2 members / 237 guests (24 hours)


Our fund raising round was not successful.  As a result, IDB will be going off line and into cold storage.  If our competitors should stumble, I may re-active the site in the future but for now, we're turning out the lights.

I had planned to go off-line on April 4th.  Due to some important and unplanned changes in our maintenance schedule, I am now bumping that up to next Tuesday morning, March 27th, 2018.  PM 'admin' if you need to reach me. 

You should use the next 5 days to find a new home for your community.

Running IDB has been fun over the years and I hope you enjoyed your time here as well.  Sincerely,  Paul

P.S. News on IDB Funding -- this is now on it's own page to clean up the site a bit.

Not Just a Luxury; Even the Poor in India Buy Gold

Not Just a Luxury; Even the Poor in India Buy Gold

schiffgold.com / BY SCHIFFGOLD / JULY 5, 2017

While you may think of gold as a luxury item, many Indians view it as a necessity. In the Asian nation, buying gold is not just for the rich. In fact, a recent survey shows that possessing the yellow metal is a universal phenomenon across all income classes in India.

The yellow metal is interwoven into the country’s marriage ceremonies and cultural rites. Indians also value gold as a store of wealth, especially in poor rural regions. Two-thirds of India’s gold demand comes from these areas, where the vast majority of people live outside the official tax system. This explains why even the poor buy gold in India.

According to the ICE 360 survey, one in every two households in India purchased gold within the last five years. Overall, 87% of households in the country own some amount of the yellow metal. Even households at the lowest income levels in India own some gold. According to the survey, more than 75% of families in the bottom 10% had managed to buy gold.

If anything, these numbers likely understate gold ownership – especially among the poor. An official involved in the survey who did not want to be identified told LiveMint that survey respondents are often hesitant to admit to purchasing gold. This comes as no surprise considering gold is a major part of India’s vast underground economy.