Pacific Business Review International

Volume 10 Issue 12, June 2018

Investment Preference for Physical and Non-Physical Form of Gold:

A Study on Marwari Businessmen in Guwahati City

Dr. Dinesh Agarwalla Abstract

Freelance Researcher, Gold is one of the most preferred forms of investment among Marwari
Guwahati, businessmen. They invest in both physical and non-physical form of
Assam, India gold. Through, this paper, attempt was made to find the investment
preference of Marwari businessmen of Guwahati city towards physical
Dr. Ranjit Singh and non-physical form of gold. Data were collected from both primary
Associate Professor and secondary sources to derive a suitable conclusion. Gold Bar,
Department of Management Studies Coins, Jewellery, Gold ETF, Gold Account, Shares of Gold Mining
Indian Institute of Information Technology Companies etc were the key determinants of the study. The study
Allahabad, Uttar Pradesh, India evidenced that 70 % of the Marwari businessmen of Guwahati city
preferred physical form of gold over non-physical form of gold
investment and 14 % of the businessmen preferred both the forms of
Dr. Mousumi Choudhury investment.
Assistant Professor
Department of Business Administration Keywords: Customer Preference, Gold, Investment
University of Science and Technology,
Introduction
Meghalaya, India
People started investing for a secure life and a bright future. Investment
was the sacrifice of current money or other resources for future
benefits. The choice of investment avenues differs from investors to
investor based on the level of financial literacy and expectations. Jain
& Mandot (2012) stated that in the current economic scenario, money
is considered as the root cause of all happiness.
Gold is considered by many, to be the best investment for protection
during stock market declines and inflation (Nawaz and Sudindra,
2013). Gold is one of the oldest and the most preferred form of
investment in India. This is because gold is considered as the best
possible protection against upheaval, both political and economic
(Benny and John, 2014). A report published by World Gold Council
(WGC) (2010), mentions that Gold is the best commodity to invest in
an asset, which is largely unrelated to the fluctuations and speculations
in the different market conditions. Thus out of the whole ambit of
investment portfolio, gold gets a special patronage from the investing
population. Irrespective of the size of their income as well as various
restrictions, people invest in gold. People do invest in gold in various
forms such as bars, coins, jewellery, etc. However, of late, the concept
of Cyber Gold has also taking its shape and attracting the investors to
invest in Gold Exchange Traded Fund (Gold ETF).
Investors generally buy gold as a way of diversifying risk such as a
hedge against inflation if perceived economically. The person who
wishes to invest must know all the investment choices/avenues and the

