Gold not safe enough in India so hoarders opt for silver bars


By M. Sabari
The New Indian Express, Chennai
Saturday, November 26, 2016

SALEM, Tamil Nadu, India -- Black money holders, who have been struggling to convert their money into white, are buying huge amounts of silver bars at high prices. This illegal trade is picking up rapidly in Salem City.

After Prime Minister Narendra Modi announced that 500- and 1,000-rupee notes would have no legal tender status from midnight November 8, the black money holders have been finding various way to change their money into white. Now black money holders, especially in the west zone including Salem, Dharmapuri, Namakkal, Krishnagiri, Erode, Tirupur, Coimbatore, and the Nilgiris districts, have turned their eyes on silver bars.

... Dispatch continues below ...


Canadian Government Issues Key Water License
for Seabridge Gold's KSM Project in British Columbia

Company Announcement
Monday, November 21, 2016

TORONTO -- Seabridge Gold Inc. (TSX: SEA) (NYSE:SA) announced today it has received a license from the Government of Canada required for the construction, operation, and maintenance of the water storage facility and associated ancillary water works at its 100 percent-owned KSM Project in northwestern British Columbia.

The license, as authorized within the International Rivers Improvement Act, regulates all structures and activities situated on transboundary waters shared with the United States that have the potential to affect water quality and quantity. The Water storage facility and its ancillary water works (water diversion ditches and tunnels) are the primary water management control systems for the KSM Project. These facilities separate water that has not contacted mined material from so-called contact water originating from disturbed areas of the mine site and then contain the contact water prior to treatment and eventual release to the receiving environment.

These facilities are situated on Mitchell and Sulphurets creeks, tributaries of the transboundary Unuk River system that flows into Alaska. The license was granted for a term of 25 years under the International Rivers Improvements Regulations as administered by Environment and Climate Change Canada. ...

... For the remainder of the announcement:

Particularly, black money holders in districts around Salem are now heading toward Salem to buy silver bars by using 500- and 1,000-rupee notes. The Salem district is well known for its silver anklet business. Shevapet in Salem City is the hub for silver business.

Around a thousand silver anklets shops function in the locality. Speaking to the Express, a small silver anklet shop owner said, "After demonetisation, most of the black money holders in and around Salem bought gold bars. But after information spread that the government will next focus on gold sales, they are afraid that the gold rate will come down drastically in coming days."

There have been reports from around the country that people were buying gold, often at a premium, with the demonetized currencies. Following this, the central government responded by saying it will track jewellers and purchases to crack down on black money holders.

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