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Indian temple gold against Covid-19

India has huge reserves of temple gold. Now there are contingency plans to pawn the gold in the difficult times

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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/).

In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.

Disclaimer: The information provided does not represent any form of recommendation or advice. Express reference is made to the risks in securities trading. No liability can be accepted for any damage arising from the use of this blog. I would like to point out that shares and especially warrant investments are always associated with risk. The total loss of the invested capital cannot be excluded. All information and sources are carefully researched. However, no guarantee is given for the correctness of all contents. Despite the greatest care, I expressly reserve the right to make errors, especially with regard to figures and prices. The information contained herein is taken from sources believed to be reliable, but in no way claims to be accurate or complete. Due to court decisions, the contents of linked external sites are also co-responsible (e.g. Landgericht Hamburg, in the decision of 12.05.1998 - 312 O 85/98), as long as there is no explicit dissociation from them. Despite careful control of the content, I do not assume liability for the content of linked external pages. The respective operators are exclusively responsible for their content. The disclaimer of Swiss Resource Capital AG also 
applies: https://www.resource-capital.ch/en/disclaimer/ 

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Always up to date with the newsletter from SRC

Swiss Resource Capital AG will use the information you provide in this form to keep in touch with you and to provide you with updates and marketing information. To receive our news, you still have to give us permission to send you E-Mails below.

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