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ways of choosing this (Geetha and Ramesh, 2011). Now-a- to Kumar, A.A. (2012), gold was considered as an
days, there is a specific trend of preference being seen investment with high value making it a reliable form of
among the people with respect to the investment in gold. wealth. Fisher and Jordan (994) stated that the investment
These changes are attributable primarily due to the in gold was considered to be most preferred means of
technology revolution and regulatory changes. investment due to its high returns and low risks as
compared to other types of assets. According to Nawaz,
The investment in gold is still considered worthy along
N.M., and VR, Sudindra (2013), in the current market
with these changes because it yields high returns and low
scenario of high volatility, rapidly changing market place,
risks as compared to other types of assets. It is acceptable as
various avenues for investment in gold were creating the
a mean of investment worldwide. Investment in gold
confusion among Investors. They further stated that 16,000
through dematerialized account (D-Mat Account) is
tons of gold was there in Indian households predominantly
becoming very easy. It does not require physical possession
in the form of jewellery. There were various alternatives
of stocks, but, only a certificate or account that serves the
available for investment in gold through options like
purpose for investment. There are various options
jewellery, coins, bullions, exchange traded fund, mutual
emerging due to the advancement in technology such as
funds, E-gold etc. In normal circumstances, investors are
investment in Gold ETF, Gold Mutual Fund, Systematic
more inclined towards physical form of gold rather than
Investment Plan (SIP) in Gold, etc.
non-physical form. The basic reason may be its physical
There are different forms of gold investment which is presence. Due to its tangibility, visibility and liquidity, the
divided broadly among two classes. These are: investors keep more confidence in physical form of gold as
compared to non-physical form. However, of late, with the
a) Physical form of Gold: Physical form of Gold refers
advent of technology, new forms of gold investment are
Bar, Coins, Jewelleries. This form of gold has got its
emerging which allows a person to invest in Gold through
physical presence. The investor can easily avail this
non-physical form too. These modes of gold investments
form of gold into their possession. Physical form of
are getting popular primarily due to the factors such as
gold is available in many shapes and sizes.
safety, convenience, reliability, etc. Baur et al. (2010)
b) Non-physical form of gold: Non-Physical form of found that gold ETF being more liquid was more preferred
gold refers to Certificate form of Gold, i.e., ETF by the investors over physical gold and he further credited
(Exchange traded fund), Gold account, Shares of gold the increase in the recent demand for gold to the
mining companies etc. This form of investment does introduction of ETF. This has given an impetus to explore
not require the physical possession of the same. It is the phenomenon of preference for investment in gold and
very much liquid. to find out the answer to the question as which of the two
forms of gold are preferred by the Marwari businessmen.
Justification of Choosing Marwari Businessmen
Review of Existing Literature and Research Gap
Gold is one of the most attractive metals to buy for all the
people belonging to any community in India. However, it is A literature review is an evaluative process which justifies
seen that Marwari businessmen are having a significant the research and also ensures that the research has not been
share in total buying of gold than the other communities done before or that it is not just a "replication study". Few of
especially in Assam state of India. Agarwala and Barman the studies are mentioned below to find out the literature
(2014) stated that Marwari businessmen were very much gap. Gold is bought both as an investment as well as for
associated with gold and almost in all the occasions, consumption. There are many research works which are
festival, puja, marriage, any kind of celebration, security, actually associated with investment are also applicable to
stability of return, etc., they liked to strive towards gold. gold.
Agarwala and Barman (2014) also found that Marwari
Kumar (2009) revealed that investors often exhibited a
businessmen were occupying the 1st place in Gold
preference for positive skewness, i.e., lottery type
investment in Assam. Therefore, in this study, Marwari
investment. Gervais and Odean (2011) in the model by
businessmen are considered to understand how the major
them, individual investors learn to be biased by becoming
investing business community is reacting so far as different
overconfident because of their past idiosyncratic
forms of gold investment are concerned.
investment success. Dhan and Zhu (2006), Kumar (2009),
Statement of Problem Agnew (2006), Calvet, [Link]. (2009) opined that wealthier,
more educated and generally more sophisticated investors
Investment preference depended on the objective of the
often made better financial decisions and exhibited less
investors and their willingness to invest. Investment
investment biases. Pati and Shome (2011) in their research
preference differs from individual to individual. According
article suggested that household preferred the safe

