Guyana gold miners association welcomes surge in price amid US downgrade

President of the Guyana Gold and Diamond Miners Association (GGDMA) Patrick Harding welcomed today’s announcement of an unprecedented hike in gold prices, saying that this bodes well for large and small gold miners alike. Analysts are reporting that with the markets in turmoil over the downgrading of the US debt rating and protracted problems in Europe, the price of gold soared above the US$1,700 mark on Today, hitting parity with platinum for the first time since 2008.

Further, today Goldman Sachs raised its 12-month target for gold from US$1,730 per ounce to US$1,880 an ounce. Standard & Poor’s downgrade of the U.S. government’s debt rating has reportedly amplified investor jitters over the global economic outlook. Harding said that the increase in the price of gold to over US$1,700 an ounce will assist not just small miners but the large ones also.

“This increase will allow the smaller miners to gear up. People entering the industry right now can equip themselves to be productive,” he said. According to the GGDMA President, larger miners could also invest and reinvest in mining equipment because of the leverage that the increased gold prices provide. “We would want to take advantage of this and reinvest. With better prices we could self develop, open new areas for mining and utilize better mining systems that are more environmentally friendly. It will give us better income. Miners could now buy their own homes,” Harding said.

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