π° India might tap into its $5 trillion gold stash
The Indian government is reportedly updating its Gold Monetisation Scheme (GMS) to activate the nation's huge reserve of idle gold. This revamp delegates responsibility to jewellers, a trusted group, and is expected to launch later this month. Estimates suggest Indian households and temples collectively hold around 25,000 to 50,000 tonnes of gold. The scheme aims to formalize household jewelry into the financial system, reducing gold imports. Jewellers could earn up to a 1% incentive, significantly lowering their financing costs.