Latest news with #goldminers
News.com.au
a day ago
- Business
- News.com.au
‘Compelling': Strides in gold mine production mirror increase in gold price
eToro Market Analyst Josh Gilbert discusses the price of gold and its importance in investors' portfolios. 'It's come from that gold price obviously rallying, the two don't always move in tandem,' Mr Gilbert told Sky News host Ed Boyd. 'But when we're seeing these gold miners being able to, you know, essentially make more money from the gold they're producing, often we'll see those gold miners follow suit. 'There is a compelling case, really, for this increasing long-term exposure to gold … it deserves a place in a portfolio.'
Forbes
26-05-2025
- Business
- Forbes
Spending On Gold Rises To 0.5% Of Global GDP, Up 400%
The gold rush, which has pushed the price above $3300 an ounce, is starting to distort the global economy with spending on the metal rising to an estimated 0.5% of the world's gross domestic product (GDP), a 400% increase on 20 years ago. That calculation from Citi, an investment bank, is one of the startling findings in a report which said that the gold price should remain elevated through the September quarter but possibly start ease towards the end of the year. 'Gold demand is firing on all cylinders at present, with 0.5% of world GDP currently being spent on gold, the highest in 50 years of data," Citi said. "Extremely strong investment demand for bars and coins is being driven by the 3Ds (deterioration in U.S. and global growth, debasement of the U.S. and Chinese currencies, and diversification away from the dollar). 'Investment demand is broad bases across all reported categories (retail, exchange traded funds, over the counter sales and central bank buying). Household wealth held in jewelry, bars and coins has risen to an all-time high of 3%, doubling over the past five years, Citi said. In terms of regional household wealth, the bank said that in India the share of gold had risen from between 7%-and-9% to between 15%-and-18% over the last three years. The bank estimates that spending on gold is currently running at between $350-and-$400 billion a year. The bank said gold miners are enjoying their most profitable conditions in 50 years with high-cost miners relishing a $2000 per ounce gap between the five-year forward gold price and the 90th percentile of the all-in mining cost curve. Another measure of the gold boom noted by Citi in its latest gold market outlook report is that central banks have doubled the gold share of their foreign reserves to 40%, the highest in 30 years. The bank expects gold price to consolidate around their current level in the second half of the year as the world digests U.S. tariff policy, while geopolitical risks remain high and the Indian and Chinese economies remain strong. Gold bars getty 'We expect some range trading opportunities between $3100/oz and $3500/oz, up from $3000/oz and $3300/oz in our most recent publication,' Citi said. Over the longer term the bank turns cautious with two factors possibly weighing on the five-year forward price curve of $3600/oz-to-$3700/oz. The first negative factor is that the potential for price drivers of the past three years, including geopolitical uncertainty start to ease while pro-growth policies develop in the U.S. along with further interest rate cuts. The second factor which might weigh on the gold price is that the metal has simply run hard for more than years with households loaded up with gold to 3% of net worth, the highest in half a century. 'In this way, high prices could well be the cure for high prices,' Citi said.
New York Times
23-05-2025
- General
- New York Times
Sebastião Salgado: A Life in Pictures
From the small town in the Brazilian countryside where he was born, Sebastião Salgado, the renowned photojournalist who died on Friday at 81, traveled the world many times over, documenting the plight of workers and chasing the grandeur, diversity and, ultimately, fragility of nature. In photographs — most often in richly contrasting black and white — Mr. Salgado brought viewers to famine-stricken refugee camps in Ethiopia, to a hive of toiling gold miners in Brazil, to firefighters battling burning oil fields in Kuwait, and to chinstrap penguins sliding down ice slopes in the Sandwich Islands. Mr. Salgado had a gift for bringing together, often in a single frame, the immediacy of individual human suffering and the enormity of the dire realities that he documented. His photographs, frequently displayed in museums and galleries, often show a figure standing against the horizon. Cloud-filled skies are reflected on the surface of a river in the Amazon rainforest. Rays of heavenly light pour down onto mountain landscapes in the tundra, signaling to the viewer that this place is divine. This is the world Mr. Salgado left us: beautiful, fragile, sacred. Here is a selection of his work. Refugees in the Korem camp in Ethiopia, 1984. The Rwandan refugee camp in Benako, Tanzania, in 1994. Right, children inside the Kimumba camp in Goma, Zaire, now the Democratic Republic of Congo. Workers in a gold mine in the northern Brazilian state of Pará in 1986. Some of Mr. Salgado's most famous images were of workers climbing from the bottom of the mine to the dumping ground at the top while carrying 30 kilos of soil on slick ladders. Churchgate Station in Mumbai, India, in 1995. Mr. Salgado published 'Migrations' in 2000, a series documenting the mass migration of people forced to leave their homes by war or economic hardship. Chemical sprays protect this firefighter against the flames from a burning oil well in Kuwait in April 1991. Mr. Saldado's photo essay 'The Kuwaiti Inferno' was published in The New York Times Magazine in June 1991. Members of the Safety Boss Company of Canada worked to plug damaged oil wells, an effort to repair damage done by Iraqi troops. Mr. Salgado had been traveling for his epic ecological work 'Genesis,' a series about the effects of human activities on the environment. Mr. Salgado spent years traveling across the Amazon, capturing arresting images of vast rivers and rainforests while documenting the impact of development on natural landscapes and Indigenous communities. Members of the Yanomami tribe from the community of Maturacá in 2014, looking out to the mountain vegetation on the flanks of Pico da Neblina, or Mist Peak. The Yanomami believe their most important spirits inhabit these mountains, which were long occupied by hundreds of gold diggers, until 1992, when the Brazilian Army expelled all of them. The tribe keeps watch over the region for potential intruders. A shaman, chanting and dancing, prepared the expedition up to the peak.
