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<p>[QUOTE=&quot;medoraman, post: 2243682, member: 26302&quot;]I would not underestimate the holdings of the rural poor of gold sir. They are heavy savers, and most is held in physical gold. Of the few I know, every family member holds a few ounces of gold at least. In Thailand, (similar culture regarding gold), I have met small farmers who can pull out 100 ounces if needed. However, this cuts both ways. Because they value holding their gold, they do not lightly sell, trying to do about anything else but sell their gold. So I believe you could POSSIBLY see massive selling if things got bad enough, most likely you will only see modest selling to get by.</p><p><br /></p><p>Its just a different culture. In the US you have tiny holding of gold for most people, (a few rings and necklaces, all watered down gold), for the vast majority of the population. Over there its the store of wealth for any money besides land, and is passed down through generations. Every single person, from a large corporation owner to a small town peasant, owns ounces upon ounces of high purity gold. You won&#039;t see it as an outsider, but my wife&#039;s cousin lives next door to one of our houses. Modest house, she a housewife he a worker. She pulled out her gold jewelry one day before going to a function with my wife and had maybe 18 ounces of high grade gold jewelry, and I don&#039;t think she was terribly unusual. This was on the outskirts of a Thai town, not Bangkok.[/QUOTE]</p><p><br /></p>

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