“No cake, no birthday and no gold, no Diwali. Simple.” – From the Financial Times

by Gilbert Keith

Diwali underpins gold’s surge

Buyers in India, the world’s largest consumers of bullion with one-eighth of global demand, are typically very sensitive to price moves and have scaled back their purchases as gold has spiralled ever higher. But jewellers in Mumbai and bankers in London said that gold consumption in the country had rebounded.

“The high prices are not stopping people from buying,” Mr Zaveri said. “On birthdays a cake is compulsory. On Diwali gold is compulsory. No cake, no birthday and no gold, no Diwali. Simple.”

This is pretty great. I remember reading a few months ago that the Chinese had overtaken the Desis on gold spending, but it looks like we’re back.

Also, yeah, no plagiarism intended, or whatever.

–Gautam

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