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Shybaby: Gold in the Philippines: How much is it really worth?

Country sits on billions worth of gold deposits

HIGHLIGHTS

Does the Philippines actually sit on “mountains of gold”?

All the gold in the world is worth about $8 trillion

Local communities must deal with mine tailings laden with cyanide, a highly toxic chemical, and a key ingredient in extracting gold and silver

The country reportedly holds the world’s second-largest gold deposits

Income from mining is finite; consumed by the present generation

Dubai: Gold is one of the rarest and priciest metals. The Philippines, it’s been said, sits on “mountains of gold”. This epithet needs a closer look.

Figures from the Mines and Geosciences Bureau (MGB), a government agency, show that the country produced  (MT) of 20.765 metric tonnes (MT) of gold in 2018, valued at $866.72 million (Php44.8 billion, Dh3.14 billion).

It was slightly down from the previous year (2017), when the Asian country produced 22.749 MT of gold, valued at Php46.79 billion ($894.64 million, Dh3.2 billion), MGB data show.

The yellow metal is a hugely important part of the global economy, with total output from the world’s gold mines at 3,150 MT in 2017, valued at $146.58 billion.

20.765 metric tonnes of gold produced by the Philippines in 2018

About half of the world’s gold production ends up as jewellery, some 10% for industrial use, while one-third goes into bars and coins held by monetary authorities and central banks around the world.

Gold is traded daily, bought and sold by individuals, funds and banks. Price is dictated by supply and demand. Currently, all the gold in the world is worth about $8 trillion.

 

Traces of gold found in rocks. To extract the gold, the ore is crushed, then the gold is separated from the ore by various methods. The Philippines’ Mines and Geosciences Bureau (MGB) figures show that the country produced 20.765 metric tonnes (MT) of gold in 2018, valued at $866.72 million (Php44.8 billion, Dh3.14 billion).

About half of the world’s gold production ends up as jewelry, some 10% for industrial use, while one-third goes into bars and coins held by monetary authorities and central banks around the world.

Gold is traded daily, bought and sold by individuals, funds and banks. Price is dictated by supply and demand. Currently, all the gold in the world is worth about $8 trillion.

More….

https://gulfnews.com/world/asia/philippines/gold-in-the-philippines-how-much-is-it-really-worth-1.1552204923140#:~:text=Ba