Gold prices hit all time low – 22nd Apr 2013
After giving great returns to investors for almost a decade, gold has hit an all time low of $1345US per ounce; this is around $269,000 GUY, over the weekend. So what are the implications for Guyana’s gold industry? Minister of Natural Resources, Robert Persaud, says there is no need to panic at the moment.
Gold mining continues to play an important role in Guyana’s economy. Persaud said much of the country’s foreign direct investment comes from the mining sector, with several large scale operations currently underway.
The main reason for the dropping gold price is the rise of the US dollar, due to the economic crisis in Europe and some think it is a fall that will continue, according to a leading industry source. According to Persaud, the Ministry is actively monitoring this development. Persaud said with the high level of investor’s confidence and an anticipated increase in gold prices again, Guyana’s gold industry can withstand such a dip.