Illegal mining, smuggling cost Nigeria $3bn in seven years–Buhari

Businessam StaffJuly 17, 2020

Grim picture as AfDB projects $236.7bn GDP loss for Nigeria, others

President Muhammadu Buhari has revealed that Nigeria lost about $3 billion to smuggling and illegal mining of gold between 2012b 1nd 2018. A statement issued by Femi Adesina, his special adviser, media and publicity, the president stated this at the presentation of locally mined gold bars by the Presidential Artisanal Gold Mining Development Initiative in […]

Will gold hit $3,000? A fund manager thinks so, with a 47% surge

July 16, 2020

Gold Prices

  A hedge fund manager is predicting that gold will witness a 47 percent upward push within five years and that this will see it climb above $3000 an ounce, well above the $1,800 that many analysts have suggested. In a monitored Bloomberg report, the hedge fund manager said unprecedented monetary stimulus will fuel assets […]

Gold price retreats after investors switch to stocks

March 26, 2020

Gold price retreats after investors switch to stocks

Kenneth Afor Gold prices on Wednesday retreat to a downward trend after recording some gains at the Comex of the New York Mercantile Exchange (NYME) in more than a decade. The reason for the retreat by some investors who are switching to stocks was the proposed $2 trillion stimulus package by Donald Trump to cushion the effect […]

Nigeria government to off-take locally produced gold

February 25, 2020

The federal government has begun the registration of artisanal miners, following the commencement of the Presidential Artisanal Gold Mining Development Initiative biometric exercise. The registration exercise was flagged off in Yauri Local Government Area of Kebbi State on February 22. The exercise, which is supported by the Central Bank of Nigeria, is in line with […]

Gold tops $1,600 as virus fuels growth fears

February 19, 2020

Fears that the coronavirus could be a disaster for the global economy and a drumbeat of speculation over central-bank stimulus are driving another rally in precious metals. Gold surpassed $1,600 an ounce this week and is closing in on a seven-year high. Palladium climbed for a sixth day in the spot market, extending its record-breaking rally. “Gold […]

Gold gains amid coronavirus’ continuous threat

February 5, 2020

  Kenneth Afor Gold investors recorded slight profits on Tuesday after nearly four-week high at the end of trading, bearing in mind a possible negative impact on China’s economy of the coronavirus which has claimed 427 lives in the Asian country. The United States Spot gold fell by 0.2 percent at $1,572.87 per ounce early […]

US-Iran conflict: Gold price hits highest level since 2013

January 6, 2020

Gold fails to crumble as trade deal hit meets dollar’s decline

Gold prices have hit 1,588.13 dollars per ounce, the highest level since 2013, spurred on by concerns about escalating unrest in the Middle East. The surge in prices came on Monday, before prices settled down to 1,577.26 dollars per ounce, which was still 1.6 per cent higher than Friday’s closing price. Gold sold for about […]