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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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Tue, 08/05/2014 - 22:01 | 5052202 SloMoe
SloMoe's picture

I need me a temple....

Tue, 08/05/2014 - 22:10 | 5052261 DoChenRollingBearing
DoChenRollingBearing's picture

 

 

Whoa!  Wrong temple guys!

Give it to me..:

DoChenVenkateswaraRollingBearing!

Tue, 08/05/2014 - 22:15 | 5052280 Scarlett
Scarlett's picture

1. Long tungsten

2. long tungsten

3. Germany getting their tungsten

4. hi-leveraged long tungsten

Tue, 08/05/2014 - 22:20 | 5052305 SafelyGraze
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

 

Tue, 08/05/2014 - 22:24 | 5052327 Four chan
Four chan's picture

5 tons ?

Tue, 08/05/2014 - 22:39 | 5052362 Dead Canary
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

Tue, 08/05/2014 - 22:43 | 5052398 SafelyGraze
SafelyGraze's picture

canary:

you're hired.

Tue, 08/05/2014 - 23:12 | 5052517 ThroxxOfVron
ThroxxOfVron's picture

"HASSAN CHOP!"

 

Tue, 08/05/2014 - 22:49 | 5052421 Tabarnaque
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.

Tue, 08/05/2014 - 23:12 | 5052508 Dead Canary
Dead Canary's picture

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

Tue, 08/05/2014 - 23:44 | 5052612 delacroix
delacroix's picture

1800 kilos

Wed, 08/06/2014 - 05:10 | 5052966 zerozulu
zerozulu's picture

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

Wed, 08/06/2014 - 05:25 | 5052976 Cacete de Ouro
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.

Wed, 08/06/2014 - 05:50 | 5052994 Herodotus
Herodotus's picture

"We are doing God's work."

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

Wed, 08/06/2014 - 08:34 | 5053248 RaceToTheBottom
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!

Tue, 08/05/2014 - 22:16 | 5052284 NoDebt
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!

Tue, 08/05/2014 - 22:30 | 5052351 ebworthen
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.

Tue, 08/05/2014 - 22:59 | 5052456 Da Yooper
Da Yooper's picture

Oyyyyyy Vey

If you dont hold it - We OWN it

sheeeeeeech dont you ever talk to the Gremans

Tue, 08/05/2014 - 23:29 | 5052568 ThroxxOfVron
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.

Wed, 08/06/2014 - 09:03 | 5053347 Kirk2NCC1701
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

Tue, 08/05/2014 - 22:22 | 5052316 whatsinaname
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. 

Wed, 08/06/2014 - 09:08 | 5053371 ejmoosa
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.

Tue, 08/05/2014 - 22:35 | 5052371 Freddie
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.

Tue, 08/05/2014 - 22:53 | 5052438 Tabarnaque
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?

Tue, 08/05/2014 - 23:01 | 5052469 Da Yooper
Da Yooper's picture

Nope

A fool & their gold - are soon parted

Like I said above

Just ask the Germans

Tue, 08/05/2014 - 23:07 | 5052498 gtb
gtb's picture

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

Tue, 08/05/2014 - 23:14 | 5052524 Tabarnaque
Tabarnaque's picture

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

Wed, 08/06/2014 - 05:32 | 5052980 Cacete de Ouro
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_...

Tue, 08/05/2014 - 22:02 | 5052203 nmewn
nmewn's picture

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

Tue, 08/05/2014 - 22:05 | 5052227 uno
uno's picture

headlines tomorrow 

JPM buys State Bank of India

Tue, 08/05/2014 - 22:10 | 5052260 NoDebt
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.

Tue, 08/05/2014 - 22:26 | 5052340 fudge
fudge's picture

E.T.

Tue, 08/05/2014 - 22:45 | 5052409 Matt
Matt's picture

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

Tue, 08/05/2014 - 23:27 | 5052562 SAT 800
SAT 800's picture

That's pretty funny, actually.

Tue, 08/05/2014 - 22:01 | 5052205 logicalman
logicalman's picture

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

Tue, 08/05/2014 - 22:02 | 5052215 SHEEPFUKKER
SHEEPFUKKER's picture

I prefer the bid. 

Tue, 08/05/2014 - 22:04 | 5052226 Squid-puppets a...
Squid-puppets a-go-go's picture

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

Tue, 08/05/2014 - 22:07 | 5052248 Grande Tetons
Grande Tetons's picture

patron saint of boating. 

Tue, 08/05/2014 - 22:11 | 5052267 DoChenRollingBearing
DoChenRollingBearing's picture

Most excellent!

Tue, 08/05/2014 - 22:23 | 5052299 Grande Tetons
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.  

Tue, 08/05/2014 - 22:42 | 5052387 Dr. Engali
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...

Wed, 08/06/2014 - 11:11 | 5054018 LFMayor
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.

Tue, 08/05/2014 - 22:09 | 5052250 NoDebt
NoDebt's picture

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

Tue, 08/05/2014 - 23:00 | 5052463 Tabarnaque
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.

Tue, 08/05/2014 - 23:10 | 5052503 gtb
gtb's picture

Kilograms...not tons.

Tue, 08/05/2014 - 23:22 | 5052547 Tabarnaque
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.   

Tue, 08/05/2014 - 23:31 | 5052570 ThroxxOfVron
ThroxxOfVron's picture

THis hread gives new meaning to the term Comedy Gold.

Tue, 08/05/2014 - 22:07 | 5052238 robertocarlos
robertocarlos's picture

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

Tue, 08/05/2014 - 22:10 | 5052258 NoWayJose
NoWayJose's picture

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

Tue, 08/05/2014 - 22:13 | 5052275 robertocarlos
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.

Wed, 08/06/2014 - 07:17 | 5053084 Cacete de Ouro
Cacete de Ouro's picture

Pyramid scheme - until it's not

Wed, 08/06/2014 - 08:49 | 5053300 Kirk2NCC1701
Kirk2NCC1701's picture

Yup, yup, yup.  I think that a Return ON vs. Return OF Investment here, ranks right up there with investing in Detroit real estate (rental property).

Tue, 08/05/2014 - 22:06 | 5052240 NoDebt
NoDebt's picture

Somewhere in Germany, somebody is yelling "Fuck the Federal Reserve" at the top of their lungs.

Tue, 08/05/2014 - 22:18 | 5052298 Scarlett
Scarlett's picture

not Vlad.  Vlad is laughing at this.

Tue, 08/05/2014 - 22:07 | 5052243 Seasmoke
Seasmoke's picture

I'm sure Jack Lew is talking to Pakistan about how to get that Gold. 

Tue, 08/05/2014 - 22:08 | 5052249 NoWayJose
NoWayJose's picture

Hey! This worked for Madoff for a while too. Old Venk gets to see his gold heading to China!

Tue, 08/05/2014 - 22:15 | 5052257 Dr. Engali
Dr. Engali's picture

"the Indian people got their gold and gifted it.."

What a bunch of suckers.

Do they at least get a charitable gift tax deduction? If they get suckered out of.... I mean donate enough can they pull those deductions forward?

Tue, 08/05/2014 - 22:16 | 5052281 Tinky
Tinky's picture

No, but they are guaranteed not to be reincarnated as bankers.

Wed, 08/06/2014 - 03:04 | 5052906 Global Observer
Global Observer's picture

Donations to religious institutions are not tax exempt in India. In fact, while minority religious institutions are exempt from income tax, majority religious (Hindu) institutions, have to pay tax on the income received.

Tue, 08/05/2014 - 22:13 | 5052272 SHEEPFUKKER
SHEEPFUKKER's picture

 

Give your gold to god--->Goldman Sachs doing god's work= Give your gold to Goldman

Tue, 08/05/2014 - 22:15 | 5052283 spanish inquisition
spanish inquisition's picture

"And it's gone!"

Tue, 08/05/2014 - 22:22 | 5052312 NoDebt
NoDebt's picture

Oh, my GAAAAWD, yes.  In the front door and straight out the back!  That shit left the building 10 minutes after it entered.

Tue, 08/05/2014 - 23:34 | 5052590 Colonel Klink
Colonel Klink's picture

Tank you come again!

Tue, 08/05/2014 - 22:17 | 5052291 Latitude25
Latitude25's picture

Hmmm.  I'll bet somehow this gold makes it to the LBMA or COMEX.  Then the Indians get to buy it all again.

Tue, 08/05/2014 - 22:32 | 5052358 Quus Ant
Quus Ant's picture

brilliant.  I really need to start a bank.  Or a cult. 

Maybe both. 

Quus Ant: Lover of Large Women

Tue, 08/05/2014 - 22:35 | 5052373 Grande Tetons
Grande Tetons's picture

Banks and Cults...both monopolies. Better luck competing against Facebook...try Peckerbook or Snatchreader. 

Tue, 08/05/2014 - 22:52 | 5052431 Matt
Matt's picture

There is a monopoly on cults and religions, really? I thought pretty much anyone can found one.

Tue, 08/05/2014 - 22:55 | 5052442 Quus Ant
Quus Ant's picture

Anyone with gold tablets gifted by an angel, maybe. 

 

Quus Ant:  Giver of Truth

Wed, 08/06/2014 - 08:55 | 5053311 Kirk2NCC1701
Kirk2NCC1701's picture

<-- King Solomon's Temple 2.0

<-- Temple of Doom

All Temple gold will make its way via the "Amazon river" of banking & finance to its final home, shown above

Tue, 08/05/2014 - 22:43 | 5052396 czarangelus
czarangelus's picture

These temples received gold from honest believers ... and then gave it away to the bankers!?

The goddess I worship is making a face of disgust.

Tue, 08/05/2014 - 22:47 | 5052414 Luckhasit
Luckhasit's picture

Fuck with that gold if you want to.  Shiva the Destroyer will come for you.

Tue, 08/05/2014 - 22:49 | 5052425 Stares straight...
Stares straight ahead's picture

I hear that Lord Venkateswara has it burning a hole in his pocket, however.

Tue, 08/05/2014 - 23:31 | 5052580 ThroxxOfVron
ThroxxOfVron's picture

Zeus level facepalm.

Tue, 08/05/2014 - 23:32 | 5052583 SAT 800
SAT 800's picture

Kind of a sad story. I would imagine the average worshipper wasn't very sophisticated and probably would have liked to have contributed to the temple; and it's good works ? Couldn't they have a charitable program and spruce up the idols or something? Seems like a shame to get a State Bank Involved in what started out as veneration for a saintly person.

Wed, 08/06/2014 - 01:25 | 5052812 Skateboarder
Skateboarder's picture

Allow me to fill in the mythological background here.

This particular temple in Indian mythology holds great significance for all Vishnu fans.

You can read the story of this particular god on his wiki page lol, but the more interesting background that you only get from hearing stories is this little tidbit:

Kubera, the lord of wealth, lent Venkateswara his wedding money. The expense is of such magnitude that just the interest takes all of this Kali Yuga to pay off. So his worshippers pour their wealth with open hearts, to help the lord pay back his dues. He is known to be the richest god of them all, though only in name.

Hope that adds perspective to this sadness.

Tue, 08/05/2014 - 23:34 | 5052593 ThroxxOfVron
ThroxxOfVron's picture

Seriously: I wonder if the 'donation' was agreed to with men holding machineguns in the room...

Tue, 08/05/2014 - 23:35 | 5052594 Latitude25
Latitude25's picture

Can it be done?  Can bankers figure out a way to swindle a billion Indian dirt farmers out of their life savings invested in a few pieces of gold jewelry?

Tue, 08/05/2014 - 23:35 | 5052595 robertocarlos
robertocarlos's picture

In 70 years you will have twice as much gold. Compound interest is cool.

Wed, 08/06/2014 - 01:26 | 5052813 Kreditanstalt
Kreditanstalt's picture

But if the temple ever wants their gold back, they will be told by this bank how many years they must wait...

Wed, 08/06/2014 - 00:24 | 5052700 Space Animatoltipap
Space Animatoltipap's picture

I don't know about guys but I have turned myself into a deity of Vishnu. Therefore I have lots of gold already only now I am forgetful of my eternal self, the two handed form. Well, I guess you can't have everything. Hare Krishna. 

Wed, 08/06/2014 - 01:17 | 5052801 Global Observer
Global Observer's picture

Venkateshwara, an Avatar of Vishnu and the presiding deity at Tirumala, is deep in debt to the banker of Gods, Kubera. All the offerings of the devotees are supposed to pay off the God's debts. But it appears they are just enough to cover the interest and the principal is yet to be repaid even by a marginal amount. Make sure Kubera doesn't know about Vishnu's incarnation as you or he may want to collect his debt from you as well.

Wed, 08/06/2014 - 03:32 | 5052836 Space Animatoltipap
Space Animatoltipap's picture

A devotee of Krishna has no debt. He knows dad, the Father, and therefore he is dead materially. He just serves Krishna. 24/7. That's it.

Wed, 08/06/2014 - 01:07 | 5052791 Global Observer
Global Observer's picture

Many temples in India have much more gold than they use for decorating the deities during festivals, which is the primary use of gold for the temples. What the temples need more than gold is cash for their charitable and other activities. But devotess continue to drop off gold jewellery as offerings. This creates a problem for the temples. They cannot sell off the gold and convert it to cash, since their charters prohibit it. Keeping the gold safe, even the jewellery that is in regular use, is a major headache for temple managements. The largest shareholder in State Bank of India is the Government of India. So giving gold to SBI for safekeeping is equivalent to depositing it with the government for safekeeping. Sure, if SBI or the Government of India desperately needs the gold, they may renege on the promise to return it, but it is highly doubtful the TTD itself will ever need the gold back, so we will be unlikely to ever know whether the SBI/GOI keep the promise or not.

Wed, 08/06/2014 - 01:39 | 5052826 Skateboarder
Skateboarder's picture

The god fund is one fund even the scummiest Indian politician won't touch. Superstition runs deep in that place. Or is my information out of date?

Wed, 08/06/2014 - 02:24 | 5052872 Global Observer
Global Observer's picture

Superstitions come in many forms. Temple administrations are controlled by state appointed officers. The richer the temple, the greater the scramble for being the chief "trustee", a political appointee. It may not all be devotion that causes this scramble. The chief "trustee"s usually end up doing very well after they take up those positions. It may not all be divine grace. With myriads of Gods people may not feel too guilty about helping themselves to the funds of a God they are not too devoted to. They may even feel good about helping themselves to the funds of one God and contribute part of it to their favourite :-)

Wed, 08/06/2014 - 03:53 | 5052930 Skateboarder
Skateboarder's picture

Now we're talking. ;-)

I knew there would be corruption among the pantheon.

p.s. superstition runs deep everywhere. For example, one of my local skateparks is by the Caltrain tracks - shit goes from San Jose to San Francisco, so trains are a plenty. When the train passes, some skaters will hold back from doing any tricks and chill while the train passes. Why? Cuz you eat shit if you try something while the train is passing. CURSE OF TRAIN!

Wed, 08/06/2014 - 08:31 | 5053235 Jack4952
Jack4952's picture

Maybe the Indian politicians won't touch the money, but the international bankers (especially the central banks) have no such qualms and most certainly will attempt to seize every last ounce of that gold.

Wed, 08/06/2014 - 08:46 | 5053292 Jack4952
Jack4952's picture

To GlobalObserver:

That was one hell of a rationalization !!!

You wrote, "Sure, if SBI or the Government of India desperately needs the gold, they may renege on the promise to return it, but it is highly doubtful the TTD itself will ever need the gold back, so we will be unlikely to ever know whether the SBI/GOI keep the promise or not."

The government of India desperately needs the gold RIGHT NOW, to pay for OIL imports and to sell the GOLD to the Indian people (thus reducing foreign imports of physuical goldand thereby reducing its tarde imbalances).

QUESTION: Simply because the "it is highly doubtful the TTD itself will ever need the gold back" (a questionable presumption at best), does that JUSTIFY the theft of that gold by SBI or the Indian government?

 

"Gee, Mr. Blankfein, you do not truly NEED your numerous mansions spread all over the globe, nor does your firm Goldman-Sachs really NEED the physical gold in its vaults, so I am certain you will not be upset by my seizure of those assets!"

 

Wed, 08/06/2014 - 01:45 | 5052834 Rock On Roger
Rock On Roger's picture

All human were born and raised

To dig and stack

 

The fun part is

Who gets to

Control the stack

 

Big Stack

Jacobs Ladder

 

Rock On

Wed, 08/06/2014 - 02:39 | 5052892 Gavrikon
Gavrikon's picture

But if you deposit Rupees, they'll give you around 10%.  I think for gold. I'd want at least 20.

Wed, 08/06/2014 - 02:41 | 5052895 Muppet
Muppet's picture

I'm calling bullshit.   Think about it: 1800kg (4000lbs) was said deposited "after not making a deposit in two years".    So, 4000lbs collected in 730 days  = 5 1/2 lbs per day.   

I do not believe this temple collects 5 1/2 lbs of gold every single day.... 40lbs a week... 170lbs a month.   And further.... they say that ornamental gold was kept for display and not deposited.    

Nope.   Somethings not right.

Wed, 08/06/2014 - 08:04 | 5053156 Jack4952
Jack4952's picture

With a population in 2014 of 1.27 Billion people, India is second only to China (with 1.36 Billion people).

