'US dollar will depreciate...': Rivigo founder sees a $7 trn windfall in old family gold

Turns out your grandparents were right—India’s age-old obsession with gold might just be the country’s biggest economic ace in a turbulent global future.

Rivigo founder Deepak Garg believes that while India may be lagging on the artificial intelligence and energy fronts, it holds a powerful, overlooked advantage: gold tucked away in households across the country.

“Our ancestors were smart to put gold in our culture through rituals and jewelry,” Garg wrote in a recent post on LinkedIn. He noted that gold’s cultural embedding was more than tradition—it was long-term economic foresight. “This has always historically come to India’s rescue.”

Garg argues that as the U.S. dollar depreciates and hard assets like gold rise in global value, Indian households are uniquely positioned to benefit. He estimates that last year’s spike in gold prices alone created $1 trillion in wealth for Indian families. “Every USD 1000 per ounce increase, puts a trillion dollar into Indian households,” he said.

India is believed to hold three to four times more gold than the U.S.—most of it in private hands, not institutional vaults. Garg projected that if gold prices reach $10,000 per ounce, Indian households could see a $7 trillion surge in wealth. That, he said, could supercharge domestic consumption, business creation, and GDP growth.

“In the world where US is not consuming anymore, could India through its ancient wisdom and fascination for gold come out as a wealthy consuming nation?” he posed.

Unlike equities largely controlled by institutions, gold in India is retail-owned—an asset class passed down through generations and widely accessible across income levels. That democratization, Garg suggests, could turn India’s cultural legacy into an economic catalyst.

“India can come out lucky through all the global upheaval,” he wrote, betting on gold to turn tradition into transformation.