Indian people owns and holds over 22,000 tons of gold. All in physical form. More than all the governments of the entire world say they hold.
Which is why India is about to get raided. Either they will coerce the Indian government to raid its own citizens, or they will use the promises-to-deliver-gold market to strike down gold price further, so that people will get scared and sell gold to those who are ready to buy.
RBI is going to lease the gold they think they own according to the books of the US Federal Reserve, who in turn might have leased it to who knows who. The deal is going to fetch 23 billion USD, 20 billion of which can be used to pay of short term loans and steady the USD/INR rate which are being manipulated anyway by the same powers who want to shake down gold from Indian pockets. Somebody forced RBI to reduce cash reserve ratios, and increase money multiplier effect so as to increase money in circulation meanwhile.
Gadaffi owned lots of gold but in Italian banks, yeah they took that shit and killed him. There is no personality cult leader to assasinate in India, so that is a relief.