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Exciting New Way to Buy Gold in India
Posted By Isaac Nuriani
We are blessed in the U.S. with a wonderful thing known as the individual retirement account. We get to make tax-deductible contributions and pay taxes only on money we withdraw. Investing in gold is an important way to help preserve our retirement savings. Other countries have other interesting programs, such as India’s new smartphone app that allows people to buy physical gold instantly.
An article from CNN crossed our desk today describing the new digital platform in India that allows that country’s goldbugs to buy gold via their smartphones. The system is a partnership between the Indian government and a Swiss bullion company that jointly own a refinery called MMTC-PAMP. An Indian investor can use a smartphone to call up the country’s top digital payments app, known as Paytm, place an order to buy gold, and the purchase will be stored in the refinery’s vaults or delivered to the buyer’s home. No muss, no fuss.
I would like to see this kind of system applied to American gold IRAs—of course, it would have certain differences in storage arrangements. Imagine buying gold coins from Augusta Precious Metals for your Augusta® Gold IRA with just a tap on your smartphone! That’s a great idea – thanks India!
Indian goldbugs are a force of nature. Paytm CEO Vijay Shekhar Sharma said, "Gold is probably India's truest wealth management product." The 1.3 billion inhabitants of India hold 24,000 tons of gold, worth about $0.9 trillion. India’s mining industry is operating at a breakneck pace and still can’t meet domestic demand for gold. That caused the country to import $4 billion in gold in March. That’s just one month’s imports!
Seeking Alpha reminds us that China is another country that loves gold. In fact, the mainland imported 111.65 metric tons of gold from Hong Kong in March, which was double the February figure. At this pace, China could import 760 metric tons of gold in 2017. Wow!
It’s clear Asia loves gold. If you’re reading this, it’s clear you love gold too. Join the growing throng of enthusiastic gold investors who own an Augusta Gold IRA from Augusta Precious Metals, and open one or add to it today. We can add your gold, silver and other precious metals to traditional or Roth self-directed IRAs that allow you to accumulate gold, silver and other precious metals either tax-deferred or tax-free, respectively. Don’t delay getting your share of gold, before China and India snap it all up!
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