India’s rich temples may open gold vaults for PM Modi

May 27, 2016

MUMBAI/NEW DELHI, April 10 (Reuters) – The two-century-old Shree Siddhivinayak temple in Mumbai devoted to the Hindu elephant-headed god Ganesha bristles with close circuit cameras and is guarded by 65 security officers.

It is one of India’s richest temples, having amassed 158 kg of gold offerings, worth some $67 million, and its heavily guarded vaults are strictly off limits.

India is the world’s biggest consumer of gold and its ancient temples have collected billions of dollars in jewellery, bars and coins over the centuries – all hidden securely in vaults, some ancient and some modern.

A few years ago a treasure of gold worth an estimated $20 billion was discovered in secret subterranean vaults in the Sree Padmanabha Swamy temple in Kerala state.

Now, Prime Minister Narendra Modi wants to get his hands on this temple gold, estimated at about 3,000 tonnes, more than two thirds of the gold held in the U.S bullion depository at Fort Knox, Kentucky, to help tackle India’s chronic trade imbalance.

Modi’s government is planning to launch a scheme in May that would encourage temples to deposit their gold with banks in return for interest payments.

The government would melt the gold and loan it to jewellers to meet an insatiable appetite for gold and reduce economically-crippling gold imports, which accounted for 28 percent of India’s trade deficit in the year ending March 2013.

India’s annual gold imports of 800 to 1,000 tonnes could be cut by a quarter if temples decided to participate in the scheme, say government and industry sources.

“We would be happy to deposit our gold to nationalised banks if the policy is beneficial, safe and earns good interest,” said Narendra Murari Rane, chairman of the trust for the Siddhivinayak temple, portions of which are gold-plated.

But some Hindu devotees are not happy with the idea that their offerings could be melted down.

A Mumbai-based gold merchant, who said he and his father had donated around 200 kg of gold to Siddhivinayak and other temples over the years, said it would be a sin for the temples to earn interest on the gold offered to the gods.

“I make donations to God; not to any temple trust,” the 52-year-old merchant said.

Modi would also like to convince Indians to open their family vaults, which hold an estimated 17,000 tonnes of gold in jewellery and other heirlooms.

But it will be much harder to convince Indian families, who sometimes have little faith in financial institutions, to break tradition and hand over gold passed down the generations.

India’s love affair with gold spans centuries is rooted in the Hindu religion. One of the biggest annual buying seasons is the Diwali 老虎证券 festival around October to November. Gold marriage dowries are widespread and with 70 percent of the population rural, gold is financial security.

INTEREST RATE KEY

Key to Modi’s plan will be the interest rates offered for gold deposits.

A similar gold monetization plan launched in 1999 proved ineffective, in part because the interest rates offered on gold deposits were regarded by temple officials as too low.

Under that scheme India’s top lender the State Bank of India offers 0.75 percent to 1 percent and only 15 tonnes of gold has been deposited so far.

Temple officials at Siddhivinayak and Shri Saibaba Sansthan in Shirdi, both in the western state of Maharashtra, say they expect interest rates in the new scheme to be much higher and so would consider participating.

The government plans to reveal rate details when it launches the new scheme. Siddhivinayak’s Rane said he expected at least 5 percent interest on gold deposits.

Rajendra Jadhav, executive officer of the Shri Saibaba Sansthan temple trust, said rates will also be key to his temple’s decision. He declined to say how much gold the temple, dedicated to a 19th century saint, had in its vaults.

A successful gold monetization programme could go a long way in helping India reduce its trade imbalance.

India raised the import duty on gold, the country’s biggest non-essential import, and imposed other restrictions in 2013 after the current account deficit hit a record $190 billion.

If India can cut imports, that would pressure gold prices that fell to a four-month low last month before recovering. Lower gold prices will help India cut its import bill.

However, a successful scheme could also expose the government to potential risks, if gold prices were to take off and depositors decided to withdraw at the same time.

