Indian Temple Deposits Record 1,800 Kilos In Gold "Offerings"

Tyler Durden's picture

The Indian people are known for their generosity (and love of gold) which makes the following news even more intriguing. For the first time in two years, The Economic Times reports, a record-breaking 1,800 kg of gold offerings - made by devotees of deity Lord Venkateswara at the famous hill shrine at Tirumala - was deposited this week with the State Bank of India. This donation takes the total deposits made by the well-known temple (Tirumala Tirupati Devasthanams (TTD)) to more than 5,000 kg. What is even more fascinating, under the SBI Gold Scheme, IB Times reports, TTD will earn one percent of gold as interest.

 

Via IB Times,

Tirumala Tirupati Devasthanams (TTD) has created record for the biggest gold depositor in State Bank of India (SBI) on Saturday, when it deposited devotees' gifts to deity Sir Venkateswara Swamy, including 1,800 kgs of gold.

 

...

 

"TTD has not made any gold deposits in the last two years as the banks have stopped accepting gold due to restrictions imposed by the RBI. After negotiating with various banks, SBI has first come forward to accept the gold deposits at one per cent interest rate per annum and we welcomed it," he added.

 

...

 

TTD already has pure gold deposits of 4,335 kgs in SBI, Corporation Bank and Indian Overseas Bank. Saturday's gold deposit in SBI is for a period of five years under 'Gold Deposit Scheme'. As part of a tradition, devotees present the deity gold, silver and cash everyday.

 

According to a report in The Hindu, the Government Mint in Mumbai will melt the gold, and pure gold of 0.995 will be taken as deposit. For the gold deposit, SBI will bear the transportation, transit insurance, melting and refining charges.

 

TTD earns a collective annual interest of 70 kgs of gold on gold deposits in the aforementioned banks.

 

On the 1,800 kgs gold deposit, TTD will earn one percent of gold as interest, Gopal said. The decorative ornaments gifted to the deity will remain with the temple, he added.

*  *  *

RBI tried its best but between smuggling and paying premiums, the Indian people got their gold and gifted it...

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SloMoe's picture

I need me a temple....

DoChenRollingBearing's picture

 

 

Whoa!  Wrong temple guys!

Give it to me..:

DoChenVenkateswaraRollingBearing!

Scarlett's picture

1. Long tungsten

2. long tungsten

3. Germany getting their tungsten

4. hi-leveraged long tungsten

SafelyGraze's picture

"under the SBI Gold Scheme .. TTD will earn one percent of gold as interest" ...

... for twenty years or so

after which, we are regretting to inform you that the "principal" deposit has somehow disappeared

we are looking into it, and apologize for any inconvenience

hugs,
how a ponzi works, dot com

 

Dead Canary's picture

Dear SafelyGraze . I am a representative from the State Bank of India. I take great offense to your remark, insinuating the 1500 kilo's of temple gold on deposit is jeopardy. I assure you nothing could be further from the truth. The aforementioned 1200 kilos is in the safest of hands. Here at  State Bank of India pride our selves on integrity and security. You ask any one of our helpful and courteous staff and they will assure you the 800 kilos is still here.

Kumar

Tabarnaque's picture

Does this mean that the bankster just received 1,800 tons of fresh physical gold to lease in the market?? If that’s the case, then expect a major gold price take down to come very soon.

Dead Canary's picture

The price of gold is determined by newly printed money, not actual gold. Silly rabbit.

zerozulu's picture

....5.4.3.2.1 and is gone. It was offered to god so god took it.

Cacete de Ouro's picture

If they are using a fractional ratio of 1000 to 1, then it could be 1800 tonnes. But probably more of a 100:1 ratio as used by the LBMA.

Herodotus's picture

"We are doing God's work."

.................Lloyd Blankfein

RaceToTheBottom's picture

Yep, question is what is that bank doing with the gold in order to pay out that lofty 1%?  And how many times they are doing it?

Repothicating-indians!

NoDebt's picture

I'm sorry, but I need to step in here and say this might be one of the all-time greatest ZH articles I have ever read.  It's so goddamned perfect at so many levels, I may just pee myself.  Getting all that gold and then giving it to a fucking bank to hold for safe-keeping.

It's stunning.  It's a greek tragedy unfolding before our very eyes.  

I.... I.... I am literally at a loss for words.

Popcorn.  I need popcorn!  Stat!

ebworthen's picture

Will Lord Venkateswara bless me and mine if I leave my Gold in my safe and say nice things about him?

I hope so.

Da Yooper's picture

Oyyyyyy Vey

If you dont hold it - We OWN it

sheeeeeeech dont you ever talk to the Gremans

ThroxxOfVron's picture

No shit.

What did they get in return?  A stamped passbook?

 

I'm not surprised.

The brightest were apparently imported to revolutionize the pc with Win8 and tweek fleaBay, Facebunk, etc...

