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India's government seeks to dissuade people from investing in gold
Could it be the only government in the world with such a policy?
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From Press Trust of India
via IBNLive.com, Noida, Uttar Pradesh, India
Sunday, June 17, 2012
http://ibnlive.in.com/news/need-to-dissuade-people-from-investing-in-gol...
MUMBAI -- Worried over the flow of savings for investment in gold, Finance Minister Pranab Mukherjee on Saturday said there is a need to spread financial literacy to encourage people to invest in market instruments.
Pointing out that India's gold imports surged to $60-62 billion in last fiscal year, the minister regretted that people are investing in gold with the expectation that the value of their investment would appreciate.
"Quantum of import of gold ... is a clear indication that a large section of the community ... wants investment in a dead asset only with expectation that the value would appreciate," he said while speaking at a Zee television award function.
... Dispatch continues below ...
Prophecy Platinum (TSXV:NKL) Announces Encouraging Rhodium, Ruthenium, Osmium,
Iridium Assays from WS11-188 of Wellgreen Project in Yukon Territory, Canada
Company Press Release
May 25, 2012
VANCOUVER, British Columbia, Canada -- Prophecy Platinum Corp. (TSX-V: NKL; OTC-QX: PNIKF; Frankfurt: P94P) is pleased to provide results of full spectrum 6E (Platinum, Palladian, Rhodium, Ruthenium, Osmium, and Iridium) analysis of platinum group elements on the first batch of samples from the company's wholly-owned Wellgreen PGM-Ni-Cu project in the Yukon Territory, Canada.
The company enlisted Activation Laboratories (Actlabs) of Ancaster, Ontario, to conduct a full-spectrum 6E analysis of samples taken from the 2011 drill hole WS11-188. Adding Rh, Ru, Os, and Ir to Pt and Pd increased the total PGE content (6E) by an average of 28 percent, based on a population of 90 samples, most of which are from disseminated sulphide-type mineralization.
Assay results with 6E exceeding 0.50 ppm (0.5 g/t) (excluding copper and gold assays) are tabulated at Prophecy's Internet site and are available with assay results from the entire batch of 90 samples here:
http://prophecyplat.com/news_2012_may25_prophecy_platinum_announces_rare...
The minister further said, "Time is ripe to motivate our educated upper middle class to climb from saving mode to wealth-generation mode. ...
"My request to financial analysts and other experts and leaders in this field is to ensure than we can create confidence in the market, spread financial literacy, and the merit of investment could be widely spread," he said.
The minister added that the government is committed to make India an investment-friendly destination and financial powerhouse of the world.
"If India can build on its economic strength, it can be a source of stability for the world economy and safe destination for restless global capital, which can help speed our developmental process," the minister said.
On the economic issues, the minister said, "the most important challenge before the country is to regain and then sustain 8-9 grwoth per annum."
At the same time, Mukherjee said, there is a need to maintain the basic parameters of healthy development, a moderate rate of inflation, fiscal consolidation, and current account deficit and obviously higher growth in exports.
While asking financial analysts and experts to educate investors, Mukherjee cautioned: "We need to put investors' interest in forefornt. If we lose the interest of potential investors, growth will be stalled."
He further said inputs of experts on policy correctives and reforms have helped the government to "move forward."
"We are now on to the next generation of financial sector reforms, which include, among other things, widening and deepening the Indian security markets as part of concerted efforts to increase the participation of retail investors in the security market and further the goal of financial inclusion," he said.
In order to check gold imports, the government has increased the basic customs duty on gold bars from 2 per cent to 4 per cent.
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Sona Discovers Potential High-Grade Gold Mineralization
at Blackdome in British Columbia -- 13.6g over 1.5 Meters
From a Company Press Release
November 22, 2011
VANCOUVER, British Columbia -- With its latest surface diamond drilling program at its 100-percent-owned, formerly producing Blackdome gold mine in southern British Columbia, Sona Resources Corp. has discovered a potentially high-grade gold-mineralized area, with one hole intersecting 13.6 grams of gold in 1.5 meters of core drilling.
"We intersected a promising new mineralized zone, and we feel optimistic about the assay results," says Sona's president and CEO, John P. Thompson. "We have undertaken an aggressive exploration program that has tested a number of target zones. Our discovery of this new gold-bearing structure is significant, and it represents a positive development for the company."
Sona aims to bring its permitted Blackdome mill back into production over the next year and a half, at a rate of 200 tonnes per day, with feed from the formerly producing Blackdome mine and the nearby Elizabeth gold deposit property. A positive preliminary economic assessment by Micon International Ltd., based on a gold price of $950 per ounce over eight years, has estimated a cash cost of $208 per tonne milled, or $686 per gold ounce recovered.
For the company's complete press release, please visit:
http://www.sonaresources.com/_resources/news/SONA_NR18_2011-opt.pdf
