In difficult economic and geopolitical times, investors bet on gold’s ability to store value.
Gold prices hit record highs last year, with some analysts predicting the precious metal could reach $3,000 an ounce by the end of 2025. But this boom has also been linked to a surge in illegal gold mining.
“What we found in the research we published is that more than 435 tonnes of gold was smuggled out of Africa in 2022,” said Marc Ummell, head of raw materials at SwissAid. “At current gold prices, this equates to a value of more than $36 billion.”
In Ghana, small-scale illegal mining, known as galamsey, supports livelihoods and informally boosts the West African country’s economy. It is also associated with environmental destruction and disease.
At least 87 illegal miners died this week in South Africa after becoming trapped in an abandoned gold mine southwest of Johannesburg, according to the Associated Press.
So what do investors need to know about how gold is sourced? And will prices continue to rise? I went to Ghana to do some research.
Watch the video to learn more.
