Indian Gold Book:Indian Gold Book - Gold Bars Worldwide
Indian Gold Book:Indian Gold Book - Gold Bars Worldwide
Indian Gold Book:Indian Gold Book - Gold Bars Worldwide
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4<br />
FOREWORD<br />
AN INTRODUCTION TO THE INDIAN GOLD MARKET<br />
This publication, together with the comprehensive analytical study, India’s <strong>Gold</strong>en Era,<br />
The Age of Kaliyug, from which it has been extracted, came about when the gold<br />
mining companies that underwrite and sponsor Virtual Metals Research & Consulting Ltd<br />
asked a seemingly simple question. Would they still be able to sell their ten-tola bars<br />
into India in ten years time? It seemed bizarre that, despite India being the world’s<br />
largest consumer of gold and thus of vital importance to the global gold business, the<br />
world’s understanding of the domestic gold industry proved superficial. At the same<br />
time, conventional wisdom seemed to insist that India was a bottomless pit into which<br />
vast quantities of gold would continue to disappear, never to be seen by the global gold<br />
market again. Was this true?<br />
Having thus been commissioned Virtual Metals, in partnership with Grendon International<br />
Research, set off for India to find out at first hand what actually happens there, how,<br />
where and why it happens and if it will continue to happen in the future. The fruits of<br />
these months of labour are, firstly, the analytical report The Age of Kaliyug which<br />
contains not only a wealth of trade-related information and analysis by Grendon<br />
International Research but also an extensive macro analysis by Virtual Metals of the<br />
economic, social and political factors driving the <strong>Indian</strong> gold market, as well as<br />
recommendations; secondly, the publication in your hand, An Introduction to the <strong>Indian</strong><br />
<strong>Gold</strong> Market.<br />
It is Virtual Metals stated philosophy to support the precious metals markets wherever<br />
possible and to actively seek ways of giving something back to the industry that we all<br />
rely upon. Through sponsorship, Virtual Metals and Grendon International Research are<br />
delighted to be able to share freely a sizeable proportion of the project’s basic market<br />
intelligence.<br />
Without the World <strong>Gold</strong> Council as the major sponsor and Rand Refinery Limited as the<br />
corporate sponsor, the publication of An Introduction to the <strong>Indian</strong> <strong>Gold</strong> Market could not<br />
have been funded, so our thanks go to them for their support and generosity. The<br />
overall project is indebted to the foresight and vision of the underwriters and sponsors<br />
of Virtual Metals: <strong>Gold</strong> Fields Ltd, Harmony <strong>Gold</strong> Mining Company Ltd, Western Areas Ltd<br />
and Barrick Mining Ltd.<br />
To acquire a copy of the comprehensive analytical report India’s <strong>Gold</strong>en Era – The<br />
Age of Kaliyug please contact Virtual Metals in London. The price is US$ 9,000.<br />
Jessica Cross<br />
Chief Executive Officer<br />
Virtual Metals Research & Consulting Ltd November 2002<br />
AN INTRODUCTION TO THE INDIAN GOLD MARKET