“There is going to be a lock-in period under the new gold monetizing scheme,” said Sudheesh Nambiath, an analyst at precious metals consultancy GFMS. “Banks will have to replenish the stocks with imports later (if temples withdraw gold).”

Source:

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U.S. salvage firm, Colombia and Spain battle over rights to ‘holy grail’ of shipwrecks

May 24, 2016

It’s been called the holy grail of shipwrecks. A 300-year-old ship was found off the coast of Colombia carrying gold and jewels worth $17 billion.

But that discovery is causing a bitter battle that spans three countries.

While Spain and Colombia clash over who owns right to the galleon San José, which sank in 1708 while carrying billions of dollars worth of gold and jewels, a U.S. salvage company is also calling dibs.

According to the U.K. Guardian, the San José was the flagship of a Spanish treasure armada that in 1708 was transporting treasures from its South American colonies back to the court of King Philip V. The ship came under attack by a British warship near the coast of Cartagena, Colombia, and it sank to the bottom of the sea. Only 11 of the 600 people aboard survived.

Then, according to Colombian President Juan Manuel Santos, a team of international experts and the country’s navy found the remains of the ship off the coast of Colombia.

But a U.S. salvage company called Sea Search Armada says it pinpointed the shipwreck in 1982 and claims it negotiated with Colombia to receive a 35 percent cut of the findings if it was eventually recovered. Colombia says it plans to lay claim to the entirety of the wreckage – with the exception of a 5 percent finder’s fee, according to CNN.

Colombia is also battling Spain for the contents.

Spanish Foreign Minister José Manuel García-Margallo said Monday, during an interview with EFE, that his government will seek a “friendly” accord with Colombia about the galleon.

He said a U.N. convention stipulates that this kind of shipwreck is “of the state, of war, not a private ship,” so that “ownership belongs to the state where the ship was flagged.”

Not everybody agrees, however.

A Spanish expert in marine archaeology, Miguel San Claudio told EFE, “A find of this kind is an opportunity for everyone. It’s an opportunity to acknowledge a common past which we can make the most of,” San Claudio said.

He also said that the two countries shouldn’t get into a dispute over who owns the vessel, emphasizing that if there is a treasure on board, “It would be a cultural asset, not something to be sold.”

San Claudio went on to say that “the best solution” is for Spain and Colombia “to seek a route of collaboration.”Watch Cyberbully (2015) Full Movie Online Streaming Online and Download

The country’s foreign ministers are set to meet this weekend at the Ibero-American Summit, which is being held in Cartagena.

“We’re going to talk,” said García-Margallo, who has described relations with Colombia as “sensational,” adding that if the matter cannot be resolved in a friendly manner “they will understand that we will demand and defend our rights, just as I understand that they will defend and demand their rights.”

Sea Search Armada claims the shipwreck was first located in the early 1980s by the Glocca Morra Company, which transferred its rights to the galleon to Sea Search a year later.

According to a post on the Washington-state-based company’s Facebook page, at the time Colombia’s statute on rescued treasure read, “Treasure found in outlying territories will be equally divided between the territory’s owner and the person who made the discovery.”

Subsequent legislation changed the percentage, which led to the 35 percent agreement, but the government and the company have engaged in decades of legal wrangling to determine the company’s rightful share.

Colombia’s Garcés has claimed since the confirmation of the shipwreck’s find that his government won all legal challenges, but Sea Search Armada disputes that.

Jack Harbeston, managing director of Sea Search Armada, told CNN that Colombian officials “keep repeating the Big Lie (which is unfortunately repeated by the press) that [it] ‘won the case’ in federal district court, and SSA had lost its rights to the treasure. Nothing could be further from the truth.”

Given the size of the San José booty, it seems unlikely that there won’t be a vigorous and prolonged legal battle.

