Miners urged to declare as gold climbs to US$1,396

Jan 21, 2015 News

As the price of gold starts to climb, authorities have called on miners to use the opportunity to start selling.
The Guyana Gold Board (GGB), which regulates the purchase of the metal, on Monday said that gold is at its highest since September.

Gold prices are climbing again with government urging miners and traders to cash in and declare.

”The Guyana Gold Board wishes to bring to the attention of gold producers and other holders of gold specifically, raw or unrefined gold, amalgam, slimes and scrapings containing gold and/or smelted gold that the gold market is currently at an all-time high since the beginning of September 2014.”
While the year began with the price quoted by the London Fix at US$1,184.25, the market prices initially fluctuated within US$1,200 to US$1,220 band before showing increased volatility and pushing upwards.
“It should be noted that for the year so far gold price has appreciated by 7.9 percent with 4.5 percent of that growth occurring over the week ended January 17, 2015.”
GGB, in encouraging miners and traders to sell and declare, noted that Government has done a number of things to encourage the industry.
This included the approval of “duty free waivers for the importation of various required vehicles for gold producers. That waiver is dependent on the declaration of gold by producers. The GGB wishes to remind producers and traders of their legal obligation to declare their production and transactions in accordance with the Guyana Gold Board Act.”
Gold, in the last seven years, has surged forward, to take the lead as the country’s biggest foreign exchange earner. It spurred serious growth at a time when sugar and rice were struggling.
However, the industry ran into hard times just under two years ago after prices, which hit a high of US$1,900 per ounce, fell to US$1,200.
With many miners halting operations, Government agreed recently to slash gas taxes by 10 percent as well as waivers on spare parts and vehicles.
On Monday, Government, facing widespread calls to lower gas prices in keeping with the reduction on the world market, relented and slashed prices by 30 percent.