Stranger than Fiction: Why People in India Seek Loans Against Gold With Their Cows
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While our interest in gold and other precious metals may be relatively recent, there are people in the world who have been trading in the metal for centuries.
Ancient India was known for its humongous gold reserves, and those of other precious metals—so much so that it was called the golden sparrow of the East.
Throughout history, this Eastern country has been obsessed with the accumulation and hoarding of gold. It’s estimated that it has 15,000 metric tons of gold in private holdings, whereas the government has 360 metric tons of gold. With the 10th largest gold reserves in the world, this isn’t shocking.
The shocking part comes now.
Cow Milk Contains… Gold?
It was only a few days ago that a prominent politician in India made a baffling claim: that cow urine is yellow because cow milk contains gold.
While mass mockery ensued on social media platforms, the political leader refused to reconsider his statement, and insisted that even science could not prove him wrong.
He’s been adamant that there are “traces of gold” in cow milk; it seemed like a hilarious suggestion, like something straight out of The Onion.
That is, Until…
A man from Bengal took the political leader seriously—more seriously than he should have. An owner of 20 cows, the man took two of his best a few days afterward and applied for a loan. A loan against gold.
Because, you know, his cows produced milk, and cow milk has traces of gold. And to top it all off, he wasn’t the only one. There has been, reportedly, a “collateral surge” in requests for such loans against cow milk ever since the bizarre claim was made.
Of course, this is one of those amusing stories from around the world that will be laughed off before being forgotten entirely. What won’t be affected is the value of gold; the fact that people would want loans against even “traces” of it speaks to this.
Be it in India or in any other part of the world, people realize that gold is one of those things that you want to invest in unconditionally. Because when times go bad, it’s an investment in gold that will help you out.
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