Stoby’s assertion will add to the growing view that lower gold declaration this year is as a result of miners leaving the sector because of narrowing margins rather than hoarding or smuggling. Noting that the global economic recovery had improved over the last six months and had come with a strengthening US dollar, Stoby said that for Guyana the impact of this was the loss of gold as a hedge against economic uncertainty as the price of gold remains relatively low. He said that the relatively low price came at a time when the local economy was being boosted by record output of gold. However for the second half of 2013 and the first half of 2014, Stoby said that miners found their profits “squeezed to the point where many miners exited the sector either permanently or temporarily”.
Posted on: Sat, 26 Jul 2014 20:40:25 +0000
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