Category Archives: Gold

Costco sells $100m in gold bars in most recent quarter

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Retailer began selling bars of 24-karat gold online in September, with each release selling out ‘within a few hours’

Known for selling goods in bulk, Costco’s latest such offering – gold bars – has proved a hit, with $100m worth sold in the most recent quarter, Business Insider reported.

With demand for the precious metal rising globally amid the economic uncertainty of the past few years, Costco in September began selling 1oz (28g) bars of 24-karat gold exclusively online, with Costco members eligible to buy two apiece. The retailer has more than 72m paid memberships.

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Environmental crime money easy to stash in US due to loopholes, report finds

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Secrecy and lax oversight mean illegal loggers and miners in Amazon can park billions in real estate and other assets

Secrecy and lax oversight have made the US a hiding place for dirty money accrued by environmental criminals in the Amazon rainforest, a report says.

Illegal loggers and miners are parking sums ranging from millions to billions of dollars in US real estate and other assets, says the report, which calls on Congress and the White House to close loopholes in financial regulations that it says are contributing to the destruction of the world’s biggest tropical forest.

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‘It is like a virus that spreads’: business as usual for Wagner group’s extensive Africa network

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Despite Yevgeny Prigozhin’s rebellion against the Kremlin, his military contracts are proving too profitable to lose

Four days after Wagner group mercenaries marched on Moscow, a Russian envoy flew into Benghazi to meet a worried warlord. The message from the Kremlin to Khalifa Haftar, the self-styled general who runs much of eastern Libya, was reassuring: the more than 2,000 Wagner fighters, technicians, political operatives and administrators in the country would be staying.

“There will be no problem here. There may be some changes at the top but the mechanism will stay the same: the people on the ground, the money men in Dubai, the contacts, and the resources committed to Libya,” the envoy told Haftar in his fortified palatial residence. “Don’t worry, we aren’t going anywhere.”

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Gold bars used to lure Chinese homebuyers amid market slowdown

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Property developers struggle to rebuild confidence in housing market after three years of economic pain

Gold bars, new cars and mobile phones are among the incentives being offered to potential homebuyers by Chinese property developers as they grow increasingly desperate to boost sales.

Huafa Tianfu, a developer in the eastern city of Hangzhou, has been offering up to a kilo of gold bullion to tempt people into buying its flats.

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Australian man finds gold nugget worth $250,000 in Victoria

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Prospector discovers 4.6kg nugget using metal detector as gold prices near global record highs

More than 170 years since Australia’s gold rush ended, one man has unearthed a nugget worth almost $250,000 in Victoria’s goldfields.

The man found the 4.6kg gold rock using an amateur metal detector in Victoria’s “golden triangle” between Bendigo, Ballarat and St Arnaud.

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Bolivian gold miners push into national park despite country’s green rhetoric

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Mining co-ops – with oversize influence in the government – are moving into the Amazon’s Madidi national park

The footage is jerky, perhaps shot covertly. It shows a river running through a jungle: on the far side there is still thick forest, but the near bank is a mess of churned earth and muddy tracks – yet more evidence that gold miners have moved into the Madidi, Bolivia’s most famous national park.

Such mining provides a living for hundreds of thousands of people. But as miners push into the Amazon and other protected areas, the Bolivian government’s support of the industry sits awkwardly with its environmentalist rhetoric.

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After 350 years, sea gives up lost jewels of Spanish shipwreck

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Marine archaeologists stunned by priceless cache long hidden beneath the Bahamas’ shark-infested waters

It was a Spanish galleon laden with treasures so sumptuous that its sinking in the Bahamas in 1656 sparked repeated salvage attempts over the next 350 years. So when another expedition was launched recently, few thought that there could be anything left – but exquisite, jewel-encrusted pendants and gold chains are among spectacular finds that have now been recovered, having lain untouched on the seabed for hundreds of years.

The Nuestra Señora de las Maravillas (Our Lady of Wonders) went down on the western side of the Little Bahama Bank, over 70km offshore, but the newly discovered treasures were found across a vast debris trail spanning more than 13km.

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Zimbabwe to introduce gold coins as local currency tumbles

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Soaring inflation piling pressure on country already struggling with shortages and stirring memories of Mugabe chaos

Zimbabwe will start issuing gold coins as legal tender in late July, its central bank has said, as the country battles to control runaway inflation that has considerably weakened the local currency.

The inflation rate more than doubled last month to 191%, stoking memories of the hyperinflation of the 2000s that saw the Zimbabwean dollar redenominated three times before being effectively abandoned in 2009.

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Russia ‘preparing legal action’ to unfreeze $600bn foreign currency reserves

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Elvira Nabiullina says lawsuits aim to release gold and foreign currency frozen amid Ukraine invasion sanctions

Russia is preparing to take legal action to challenge the freeze on its $600bn (£462bn) foreign currency war chest put in place by western governments after the invasion of Ukraine, the head of the country’s central bank has said.

Elvira Nabiullina said plans were being made to launch lawsuits after governments including the US, UK and EU froze the Russian central bank’s foreign currency reserves held within their jurisdictions.

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Petropavlovsk investors could be wiped out by sale, warns mining firm

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London-listed company facing financial pressures after UK placed sanctions on key Russian client

The London-listed mining company Petropavlovsk has warned investors they may be wiped out though a potential sale, as it struggles to regain its footing after UK sanctions against a key Russian client.

The miner said it was facing financial pressures due to UK government restrictions on Gazprombank, which is one of Petropavlovsk’s main customers and buys all of its gold. Gazprombank, which processes most payments for the Russian oil and gas sector, has been subject to UK sanctions since 24 March.

