Deccan Gold Mines Ltd (Australian Gold Explorer) sees much potential in India
“According to Gold Anti Trust Action Committee (GATA), about 15000 tonnes of gold has been loaned by the Central banks to the Bullion banks for which they paid about 1% per annum. The Bullion banks then sold the “loaned” gold on the open market and invested the proceeds at 6-7% per annum. It was a sweet deal until the gold prices started to move upwards. Now the bullion banks that are in debt to the Central banks have to buy it back to repay the gold borrowed from the banks. It is therefore in their interest to keep the prices down and in this respect GATA claims that it has collected mountains of evidence to suggest that each time gold rallies, the Central banks are selling more government gold to cap its price. Read more
