income which was spent on gold by various countries the countries that mainly covered in the world gold council report so looking official figures that were spent on gold whether investment gold or jury we break that down according to what the average income is in the countries and unsurprisingly you know i didn't find a particular uprising is the wealthy countries there in the list spend the least amount of gold say france and the u.k. france and spend less than one percent on gold switzerland is the i mean we european country in the list is spends more than one percent on gold wire is vietnam and india spend to me i believe quite high portions their income on gold given what lower incomes they have say. the number is between eight and nine percent for instance but is trying to clamp down on that right they are and they're not the only ones in general so trying to i don't i personally in my research and what i'm hearing this doesn't seem to be having a huge impact on goldman personal gold investments. i think that's been achieved in the black market and i know they've tried to clamp down on im

now, according to the world gold council indian consumer demand, which includes gold jewelry and bars, they declined 12% in 2011 to 2012 to 864 tons. but with the drop in consumption, india is the top consumer of gold in the world. keep in mind in india gold is not just seen as a safehaven asset or hedge on inflation, it plays a significant role in the indian culture. always seen at weddings and festivals, many times referred to as auspicious and lucky. now, there's als strong correlation between india's gdp and gold futures as india's growth increased from 2009 to 2011. gold futures also increased as not only consumers put more disposable income towards buying gold but the central bank of india also making a significant purchase in 2010 upping its current holding to 558 tons. more than half of what china's central bank currently has. michelle, back over to you. >> a lot of great detail in there. thank you so much. we'll welcome tyler broda, a mining analyst. tyler, the last 24 hours unbelievable, have we hit bottom in gold? where is it? >> right now there's a lot of volatility pickin

now, according to the world gold council, indian consumer demand which includes gold coins and jewelrywn by 12% in 2012 versus 2011. but even though we did see that drop in consumption in india, india is still the top consumer of gold. in the world. >> i didn't though that, that gold correlates with indian gdp. i did not know that. you just taught me something and i thank you for it. if, however, the gold curve continues to go down, does that mean india's gdp is in for it? >> it's interesting that we definitely will have to watch that. we have been seeing slowing growth in india over the past couple of quarters. so that will definitely be a trend to watch as gold versus india's gdp. >> seema mody taught me something. and i hope she taught you, as well. up next on kudlow, the latest on the boston marathon bombings and senator marco rubio's gang of eight bipartisan immigration bill now released, i'm going to say it again. immigration reform in this country can boost the economy big-time if we do it right. we're going to debate that coming up. ♪ [ construction sounds ] ♪ [ watch ticking ]

we'll talk to the world gold council after this and at the top of the hour "squawk" is in session and u.s. senators reed and king talking to us about homeland security issues after the boston marathon bombing and a letter to a colleague testing positive for poison. stay tuned. we'll be right back. [ male announcer ] there are people who find their own path. and never back down. who believe the american dream doesn't just happen, it's something you have to work for. ♪ we're for those kinds of people. because we're that kind of airline. and we never stop looking for a better way. it's how we've grown into america's largest domestic airline. we are southwest. welcome aboard. but at xerox we've embraced a new role. working behind the scenes to provide companies with services... like helping hr departments manage benefits and pensions for over 11 million employees. reducing document costs by up to 30%... and processing $421 billion dollars in accounts payables each year. helping thousands of companies simplify how work gets done. how's that for an encore? with xerox, you're ready for real