East Africa News Post

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Focus – gold, not white

Here the eggplant is armed for any nonsense. Parties are first and then many people on one side or the other start writing about the topic.

Now it is a 15-day ban on exporting eggs to Haiti, which is normal procedure in many countries when basic necessity is scarce in local markets.

The problem is not the egg, but the gold. The prices of this precious metal are increasing in global markets due to the huge demand from many central banks, from Russia, India, China and other countries in the Middle East, Asia and Africa.

On Friday, January 6, gold was trading at $1,866 an ounce and everything indicated that it would soon cross the $2,000 mark. Other analysts point to 3,000 USD.

Why is gold rising? “Central banks’ flight to gold indicates that the geopolitical context is one of distrust, suspicion and uncertainty, especially after the US and its allies froze Russian dollar reserves,” Adrian Ash, head of research at BullionVault.

Also, many countries want to replace the dollar as a method of payment with China in the lead. In the third quarter of 2022, central banks bought 400 tons of gold. And in the fourth quarter it can reach 600 tons.

It is urgent to resolve the issue of expanding the Barrick Gold Corporation’s Pueblo Viejo Mine to extend its production life to 2040 and increase gold production and export. This will generate, between direct and indirect taxes, an additional US$4 billion in revenue and keep approximately 2,500 people employed.

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In addition, the surrounding communities receive a large income that helps the development of the area.

Also urgent is the construction of the tailings dam (600 million US dollars investment), which is necessary for the expansion of the mine whose total investment is 1300 million US dollars.

While the environmental permit for this project lasts longer than the court action in Tucanos, the mining sector continues to go into free fall precisely because of lower sales of gold and silver.

GoldQuest is another mining company affected by the same reasons.

Between January and September 2022, the contraction of the mining and quarrying sector was -8.5%, the only one that had negative numbers.

Chickens lay millions of eggs per day, but valuable minerals must be mined. This is the goose that lays the golden eggs.