🚨 Prime Minister Narendra Modi today: - Stop buying gold. - Bring back the work-from-home culture. - Save petrol and diesel. - Avoid foreign trips and destination weddings. - Stop importing foreign products.

@IndianTechGuide Why stop buying gold? Others I understand, but why gold? Can anyone explain?

@JavaDevTaha @IndianTechGuide Easy. India's gold imports are insanely high - around 10% of the world's total Gold imports. But, we don't produce any gold ourselves (or very less). So, higher demand for gold = more gold imports = less forex available for oil + higher import figure.

@JavaDevTaha @IndianTechGuide Most is imported , Forex gets hit

@JavaDevTaha @IndianTechGuide Cash can be inflated by printing more. But gold is gold you need to dig it in. If people have gold they can't control our wealth. Buy gold and silver as much as you can. Everything else will lose its value. They want us to stop buying rare metals.

@JavaDevTaha @IndianTechGuide Because gold is imported from other countries and has been paid in dollars, our foreign currency reserves will decrease if we buy Gold .

Indians buying gold will have to forgo usd which impacts the forex reserve alongside the crude situation if more usd starts going out of the country then it'll hamper price stability and inflation will rise drastically which in turn will hurt economy even more we as a nation import both gold and crude so that is why

@JavaDevTaha @IndianTechGuide Because we pay huge dollars to important gold to meet increasing domestic demand.. We need to comserve our forex as much as possible for essentials like crude oil and fertilizers

@JavaDevTaha @IndianTechGuide Also govt wants people to stop investing in gold because it's a dead vault, gold at home is basically a leakage in economy, which means the money is not in circulation, which also decreases the money multiplier in economy.....

@JavaDevTaha @IndianTechGuide Gold is hedge for inflation and you short rupee means you are depreciating rupee.

@JavaDevTaha @IndianTechGuide These are basically measures to curb rupee fall .reduce dollar outflow. U need dollar to buy gold. Import reduction is the aim.

@JavaDevTaha @IndianTechGuide A couple of days ago the US envoy said to be part of India's success story. So if a trade agreement is settled between India and the US then the Rupee will start appreciating against the dollar which will make gold prices to move down for some period of time.

@JavaDevTaha @IndianTechGuide Because Moduli needs at least one year to make Sonar Bangla. Then everyone will get 15kg gold.

@JavaDevTaha @IndianTechGuide Dude gold is going to Crash badly

@JavaDevTaha @IndianTechGuide Gold is Not mined or Created locally Has to be Imported - Thus leaking Our Money in Imports Nor is Gold Price Tuled or Regulated by GOI It is Like buying Oil and Gas But Oil and Gas is essential- Maybe Modijis msg is Instead of Investing in Gold invest in Other things.

@JavaDevTaha @IndianTechGuide To bring down trade deficit

@JavaDevTaha @IndianTechGuide Foreign Exchange

@JavaDevTaha @IndianTechGuide Foreign exchange lost by our country with no economic value creation. Gold only storage product for value appreciation.

@JavaDevTaha @IndianTechGuide Value of rupee weakens cz we will hv to import gold

@JavaDevTaha @IndianTechGuide After 1 year of dedollarisation gold will be super cheap for Indians to buy. Bcs all the valuation of gold will be transferred from dollar to rupee via gold. So it's wise to buy gold after 1 year. The more late you buy gold the more profit you make.

@JavaDevTaha @IndianTechGuide High import burden

@JavaDevTaha @IndianTechGuide $589 that's why

@JavaDevTaha @IndianTechGuide All gold imports are done in Dollar. You spend rupee to buy dollar then buy gold using dollar. Same as crude oil. The more you buy dollar the more rupee crashes.

@JavaDevTaha @IndianTechGuide How much is Indian mining production? And how much we consume, dont you see a huge trade deficit 🥸

@JavaDevTaha @IndianTechGuide Uske baap ne bola hai gold nahi kharid ne k liye. Kerala files Kashmir file banate banate iski Epstein file b toh bana hai.

@JavaDevTaha @IndianTechGuide Gold is not linked to rupee and International standard, e.g Dollar. Rupees may not hold any value in International market but gold do.

@JavaDevTaha @IndianTechGuide Gold is also mostly imported

@JavaDevTaha @IndianTechGuide Weakens rupee. And dollars value is going to go down drastically in future.

@JavaDevTaha @IndianTechGuide To preserve indian foreign exchange

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