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Price of gold: DRC’s rich soil bears few riches for its miners – photo essay

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As the value of gold reached new heights last year, those mining it continued to face crippling deprivation and dangerous conditions

  • Produced as part of Congo In Conversation, with the support of the Carmignac photojournalism award. Text and photographs by Moses Sawasawa, a photographer based in Goma and co-founder of Collectif Goma Oeil

The muddy slopes surrounding the eastern Congolese gold-mining town of Kamituga hold vast wealth and crippling deprivation.

In South Kivu province near the borders of Rwanda and Burundi, Kamituga has mineral resources estimated to be worth $24tn (£17tn) in untapped deposits. Yet the Democratic Republic of the Congo (DRC) has one of the lowest levels of GDP per capita in the world and people work in dangerous conditions with little hope of scratching out anything more than a meagre existence from tough and dangerous work.

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‘I need money for school’: the children forced to pan for gold in Zimbabwe

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Covid has closed schools and caused economic collapse – now children are taking up the dangerous work of prospecting

Children as young as 10 used to cool themselves from the sweltering heat in the Odzi River on their way back from school in mineral-rich Marange, a village 90km south of Mutare in eastern Zimbabwe.

Now, with the public education system collapsing and the pandemic taking a wrecking ball to their parents’ economic opportunities, children are spending whole days at the river, panning for gold or fishing for an evening meal.

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Goldmining having big impact on indigenous Amazon communities

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Study calls for more rights for indigenous reserves as rising gold price attracts more miners

A new report has exposed the scale and impact of mining on indigenous reserves in Amazon countries as gold prices soared during the Covid-19 pandemic. More than 20% of indigenous lands are overlapped by mining concessions and illegal mining, it found, covering 450,000 sq km (174,000 sq miles) – and 31% of Amazon indigenous reserves are affected.

The report, released on Wednesday by the World Resources Institute, said indigenous people should be given more legal rights to manage and use their lands, and called for better environmental safeguards. As pressure mounts over the issue, a leading Brazilian thinktank has called for regulations tracing gold sold by financial institutions.

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At least 50 killed in collapsed gold mine in east Congo, says NGO

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Cave-in occurred at artisanal mine, in an industry where fatalities are common

At least 50 people are thought to have died when an artisanal gold mine collapsed near Kamituga in the east of the Democratic Republic of Congo, a local mining NGO said.

The cave-in occurred on the Detroit mine site at around 3pm local time (13.00 GMT) on Friday following heavy rains, said Emiliane Itongwa, president of the Initiative of Support and Social Supervision of Women.

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Swiss authorities seek owner of gold worth £151,000 left on train

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Officials say mystery passenger has five years to present ‘justified claims’ of ownership

If you happened to leave more than £150,000 worth of gold bars in a Swiss train, you can now come forward to claim it.

Authorities in the central city of Lucerne have said a package containing bars worth about 182,000 Swiss francs was found in a train that arrived from the northern town of St. Gallen in October, and efforts to find the owner failed.

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UK court must decide which leader to recognise in Venezuela gold case

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UK recognises Juan Guaidó as country’s interim president, arguing president Nicolas Maduro rigged 2018 election

A court in London has said that it will need to decide which of Venezuela’s duelling political factions to recognise before ruling on president Nicolas Maduro’s request for the Bank of England to hand over gold the country has in its vaults.

For decades, Venezuela has stored gold that makes up part of its central bank reserves in the vaults of foreign financial institutions including the Bank of England, which provides gold custodian services to developing countries. But since 2018, the bank has refused to transfer the funds to Maduro’s government, which Britain does not recognise.

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Politics and Porgera: why Papua New Guinea cancelled the lease on one of its biggest mines

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The announcement not to renew the goldmine lease is fraught but part of an attempt to ‘take back PNG’

Late in April, in the middle of a global pandemic and slow-boiling domestic economic crisis, the government of Papua New Guinea made the surprising announcement not to extend the mining lease on a goldmine that contributes roughly 10% of the country’s total exports.

The announcement not to renew the special mining lease for the Porgera mine was a shock, not least to the mine’s operator, Barrick Gold, and their joint venture partner Zijin Mining.

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EY ordered to pay whistleblower $11m in Dubai gold audit case

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Court rules accountancy firm breached code of ethics in its dealings with a refiner

A former partner at the accounting firm EY has been awarded $10.8m (£8.6m) in damages after being forced out of his job when he exposed professional misconduct during an audit of a Dubai gold refiner.

The high court in London ruled on Friday that EY had repeatedly breached the code of ethics for professional accountants in its dealings with one of its clients, Kaloti Jewellery International.

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Collapse of PNG deep-sea mining venture sparks calls for moratorium

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Papua New Guinea out of pocket $157m from failed attempt at mining material from deep-sea vents as opponents point to environmental risk

The “total failure” of PNG’s controversial deep sea mining project Solwara 1 has spurred calls for a Pacific-wide moratorium on seabed mining for a decade.

The company behind Solwara 1, Nautilus, has gone into administration, with major creditors seeking a restructure to recoup hundreds of millions sunk into the controversial project.

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Tech firms to check suppliers after mining revelations in Tanzania

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Apple says it is ‘deeply committed to responsible sourcing of materials’

Electronics companies, including Canon, Apple and Nokia, are re-evaluating their supply chains following reports they may be using gold extracted from a Tanzanian mine that has been criticised for environmental failures.

Over the past 10 years, at the North Mara goldmine – which is operated by London-listed Acacia Mining – there have been more than a dozen killings of intruding locals by security personnel.

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