by Julian D. W. Phillips:
"Morgan Stanley has just issued a solid report on Indian Gold demand and its shape. We at Gold Forecaster believe it gives very good insight into the Indian gold investors' thinking. The addition of some background on the Indian culture helps us to get a perspective of Indian gold investor psyche and to his social structure and how it contributes to his attitude to gold. Morgan Stanley conducted a survey of 2,019 urban and rural gold buyers across 16 Indian cities for urban consumers and 8 Indian states for rural consumers.
"The survey report notes that Indians own 20,000 tonnes of gold worth $1 trillion.
"Household gold consumption appears to have gone up to $45 billion in 2011 from $19 billion in 2009. To put things in perspective, India's gross domestic product (GDP) is inching closer to $2 trillion. This means, the value of gold held by Indians comprises nearly half of the country's GDP. ..."