A new legislation on mining is soon going to be in place as India plans to implement the same which is aimed to help increase the mining sector’s contribution to its economy. The new laws will play a major part in doubling the amount contributed by the mining industry, which includes gold mining firms – to a minimum of four percent in five years’ time. They will be devised to help cut delays in the granting of permits and eventually attract investment from abroad. India is the largest importer of the yellow metal in the world after China and consumption of gold will always be high in this country due to its traditions and customs and age old relationship with the yellow metal. And although the import side for gold is strong, India has neglected its mining capacities. If tapped well, India could have a lot of Gold mining potential. Bad rains, bad news India’s benchmark stock index fell after the nation’s agriculture minister said farm output may decline because of low monsoon rains. Metal producers declined after their Chinese counterparts plunged. And the secrets are out… Switzerland’s largest bank, UBS AG, has finally agreed to divulge information on 4,500 accounts to settle a U.S. lawsuit that sought the names of American clients of evading taxes. This latest announcement was made on Wednesday as the six-month legal tussle that put unprecedented pressure on Swiss banking secrecy was finally resolved. Swiss Banking and their tradition of absolute secrecy have faced a severe blow right in the face and this could hurt and change forever, the Swiss way of banking. The Gold story Gold in New York opened at $933.75/934.75 an ounce and fell on the back of weak oil prices and a rising dollar. This led it to slip to an intraday low. Gold then recovered from its lows as other currencies rallied, especially Euro which rallied. Gold also rose as oil inventories were lesser than expectations. In the rest of the session, Gold kept loyal to its high levels an traded sideways for the rest of the trading day and closed at $942.75/943.75 an ounce. Silver in New York opened at $13.56/13.59 an ounce. Copper and base metal prices dragged the metal to an intraday low. As Oil and Copper prices rallied, it helped the metal take back lost ground and peaking. Silver then slipped marginally off its highs and traded lightly within a small range and finally closed at $13.87/13.90 an ounce

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