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Rising Gold Price No Bar for Buyers this Dhanteras

From The Times of India, Mumbai
Monday, November 12, 2012

http://timesofindia.indiatimes.com/city/guwahati/Rising-gold-price-no-ba...

GUWAHATI, India -- The price of gold this Dhanteras has been the highest in five years. But this has done little to mar the spirit of buyers, who are splurging on the yellow metal like never before. In fact, people were seen queuing up in jewellery shops across the city to buy gold, silver, and other precious metals.

Last year the price of gold on Dhanteras was Rs 26,000 (approximately) per 10 gram, but this year the price has shot up to Rs 31,000/ 10 gram for 22-carat and Rs 32,000/ 10 gram for 24-carat gold.

Buying gold and silver is considered auspicious on this occasion. Keeping this in mind, several jewellery houses are offering attractive discounts and other such schemes to lure the customers. Some have gone a step further and are offering discounts on the making charges as well.

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Jitu Kalita, manager of Tanishq, said, "For the first time in years, gold prices have shot through the roof on Dhanteras. But surprisingly this has not affected sales. Many customers are also making advance bookings. Gold bangles, rings, earrings, sets are flying off the racks. There is a great demand for gold and silver coins."

Preeti Agarwal, manager of Manik Chand and Sons, said, "We are providing up to 30% discount on the making charge and for every purchase of 1 lakh, one gets a gold coin for free. We are also offering discounts of up to 10% on diamond jewellery."

Over the years there has been a surge in the demand for lightweight jewellery. Rajiv Nath, manager of MP Jewellers, said, "Apart from gold and silver coins, buyers are increasingly going for lightweight jewellery. This year's sales have surpassed the sales of last year."

Taru Deka, a resident of Silpukhuri, was seen browsing through the shelves of a jewellery shop to make a pick. She said, "Although the prices are sky-high, I have come to buy some bangles because it is considered auspicious."

Rani Dutta of Beltola echoed similar sentiments. "I bought some gold coins because investing in gold is a good thing, especially for the future," she said.

Astrologer Pannalal, explaining the importance of Dhanteras, said, "Dhanteras, also known as Dhantrayodashi, is celebrated on the 13th day of Krishna paksa in the month of Ashwin. On this day people should buy gold coins to usher in prosperity and wealth. The gold coins should be kept on the right hand side of Kuber in a pot. Kuber is placed on the left side of Laxmi."

Apart from buying gold and silver, people are thronging to shopping malls to buy utensils, microwaves, and refrigerators. But there is no beating the gold rush in jewellery shops.

For those who cannot afford the precious metal, steel offers a good option. Preetika Duwarah, a resident of Chandmari, said, "I brought some stainless steel plates as the price of gold is very high and I can't afford it." Another customer bought a microwave oven as there was a 30% discount on it.

A customer care official of a shopping mall said, "Middle-class people who can't afford to buy gold are buying utensils and other items on Dhanteras."

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Prophecy Platinum Intercepts Best Pt+Pd+Au Grades Yet
at Wellgreen Project in Yukon Territory: 5.36 g/t

Company Press Release
Tuesday, September 11, 2012

VANCOUVER, British Columbia -- Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces more results of its 2012 drill program on the company's fully-owned Wellgreen platinum group metals, nickel, and copper project in southwestern Yukon Territory, Canada. Four surface holes and four underground holes all intercepted significant mineralized widths, ranging from 28.5 meters (WS12-201) and up to 459.5 metres (WS12-193). Highlights include WU12-540, which returned 8.9 metres of 5.36 grams per tonne platinum, palladium, and gold; 1.73 percent copper; and 1.01 percent nickel within 304.5 meters of 0.66 g/t platinum-palladium-gold, 0.20 percent copper, and 0.27 percent nickel.

The surface drill program started in June and has completed 16 holes (assays pending for 12 holes) with two rigs now on site. The surface program continues to progress at a steady pace.

Prophecy Chairman John Lee commented: “Wellgreen is a very large nickel, copper, and platinum group metals project with near-surface high-grade zones. High-grade intercepts will be incorporated into resource modeling and mine planning in the pre-feasibility study. We expect further positive drill results from Wellgreen shortly.”

Wellgreen features a low 2.59-to-1 strip ratio, is situated at an altitude of 1,300 meters, and is only 15 kilometers from the two-lane paved Alaska Highway. Those factors significantly minimize the project's indirect costs.

For the complete company statement with full tabulation of the drilling results, please visit:

http://prophecyplat.com/news_2012_sep11_prophecy_platinum_drill_results....