I noted that the RBI may sell gold to reduce the size of its balance sheet, and that the sale would affect the balance sheet even if gold prices rise.
I argued that gold owned by Indian entities is already “owned by Indians,” so selling to an ETF does not change national ownership, and that ETFs “do not import that much” gold into India.
These points were made in a series of X replies on 18 October 2026, interacting with @PassionNifty, @Kvi_Prksh, @bebhuvan, and others.