🚨🇮🇳Gold is down 17% since PM Modi told 1.4 billion Indians to stop buying it.

On May 10, he stood in Hyderabad and made an appeal nobody expected. Do not buy gold. Not for a year. India's forex reserves had shrunk $38 billion in two months, the rupee was sliding, and gold was the one pressure point he could actually say something about publicly.
Now sit with what he was asking them to give up.
Indian households hold an estimated 25,000 tonnes of gold, more than the combined sovereign reserves of the United States, Germany, Italy, and France. The gold sitting in Indian homes and temple vaults dwarfs what most governments hold. And India still imported $72 billion more of it last year alone.
Modi was not making a lifestyle suggestion. He was looking at an $84 billion current account deficit and asking the most gold-obsessed nation on earth to please stop, because they cannot afford to keep buying it.
The wealth is there. It just keeps leaving the country every time someone buys a ring.