 

It's so funny it hurts and it hurts so bad I'm LMAO.

Kirk2NCC1701's picture

Given:   [1] "Possession is 9/10 of the Law in a Law-abiding society"

             [2] "Possession is 10/10 of the Law in a Law-less society"

Req'd:  Solve equations [1] and [2] for "Retaining perpetual possession of Precious Assets, when in Trust with another"

Solution: ? 

Reward:  Winner gets Nobel Prize in Economics

whatsinaname's picture

The Indian government is learning quickly. Pretty soon all the temples will be lining up to "deposit" their gold with the banks. 

ejmoosa's picture

You can only exploit the masses as long as they trust you.

Once you lose that trust, you're gonna need guns and ammo, which you should have been acquiring with the exploits of the trust of the masses.

Freddie's picture

If it had been desposited in the NY Fed or Fort Knox then it would be gone already.  Gone in 60 seconds.  Repalced by tungsten and gold painted bricks not BRICS.

Tabarnaque's picture

The current head of India's central Bank is a product of the IMF. Remember India's central bank recent decision to "purify" their physical gold holding by swaping their physical stock with gold based in London. My reading here is that India's central bank is controle by the Anglo-American banking cartel and will do what they are told. I fear that the manipulators just put their durty hands on 1,800 tons of fresh physical gold so that they can further manipulate the market. That would easily enable them to reach their $1050 price objective and keep it there for a good year or more. Anybody else read this story in a different way?

Da Yooper's picture

Nope

A fool & their gold - are soon parted

Like I said above

Just ask the Germans

gtb's picture

Tabarnaque, it's kilograms...not tons.  But good point just the same.

Tabarnaque's picture

Ops! My mistake! Many thanks for that and sorry for sounding the alarm!

Cacete de Ouro's picture

RBI plans to request Tirupati, Shirdi shrines to sell their gold pile to rescue Re fall - Economic Times

The Tirupati temple in Andhra Pradesh, Shirdi Sai Baba temple in Maharashtra, Siddhivinayak at Mumbai and Padmanabhaswamy temple in Thiruvananthapuram are among the richest in India with huge reserves of gold and precious metals.

In fact, the roofs of many temples, such as the Nataraja temple in Chidambaram, Tamil Nadu, and Tirupati are covered with gold. RBI is counting on banks handling the accounts of these temple trusts to convince them to convert their huge gold deposits into cash, the bankers said.

http://articles.economictimes.indiatimes.com/2013-08-31/news/41642234_1_...

nmewn's picture

Ok, I'll ask, who collects the "offerings"?

uno's picture

headlines tomorrow 

JPM buys State Bank of India

NoDebt's picture

You remember that ZH picture of that Indian dude with the gold-woven shirt and Mr. T gold chains hanging around his neck?  That guy.

Matt's picture

We throw the gold into the air, and whatever god wants, he keeps.

SAT 800's picture

That's pretty funny, actually.

logicalman's picture

I doubt many ZHers will be doing any 'offering'!

Squid-puppets a-go-go's picture

OMG... what is this Venkateswara the patron saint of.... naivety?

Grande Tetons's picture

No shit. Who the fuck in their right mind or wrong mind would give/lend/bequeath their gold for 1 fucking percent?  The Indians without water/boating access....will simply state...it/my PMs is/ are with the Gods now...fuck you, please, kind sir.  

Dr. Engali's picture

Have you seen the Ganges river? Would you want to dive down in that thing to get your gold?

http://www.chinasmack.com/2010/pictures/filthy-india-photos-chinese-neti...

LFMayor's picture

Late to the show here, but you never heard of the "Shit River" at Subic Bay, have you?  Kids diving into it for piasters and it makes the Ganges look like Evian on tap.

NoDebt's picture

Totally agree.  They are going to get so fucking screwed on this deal, it's going to be epic.

Tabarnaque's picture

The end result could be very negative for every gold investors as the bullion cartel just got their dirty hands on a fresh 1,800 tons of physical supply. That's enough ammo for them to keep manipulating the price for at least another year.

gtb's picture

Kilograms...not tons.

Tabarnaque's picture

Yep got it! Sorry for that and thanks again. I guess that I just made a fool of myself today. I did not read the article carefully. This being said, it doesn't change my views on the current head of India's central bank. The gold will be leased and sold in the physical market. The temple will receive another paper claim on gold that will be nowhere to be seen.   

ThroxxOfVron's picture

THis hread gives new meaning to the term Comedy Gold.

robertocarlos's picture

Around abouts 1760 ounces a year interest. That's a pretty good return.

NoWayJose's picture

It's not return ON investment - it's whether there will ever be return OF investment. Me thinks not.

robertocarlos's picture

You're right. And it's more like 2500 ounces of gold that they will have to find to pay the interest. Maybe it's cash in kind.