Guyana Govt Mulling How To Handle Surplus Gold
GEORGETOWN, Guyana (AP) â¿¿ The South American country of Guyana is trying to decide what to do with a large quantity of gold it bought from local miners when demand was high.
President Donald Ramotar said Saturday that he will meet with advisers to determine when it's best to sell the gold following a recent fall in prices. He declined to say how much gold the Guyana Gold Board had bought from local miners, but miners' association spokesman Tony Shields puts the number at 60,000 ounces.
He says the association warned the government about dropping prices.
Ramotar noted that gold doesn't spoil, and said that the gold mining industry has generated more than $1 billion in recent years.Local miners sold 415,000 ounces of gold to the state board last year.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV