Yesterday, there were calls from Stock brokers informing
their clients of the special evening session….. and the day before standing at
Guruvayur, I heard announcement of Temple
No prizes for guessing - it was “Akshaya Tritiya” rush… , mad frenzy
for gold and by the way how many grams did you buy ? Traders capitalised the sentiments by
promoting Akshaya Tritiya; last year people inched 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..
Do you know that until 1990, the Gold Control Act forbade the private
holding of gold bars in India Krishna .
Interestingly, Lord Krishna plays and important part in the stories associated
with Tritiya. In the most famous story
associated Akshaya Tritiya, Kuchela, a poor Brahmin and schoolmate of Sri
Krishna, visited Krishna with the intention of
asking some financial favor. Kuchela, also known as Sudama, carried with him
handful of poha or aval (beaten rice). On reaching, the palace
of Krishna at Dwarka, Kuchela was
ashamed to give the ‘poha’ to Krishna . It is also regarded as the birth day of Sage
Parashurama, the sixth Avatar (incarnation) of the god Vishnu.
The auspicious occasion of Akshaya Tritiya on Monday ~ 13th
May 2013 was marked by great spurt in
gold jewellery sales. Reports from jewellers across the country suggest a 20-25
per cent rise in sales. According to industry estimates, 20-25 tonnes of gold
were delivered as jewellery and coins.
The rate of gold now is 2745 for 24K 1 gram & 2567 for 22K 1
gram. Far less than what it was 7 months
ago…… As gold prices were low in the last few days,
many customers had placed advanced orders for jewellery, and received
deliveries on Monday. Many had also placed advanced orders as delivery time had
increased. Jewelers reported that demand was high for both gold jewellery and
coins; though the sentiment was not that good in Futures market. Investors'
interest in gold, through the exchange platform, is seen as relatively low compared
to previous years. The brutal liquidation last month and the broad bearish
outlook for the commodity have contributed to the negative sentiment. For gold
exchange-traded funds (ETFs), stock exchanges kept trading open till evening.
If you ever thought that Sachin should retire and his
popularity is waning !!!!! … a limited edition Sachin Tendulkar gold coins,
with the senior cricketer’s face and signature embossed on them, were launched
today on the auspicious day of ‘Akshaya Tritiya’. Valuemart Gold and Jewels
launched one lakh Sachin Tendulkar gold coins, each weighing 10 grams, in the
senior cricketer’s presence. The 24
karat gold coin is priced at Rs 34,000/- much higher than the normal coins and
still was selling …. Incidentally, IPL
is gold mine for West Indian cricketers and many of them are seen wearing lots
of gold jewellery……
Sachin silver coin of Valuemart ~ 10 g - Rs.950/-
The Reserve Bank of India (RBI), on Monday, imposed
restrictions on banks to import gold with immediate effect to curb the widening
current account deficit (CAD). The
restriction is brought about to moderate the demand for gold. The widening CAD is a worry for the
government as well as for the central bank. It reached a record high of 6.7 per
cent of gross domestic product (GDP) in the October-December quarter on the
back of rising oil and gold imports.
The law of demand in economics states that
all other things remaining the same, the demand for a good is inversely
proportional to its price. But the current selling has more to do with
sentiments than anything with the economy……
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.
With regards – S. Sampathkumar .
14th May 2013.
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