Source: FoxNews.com

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The ecstasy of gold: Five treasure finds of recent memory

May 24, 2016

1. The Staffordshire Hoard

A sheet gold plaque with birds of prey is seen as part of the famous Staffordshire Hoard of Anglo Saxon material, presented at the British Museum, in central London, Tuesday Nov. 3, 2009. The hoard, that has been declared Treasure, was found by Terry Herbert, a metal detectorist in July this BlueHost优惠码 year, and is the largest Anglo Saxon hoard ever found in the UK comprising over 1,500 individual items. A committee will determine its market value and interested museums can try to acquire items. The finder and landowner receive the sum in full. (AP Photo/Lefteris Pitarakis) LEFTERIS PITARAKIS

Discovered by Terry Herbert on July 5, 2009, near Hammerwich, Staffordshire, England, as he was searching some recently ploughed farmland with a metal detector, the gold artifacts are valued at $4.6 million.

Over the next five days, enough gold was recovered to fill 244 bags, the largest hoard of Anglo-Saxon gold and silver ever found. Eventually, a full excavation revealed 3,5000 items, most from the 7th and 8th centuries from the Kingdom of Mercia.

Why and how the treasure ended up there has yet to be determined. The trove was purchased by the Birmingham Museum & Art Gallery and the Potteries Museum & Art Gallery.

2. The gold coins of Caesarea

Found in February of 2015, scuba divers exploring the sea floor near Caesarea National Park in Israel thought they had found a children’s toy when they discovered the first gold piece.

But there was more to the find, and nearly 2,000 coins were recovered of various denominations –the earliest of which had been minted in the late 9th century.

Easily the largest collection of gold coins discovered in Israel, a historian posited the wealth may have been in transit to pay the Fatimid military garrison stationed nearby.

So high is the value, the word “priceless” is used to describe the find.

3. The Wreck of the San Jose

Found by a group of US investors in 2015 off the coast of Cartagena, Colombia, this Spanish galleon is thought to have sunk 307 years ago in 2015.

Total findings include $1 billion in gold, silver and jewelry, sent from South American colonies to the king of Spain. The ship was attacked by the British Navy during the War of Spanish Succession, killing all 600 on board.

The treasure is to be put on display in a museum in Cartagena, but a legal dispute between the Colombian government and the finders continues, and the treasure remains at sea.

4. The Wreck of the Capitana

Found in 2013, a Florida family in recovered $1 million in gold coins and jewels made for the king of Spain, Phillip V, including a rare “Tricentennial Royal,” from 1715, in the shallow waters near Fort Pierce.

Capitan-General Don Juan Esteban de Ubilla and his 11 ships sank and died during a hurricane while sailing from Havana.

The find is estimated to be worth at least $1 million. The Tricentennial Royal is valued at $500,000 alone.

5. Ohio Baseball Card collection

In a slight twist of the theme, but no less impressive, is the discovery of 100 year old baseball cards found in an attic in Defiance, Ohio in 2012.

Karl Kissner and his cousin found the cards, which belonged to their grandfather, Carl Hench, who died in the 40s.

They theorize that Hench stored the cards inside his attic and forgot about them –his daughter kept the house until her death in 2012, leaving it to her 20 nephews and nieces.

The cards sold at auction for $556,000.

Source:

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Streaming Full Movie Mother! (2017)

May 24, 2016
Streaming Full Movie Mother! (2017) Online
  • Mother! (2017)

  • Duration
    115 mins
    Genre
    Drama, Horror, Mystery, Thriller.
  • In Cinemas
    September 13, 2017
    Language
    English.
  • Country
    United States of America.
  • Streaming Full Movie Mother! (2017) Online

Plot For Mother!

‘Mother!’ is a movie genre Drama, was released in September 13, 2017. Darren Aronofsky was directed this movie and starring by Jennifer Lawrence. This movie tell story about A couple’s relationship is tested when uninvited guests arrive at their home, disrupting their tranquil existence.

DIRECTOR

Darren Aronofsky.

Producer

Darren Aronofsky, Ari Handel, Scott Franklin.

Writer

Darren Aronofsky.

Production Company

Protozoa Pictures.

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