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.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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