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channels of investment rather than switching over to high ETFs. When Smart investors chose to invest in such
yielding but risky channels of saving. precious metals as gold and silver, they examined the
metal’s historical volatility levels. Athma and Suchitra K.
Sindhu (2013) stated that in India, gold was one of the
(2011) studied mainly the conceptual knowledge of gold
foundation assets for households in the form of
exchange traded Funds. The study was undertaken to fill
Investments. It was viewed as secure, liquid investments.
the research gap with the objectives to focus the Gold ETF
Shobhana and Jayalakhmi (2009) revealed that real estate,
as a strong asset class; to stress upon the inclusion of Gold
bank deposit and jewellery were the preferred investment
ETF in a portfolio for risk diversification; to assist the
for Indians. Lewellen [Link]. (1977) found that age, gender,
investor in selection of best Gold ETF option and to
income and education affected investors’ preferences and
analyze the tax implications of gold ETF. Singh, et. al.
attitudes towards investment decision based on their
(2010) attempted to identify and analyze various
investment objectives. Baur, [Link]. (2010) found that the
motivating factors that induced the investors to invest in
increase in the recent demand for gold is due to the
gold. Starr and Tran (2007) used panel data on gold imports
introduction of ETF. Pullen, T., et al. (2011) observed that
of 21 countries to examine determinants of physical
gold bullion documented a clear and strong hedging over a
demand and found that determinants of physical demand
mere diversifying capability. Second, results highlighted
differ from those of portfolio demand and that they differed
that gold stocks, gold mutual funds and gold ETFs tend to
between the developed and developing worlds.
be diversified. Third, both gold bullion and gold ETFs
Worthington and Pahlavani (2006) revealed that gold is the
showed support for the safe heaven property. Palanivelu &
asset that has attracted people for thousands of years and
Chandrakumar (2013) opined that certain factors like
this attraction continues to present day. Unlike, most
education level, awareness about the current financial
commodities, gold is durable, relatively transportable,
system, age of investors, etc made significant impact while
universally acceptable and easily authenticated. The
deciding the investment avenues. Dempster (2006)
demand for gold is even increasing not only for jewellery,
recognised India as the world’s foremost gold consumer in
coins and bars but also for many industries, such as
tonnage terms for many years to come in the World Gold
electronics, space as well as medical technology. It is gold
Council Report 2006. At the same time he also viewed gold
which still a form of currency in many countries is after the
as a secured and easily accessible savings vehicle by the
collapse of the Bretton Wood System in 1971. Ghosh, [Link]
rural community where 70% of the population lived. Gold
(2004) had pointed that people buy gold for two purposes.
had three characteristics which lured Indians. First, it had
The first is the “Use Demand”, where gold is used directly
held value for so long. Second, it was portable and a useful
in the production of jewellery, medals, coins, electrical
hedge against adversity. It was held for distress situation
components and so on. The second is “asset demand” for
and was easily en- cashable. Third, equity had not been a
gold, where it is used by governments, fund managers and
fail-safe deliverer of value for most ordinary Indians. For
individuals as an investment. The asset demand for gold is
those who sought safety of their capital, gold was the
traditionally associated with the view that gold provides an
alternative to fixed deposits (Aggarwal & Lucey, 2007).
effective “hedge” against inflation and other uncertainty.
Schoenberger (2011) stated that gold’s “artificial scarcity”,
Gurunathan & Muniraj (2012) revealed that jewellery
the large amount of physical work required to produce gold
investment is an un-stabilizing activity and it also showed
and such social implications as power and control drove the
that gold jewellery is the prime avenue for investment
value of gold to be more than just monetary value. Coulson
followed by Silver, Diamond and other Platinum jewellery.
(2005) further stated that gold had the potential to perform
World Gold Council (2010) suggested that if an investor
incredibly well simply because the US Dollar had a history
wishes to invest in assets which are largely unrelated to the
of representing weak value in proportion to other
fluctuations and speculations in the different market
currencies. Cross (2005) analyzed various data including
conditions, then gold is the best commodity for this
the prices of UK gold products in ETF’s, the amount of US
purpose. Even the mutual funds which considered for risk
jewellery sales and the percent of total durable goods in the
mitigation won’t be able to give reasonable amount of
US. She used these data to argue that gold was a very
returns in comparison to gold. Parikh & Vaish (2013)
“emotional” metal that behaved akin to the stock market. It
concluded that the Investor’s could very well benefit by
was estimated by her studies that the gold market was a
investing in gold as its performance has remained stable
small isolated market that was very unstable and she did not
during different market conditions. It could be further
recommend gold as an investment. She claimed that gold
concluded that, gold’s optimal share as part of sound
holds emotional characteristics, however, re-asserted
investment in the portfolio rises in a more inflationary case
Schoenbeger’s claim that the value of gold was more than
in order to mitigate the risk and ill effects of the returns on
just monetary value. Borzykowski (2011) stated that
the investment into alternative assets.
aggressive investors should consider gold bars or gold

