Did India Really Just Discover The Biggest Gold Mine In The World?

Indian news organizations are going crazy about India’s having discovered a major gold mine in Uttar Pradesh. India has claimed to have found a mine containing 3,500 tonnes of gold. This would be, by a massive margin, the biggest gold mine in the world, in a country where there is today only one small gold mine.

This gold would be worth US$185 billion, or more than half the total yearly revenue of the Indian government. No wonder — Uttar Pradesh Chief Minister Yogi Adityanath visited the “mine” recently.

This news is utterly baseless, outrageous propaganda, and shows how clueless Indian journalists and those who prepared the news release in the Geological Survey of India and the Uttar Pradesh Mining Department are.I have been analysing, investing in, and helping others invest in gold mining companies around the world for 16 years. I have never seen such news on a gold project that has no data, no real work done, and is based on nothing more than arm waving. It cannot even be called a speculation at this stage. …

For the remainder of the commentary:

https://www.misesindia.in/2020/02/22/did-india-really-strike-gold/

********

In 1934 President Franklin Delano Roosevelt devalued the dollar by raising the price of gold to $35 per ounce.

Gold Eagle twitter                Like Gold Eagle on Facebook