Al Jazeera
19-05-2025
- Climate
- Al Jazeera
Rains halt search for gold miners after deadly Indonesian landslide
Torrential rains have forced Indonesian rescuers to suspend their efforts to find 14 missing gold miners after a landslide in the remote east of the country killed six of their colleagues. Officials reported on Monday that the weather and difficult terrain were hindering the search for the workers in Indonesia's easternmost region of Papua. Torrential rain triggered a landslide and floods late on Friday near a small mine run by residents in the Arfak Mountains in West Papua province, Abdul Muhari, a spokesperson for the National Agency for Disaster Management, told the Reuters news agency. The storm swept away temporary shelters used by the miners, killing at least six people and injuring four, he reported. 'The floodwaters from upstream hit a temporary housing area of traditional gold miners at around 9:00 pm (1200 GMT),' Muhari said in a statement. The search to locate the missing miners has been hampered by 'damaged roads and mountainous tracks as well as bad weather,' said Yefri Sabaruddin, the head of a team of 40 rescuers, including police and military officials. He noted that it took 12 hours to travel to the site from the nearest town. Authorities said they plan to resume their search for the missing on Tuesday. Unlicensed mines are common across the mineral-rich Southeast Asian archipelago nation, where abandoned sites attract locals who hunt for leftover gold ore without proper safety equipment. That leaves them open to accidents as operations located in remote areas and in difficult conditions make it hard for the authorities to regulate them. There was no official indication of the mine's legal status. Sabaruddin stressed that the focus is on evacuating victims. Indonesia is prone to landslides during the rainy season, typically from November to April. A landslide caused by heavy rains at an illegal gold mine in West Sumatra in September killed 13 people and injured 12. In July, at least 27 people were killed in a landslide near an illegal gold mine on the Indonesian island of Sulawesi.
Yahoo
16-05-2025
- Yahoo
Peru arrests suspect in gold rush massacre
Police have arrested the main suspect in the kidnapping and murder in early May of 13 gold miners in Peru. Miguel Antonio Rodriguez Diaz, also known by the alias 'Cuchillo' (Knife), was detained in the Colombian city of Medellin on Thursday, the Ministry of the Interior in Lima said. The murders in early May put the spotlight on increasing violence provoked by a gold rush in Peru's northern Pataz district. The burned bodies of 13 missing gold miners were recovered after being reported as kidnapped by illegal miners allied with criminal armed groups. Diaz was detained in a joint operation by the Peruvian National Police, Interpol and the Colombian National Police, the Peruvian ministry stated. He is accused of 'organised crime, aggravated kidnapping, and aggravated homicide' and due to be extradited back to Peru. Colombia's police chief, Carlos Triana, wrote on X that the capture of Diaz was with the support of the United States Homeland Security Investigations agency, which is responsible for investigating transnational criminal gangs. The suspect's lawyer, Kevin Diaz, told local radio station RPP that his client had been in Venezuela for 'a few days' before returning to Colombia, where he was arrested. The wave of violence sparked by the gold rush in Pataz has led the government to establish a military facility in the area. Mining company La Poderosa, which owns the mine where the murders took place, claimed earlier this month that nearly 40 people, including contractors and miners, have been recently killed in the district by criminal gangs. The threat is of national importance. As one of Latin America's biggest gold producers, mining is a key economic avenue in Peru. However, with the financial success of the market, illegal mining has taken off. The practice involves more money than drug trafficking, amounting to $3bn-4bn per year, according to the government. That has helped bring an unprecedented wave of gang violence, with several areas of the country under a state of emergency.