Source: http://www.indiaonlinepages.com/population/india-current-population.html

The 1800 kg equals 3960 lbs, which equals 63, 360 ounces. Using today's gold price of $1290 USD per ounce, that comes to $ 81,734,400 USD ($81.7 million) total over a 2-year period OR $40,867,200 USD ($40.8 million) per year. Compared to annual sales of physical gold to private individuals in India, that is a pittance!!!

 

According to Vatican figures for 2013, there are an estimated 1.2 billion Roman Catholics in the world.

Source: http://www.bbc.com/news/world-21443313

How much money and other assets are donated to the Roman Catholic Church every year? The answer: many BILLIONS in U.S. dollars. Further, the Vatican has enourmous real estate holdings in all major Western cities, and hold stocks in most of the larger multi-national companies, including international banks, along with total ownership of the so-called Vatican Bank (whose formal name is the "Institute for the Works of Religion.") In addition, the Roman Catholic Church owns hudreds of colleges and universities throughout the world, many with mulyi-billion dollar endowments. The University of Notre Dame, America's flagship Catholic university, has an annual budget of $1.2 billion and an endowment estimated at $7.5 billion. Georgetown University in Washington, D.C. (with its highly prestigious undergraduate college, law school, medical school and school of foreign relations) has an equally impressive endowment. It is estimated that American Catholics donate more than $8 billion every year into the Sunday collection plates  Source: http://ncronline.org/blogs/all-things-catholic/churchs-deep-pockets-butl...    And many European countries still impose a "church tax" based on a person's income. In Germany alone, the Roman Catholic Church netted $8.8 billion in 2010 from the national "church tax."

 The assets of the Roman Catholic Church certainly total in the Trillions of dollars.

The Vatican refuses to release any financial data, but a lengthy report by The Economist last year said ANNUAL SPENDING by the Vatican and church-owned entities in the U.S. alone was about $170 billion in 2010.

Source: http://money.msn.com/now/post.aspx?post=1a685537-b674-462d-9189-21772d2f...


In short, the $40.8 million USD per year donated to the main temple in India over each of the last 2 years is TRIVIAL compared to the yearly donations, yearly Church spending and total assets of the Roman Catholic Church.



 

Wed, 08/06/2014 - 03:48 | 5052932 are we there yet
are we there yet's picture

Ask Germany how the gold will play out.

Wed, 08/06/2014 - 06:33 | 5053035 Jack4952
Jack4952's picture

As I recall, about one year ago the SBI requested that all gold held in temples AND the gold covering the domes of those temples be handed over to the Indian governmen ahd the SBI. The temples refused the request, so the SBI has few options, UNLESS it wished to spark a revolution.

My question:

WHY the change in policy by the leaders of these temples? Will the 1% interest on these gold deposits be paid in physical gold? And do the temples have the right to reclaim their physical gold at any time. What happens if the market price for physical gold skyrockets? Will the temples be able to reclaim their original physical gold deposits OR will they be paid off in greatly devalued rupees?

 

Sorry, but "I smell a rat." and its initials are "Goldman-Sachs".

 

 

 

Wed, 08/06/2014 - 08:03 | 5053153 Againstthelie
Againstthelie's picture

Do you have links to articles dealing with that requests?

Wed, 08/06/2014 - 07:02 | 5053068 unwashedmass
unwashedmass's picture

yes, i will happily trade my gold & silver for....ah....insanely overvalued stocks....insanely overvalued bonds....undeliverable futures contracts.......a house that i will be stuck with for years...... oh yes, gold & silver have peaked. 

 

NOT. 

Wed, 08/06/2014 - 07:47 | 5053127 john.smith
john.smith's picture

how stupid. a religious temple lending its money to bankrupt money vultures and even charging interest for that (and a paltry 1% at that).

Wed, 08/06/2014 - 08:15 | 5053152 Againstthelie
Againstthelie's picture

Jim Rogers was warning about that.

Wed, 08/06/2014 - 09:12 | 5053382 ejmoosa
ejmoosa's picture

Amazing how jaded WE are because of what OUR government has done.....as we should be.

 

Everyone has to learn their own lessons, even today.  Now about that big bubble in the markets....

Wed, 08/06/2014 - 12:45 | 5054548 GIABO
GIABO's picture

Organized religion is for the birds...

Wed, 08/06/2014 - 17:31 | 5056031 are we there yet
are we there yet's picture

The interest on the sacred gold will be paid off in sacred cow derrivatives by goldman.

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