India’s Gold Monetization Scheme: Will It Work?

India, as one of the world’s largest consumers of gold, has a long and special relationship with the metal. In particular, Hindu shrines in India hold large amounts of the metal, brought to them by Hindu pilgrims making offerings to the gods. One temple in particular, the Sri Padmanabhaswamy temple, holds an estimated 3,000 tonnes of gold, more than all other gold-holders except for the United States and German governments.