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Sunday, May 16, 2010

Akshaya Tritiya and the Greece effect

Today is Akshaya Tritiya, the Hindu holy day,ruled by the preserver-god of Hindu belief, Vishnu. According to the Hindu mythology,on this day the Treta Yuga began, and the river Ganges, which is considered to be the most sacred river of India,descended to the earth from the heavens.
The word "Akshaya' in Sanskrit means one who will never diminish. This day is believed to bring good luck and success and is considered particularly auspicious for starting a new venture.One big tradition that has seen itself turn into a ritual over the past many years is the rush among customers to buy gold on this day.It is believed that if,on the day of Akshaya Tritiya,one buys gold,their luck will hold good for the rest of the year and it will be a sound investment. And especially this year,it seems it is gold that has taken the meaning of 'never diminishing' a bit too seriously,what with reaching its all-time high !!!!
This year,that is 2010,the crisis in Greece has severely hit the bullion market and the price of gold has broken all previous records. At the moment,as of Sunday the 16th May 2010, gold is priced at its lifetime high so far - a staggering Rs.18,300/- per 10 gms !!!!!
Ironically,this time I bought something for the first time on Akshaya Tritiya for my daughter and myself.Are you buying something?
Some believe it is a dampener and there will not be the usual rush in the jewellery market this season,but most of the Indian markets are still seeing families heading towards the gold counters,while jewellers are keeping their fingers crossed and the yellow metal continues on its climb.....