Choked off credit has frozen the development of new capital intensive deep mines, and existing mines are easily flooding. Rising production costs have driven the global breakeven cost of new gold production up to $500 an ounce. It takes a lot of labour, fuel, and heavy machinery to rip gold out of the ground, and none of these are getting any cheaper.

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A website has issued what it calls its ‘2010 Top Dubious Polling Awards’. It says, “These awards are intended to mark for posterity some of the most risible and outrageous pronouncements by polling organisations during the previous year.”

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Given the country’s size and economic potential, says Marc Faber, investors who either have no exposure to India’s economy and vibrant corporate sector or are massively underweight on Indian stocks should gradually become more involved in this promising country.

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