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Pacific Business Review International

There were rare literary evidences of study on the Marwari a. Research Design and Type of Study: This study is
Businessmen and their preference level towards descriptive in nature.
investment in gold. Hence, this study proposed to fill up
b. Universe of Study: The Marwari Businessmen in
literature gap and also to fill the study gap on investment in
Guwahati city, of Assam in India constituted the
gold by these businessmen in respect of Assam. This piece
population for the study. Total number of Marwari
of study may serve as the unique source for further study on
population in Guwahati city is approximately 17,000.
investment behaviour among the members of this
This data is gathered from various sources like Names
community in future.
and addresses appeared in the Trade Journal, Marwari
Objective of the Study Yuva Munch, different Business Societies and
Community Magazines. All these secondary sources
The objective of this study is as follows:
were scanned and sequentialised to get the detail list of
• To study the investment preference with respect to population of Marwari businessmen in Guwahati city.
investment in gold in “physical form” and “non- Through this process, total of 17000 of Marwari
physical form” by the Marwari Businessmen; Businessmen were identified and considered as the
Universe of the sample.
Hypothesis of Study
c. All types of Marwari businessmen of Guwahati city
The study tests the following null hypothesis:
were covered.
H0: There is no significant difference in the investment
d. Sample Size: A sample at 95% level of significance
preference for physical form of gold and non-physical form
and 5% confidence interval has been taken randomly
of gold by the Marwari Businessmen.
for the purpose of the study.
Methodology of the Study

Table 1: Sample Calculation

Raosoft Calculator Parameters Raosoft Sample Error
Calculator
Acceptable Margin of Error 5% The threshold Marginal error at the
Confidence level Typical Choices 95% sample 300 will create error of
are: 90%,95%,or 99%. 5.61% but the sample size created
with the calculator determines
The population size 17000 [Link], the threshold limit
If you don't know, use 20000. of sample error will be reduced
The response distribution? 50 from the 5.61% to 5%.
Leave this as 50%
Your recommended sample size 376
is
Source: Compiled from Raosoft Calculator
e. Sampling Unit of gold investment available for Marwari
businessmen. In the questionnaire, question related to
The Marwari Businessmen of Guwahati city was the
selection of preferential avenues were given under five
sampling unit of the study.
options, i.e., Physical Gold (Bar, Coins, Jewellery and
f. Data Source and tools for Data Collection others), Certificate form of Gold, Shares of Gold
Mining Companies, Mixed form of Gold and Gold
For the purpose of the study, data were collected from
account under the heading “In which form of Gold do
primary as well as secondary source. Previous
you prefer to invest?”
Literatures were reviewed to formulate the research
problem and to justify the relevant findings of the h. Administration of questionnaire
study. For collecting primary data, a structured
Considering the experiences in pretesting of
questionnaire was framed.
questionnaire, 850 questionnaires were distributed for
g. Development of questionnaire the sample size of 376 and 404 dully filled up
questionnaires were received and considered for final
The questionnaire includes the questions related to
analysis, though the sample size was 376 as calculated
demographic profile of the investors and the avenues

88 [Link]
 Volume 10 Issue 12, June 2018

by Raosoft calculator. The whole process of deviation, tabulation. Besides, some statistical tests
questionnaire administration and collection took such as chi-square test are also done to arrive at logical
around two months time. conclusion.
i. Data analysis Analysis and findings
To analyse the data, different statistical tools and The investment preferences in the different forms of gold
techniques were used such as mean, standard have been presented in table 2.
Table 2
Investment Preference in Gold
Types of Gold Investment Investment Investment in (%)
Physical Gold 236 70
Certificate form of Gold 34 10
Mixed 47 14
Shares of Gold mining companies 08 2
Gold Account 13 4
Source: Compiled from Questionnaire
Table 3
Test Statistics
Physical Certificate Mixed Gold mining Gold Accounts
Gold Form of Gold share
Chi- 11.446 a 279.446a 237.871a 372.634a 353.673a
Square
Df 1 1 1 1 1
Asymp. .001 .000 .000 .000 .000
Sig.
a. 0 cells (0.0%) have expected frequencies less than 5. The minimum expected cell
frequency is 202.0.
Source: Compiled from Questionnaire

