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Nationalizing gold: The Vietnamese SJC gold bar and the Indian Gold Coin

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  • Allison Truitt

Abstract

The popularity of gold in India and Vietnam is attributed to either cultural values or an undeveloped financial sector. Yet gold also serves as an important reserve asset for central banks, more so than ever following the 2008 financial crisis. By way of exploring this juxtaposition, I turn to recent campaigns in each country to promote a national gold form, the SJC bar in Vietnam and the Indian Gold Coin. Although the campaigns have been framed in oppositional terms—the Vietnamese state has sought to demonetize gold, the Indian state to promote its monetization—I reconcile this contradiction by examining the particular histories of gold in each country and why gold served as a particularly potent symbol of economic liberalization. Gold, I argue, ultimately links citizens in the Global South with actors in the heart of the international monetary system; thus the promotion of these two national brands of gold shows state†led efforts to intervene in processes of value creation.

Suggested Citation

  • Allison Truitt, 2018. "Nationalizing gold: The Vietnamese SJC gold bar and the Indian Gold Coin," Economic Anthropology, Wiley Blackwell, vol. 5(2), pages 224-234, June.
    • Handle: RePEc:bla:ecanth:v:5:y:2018:i:2:p:224-234
    DOI: 10.1002/sea2.12119
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    References listed on IDEAS

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    1. Martha Starr & Ky Tran, 2008. "Determinants of the Physical Demand for Gold: Evidence from Panel Data," The World Economy, Wiley Blackwell, vol. 31(3), pages 416-436, March.
    2. Sohail Kamran & Outi Uusitalo, 2016. "How the unbanked cope with financial exclusion: Evidence from Pakistan," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 21(2), pages 153-165, June.
    3. Leela Fernandes, 2004. "The Politics of Forgetting: Class Politics, State Power and the Restructuring of Urban Space in India," Urban Studies, Urban Studies Journal Limited, vol. 41(12), pages 2415-2430, November.
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    Cited by:

    1. Bear, Laura, 2020. "Speculation: a political economy of technologies of imagination," LSE Research Online Documents on Economics 103433, London School of Economics and Political Science, LSE Library.
    2. Aaron Z. Pitluck & Fabio Mattioli & Daniel Souleles, 2018. "Finance beyond function: Three causal explanations for financialization," Economic Anthropology, Wiley Blackwell, vol. 5(2), pages 157-171, June.
    3. Charteris, Ailie & Kallinterakis, Vasileios, 2021. "Feedback trading in retail-dominated assets: Evidence from the gold bullion coin market," International Review of Financial Analysis, Elsevier, vol. 75(C).

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