are suffering

            Ensure that you pay full wages to housemaids and other servants employed by you

            One may think of giving some soft loans to those doing small time business, may be auto-drivers, vegetable vendors and the like

            Right time to medidate, perform meritorious (Punya karma) deeds – recitations, renditions of holy scripts, penance and other spiritual activities at home

            Ever be considerate to all fellow human beings – especially to the poor and needy and those like elderly watchmen

            Good time to start Education and provide educational support to poor

            Feed cows and other cattle with green fodder – provide food – rice, cereals, water to birds and animals

            Obliterate the bitter memories of the past and renew relationships

            Resolve to start a good clean habit – learn and practice Yoga

            Ensure that you have full insurance protection for your assets

            Ensure that you have full and proper Health insurance for self and family

            Serve and support a good organization rendering Social service that you know [perhaps you can think of Srinivas Youngmens Association] (SYMA) 

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

In the concluding part of Irumbukottai Murattu Singam, Singaram in disguise as Singam returns after successful adventure of treasure hunt and is hailed in Jaisankarpuram.  The happy residents present him with a large diamond and a platter of gold coins .. .. Singaram declines the gold coins asking them to build a school with that fund stating that Education is most important and can change the future of children. 

With regards – S. Sampathkumar
3rd May 2022.  

The pic at the start is gold mine  at Olimpiada  – located in  one of Russia’s most prolific gold mining provinces, The ore mined at the site is processed at three mills, with a combined capacity of over 14 mln tonnes of ore per year .

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