Indian temple gold against Covid-19
In the vaults of Indian temples, immense quantities of gold jewelry are stored, an estimated 4,000 tons of gold. Followers of the temples have been depositing these treasures for hundreds of years. Even the richest temples are currently having money problems and are now considering pledging the gold. Because of Corona, for months now only a few dare to enter the temples and the donations are becoming rare.
Now the salaries of the employees can only be paid with difficulty. As the World Gold Council announced earlier, India has enormous gold treasures in the millions in hundreds of the largest temples. India is a big consumer of gold, but hardly a producer, so much has to be imported, mostly from China. Developing temple gold is not easy, because legal obstacles and local politics play a role.
And there are more than 600,000 temples in India. Actually, it is a miracle that temple raids are reported very rarely. In one of the oldest temples, the Padmanabhaswamy Temple in South India, gold to the value of 22 billion US dollars is said to have been stored, as it became known in the course of a lawsuit.
This story shows once again that gold ownership can help to provide liquidity in times of need. Today, in the face of monetary devaluation and the zero-interest rate policy, investments in shares of gold companies help in the long run.
For example, investments in companies like Skeena Resources and Victoria Gold could generate profits.
Skeena Resources is developing the formerly producing Eskay Creek gold-silver mine in the Golden Triangle in British Columbia. Recent drill results have returned up to a good 44 grams of gold per tonne of rock. Skeena Resources is also focusing on the earlier producing Snip Gold Mine.
Victoria Gold owns the Dublin Gulch gold project (approximately 555 square kilometers) in the Yukon, Canada. It is home to the Olive and Eagle gold mines, with Eagle being the youngest operating gold mine in the Yukon.
Recent corporate news and press releases from Skeena Resources (https://www.resource-capital.ch/en/companies/skeena-resources-ltd/) and Victoria Gold (https://www.resource-capital.ch/en/companies/victoria-gold-corp/).
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