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Temple Vaults Reveal £13.7Bn Treasure Trove

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A huge treasure trove of gold coins, jewels and precious stones valued at £13.7bn has been discovered at a Hindu temple in India.

Guards have been sent to surround the 16th-century Sree Padmanabhaswamy Temple in Trivandum, the capital of Kerala, before the last two secret vaults - sealed for 150 years - are opened.

Kerala's police chief, Jacob Punnoose, said: "We plan to enhance security in a manner which will not interfere with the activities of the temple or devotees."

The discovery has turned the temple into one of the wealthiest religious institutions in India - with the treasure found in the first four vaults valued at around $22bn (£13.7bn).

Found so far are statues of gods and goddesses made of solid gold and studded with diamonds, rubies, emeralds and other precious stones, crowns and necklaces.

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If all the (known) gold in all the world was melted down and made into a cube, it would measure (If I remember correctly) 25m on each side.

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Assuming, say 25% of the £13bn is the weight of gold price, that would be about 100 tonnes of gold that's been found.

On the 25x25x25 cube, that would equate to an extra thickness of around 1.4mm all over. So this find has increased the cube from 25,000 x 25,000 x 25,000 up to 25,002.8 x 25,002.8 x 25,002.8.

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So what does that do to the price of gold?

(How many pretty things have been melted down over the last few years?)

As an asset class with no fundamentals gold is immune from boring old supply driven demand curve shifts. As last sunday's Lex column in the FT pointed out gold AND riskier asset classes have both performed the same in recent years. We seem to be at an inflection point in the world economy which could go either way and gold is part of a massive hedge bet taking place. Of course, unlike commodities that actually service a need it's faith that's holding up the price of the yellow stuff.

If there's inflation in the system what is happening with basic foodstuff futures prices?

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why has this thread not been shunted into the golden sidings by the mod controller?

I posted this story yesterday on the gold thread - I don't think the General was too tickled and wanted to talk about house prices instead :lol:

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