Since the p-value for investment preference in physical Critical Analysis of Findings
gold, certificate form of gold, mixed investment in gold,
It was seen that there was considerable preference for gold
investment in gold mining shares and investment in gold
among Marwari businessmen due to their socio-economic
through gold account was less than 0.05 (5% level of
background. Investment in physical form of gold gave
significance), it was inferred that the difference in the
more security than any other form to the businessmen.
investment preference as revealed by the sample in table 2
Certificate form of Gold, i.e, ETF (Exchange traded fund),
was actually present in the population and the differences
Gold account, Shares of gold mining companies or any
were statistically significant.
other was not at all popular among the Marwari
It was evident that investment in physical gold was the Businessmen. Baur, [Link]. (2010) has given a contradictory
most preferred form of gold investment by the businessmen view with respect to investment in physical gold. He found
in Guwahati City. 70% of the Marwari businessmen that gold ETF being more liquid is preferred by the
preferred physical form of Gold as compared to any other investors over physical gold and he further credited the
form of Gold Investment. 14% of the Businessmen increase in the recent demand for gold to the introduction of
preferred mixed form of gold investment, i.e., physical ETF. He also claimed that the volatility of gold had been
form of gold as well as non-physical form. It also appeared increased because of the ease of the trading facilitated by
that investment in certificate form of gold such as Gold gold ETFs.
ETF is gaining familiarity among the Marwari
The study evidenced that there is preference for physical
businessmen. 10% of the Marwari businessmen preferred
form of gold over non-physical form of gold among the
certificate form of gold. However investment in the shares
Marwari Businessmen. Pullen, T., et al. (2011) also viewed
of gold mining companies was not very popular till date.
that the investors need to take positions directly in bullion
This findings corroborate the study of Nawaz and Sudindra
or gold ETFs since gold stocks and gold mutual funds
( 2013).

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Pacific Business Review International

displayed very little evidence of the safe heaven Benny, V. & John, B. (2014). Investment Attitude in Gold-
characteristics. Tourani-Rad & Kirkby (2005), Singh & An Investors Perspective. IOSR Journal Of
Bhowal (2010) states that investors prefer to invest in the Humanities And Social Science (IOSR-JHSS),
assets physical evidence of which is known to them. Thus, 19(12), 32-36.
physical evidence of physical gold is known to the
Calvet, L.E., Campbell, J.Y. & Sodini, P. (2009).
investors and hence there is clear preference visible among
Measuring the Financial Sophistication of
the investors towards physical gold.
Households. American Economic Review,
The reason for greater demand for gold in India was 99,393-398.
investigated by Starr and Tran (2008). They stated that
Coulson, M.(2005). Gold as an Investment. Applied Earth
there was a much higher demand for ‘physical gold’.
Science, Transaction of the Institution of Mining
Acquisitions of gold in physical forms such as jewellery,
and Mettalurgy Section, 114(2), 122-128.
bars, coins and medallions were found in Eastern countries,
such as, India, Pakistan, Turkey. In India, Turkey, China, Cross, J. (2005). Gold-the Emotional Metal, Applied Earth
gifts of gold jewellery were customarily given to newly science. Transaction of the Institution of Mining
married couples, new-born babies etc. Mondal, D. (2010) and Mettalurgy Section B,114(2),101-107.
suggested that investors should take exposure in gold by
Dempster (2006).The Role of Gold in India, World Gold
buying either physical gold, gold exchange traded funds or
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Recently, Government of India has launched the Sovereign
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Geetha, N. & Ramesh, M. (2011), A study on People’s
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