Gold Rush Leaves Tropical Forests Poorer Than Ever

LONDON—The natural wealth of South America’s tropical forests is at growing risk from demand for its minerals—and specifically its gold.

Researchers says that a veritable global gold rush has led to a significant increase of deforestation in the region’s forests, and is having a growing environmental impact on some of the most biologically important areas in the tropics.

The researchers say the increased mining pressure is caused by rising demand and greater financial insecurity. In 2013, world gold production was more than 10% greater than in 2000, and the price of the metal had increased almost fivefold.

Vladmir Putin is Trying to Buy Up the World's Gold

According to a new report from Bloomberg, Russia has become the world's biggest buyer of gold under the leadership of Vladimir Putin.

Over the last decade -- during which Putin was perennially in a position of power, serving as both president and prime minister -- Russia's Central Bank added 570 metric tons of gold, or about 1.25 million pounds. According to Bloomberg, that's about 25 percent more than China has added over the same time period. The report adds that the gold bullion acquired by the Central Bank weighs as much as three Statues of Liberty.

Gold storms to fresh record

LONDON — Gold prices hit record highs on Monday after negotiations to lift the U.S. debt ceiling hit stalemate over the weekend, raising fears over a possible default and boosting the appeal of bullion versus U.S. assets like Treasuries and the dollar.

Democrats and Republicans in Congress are bitterly divided over plans to cut the U.S. deficit, a necessary move before the debt ceiling can be raised.

With the Aug. 2 deadline for a resolution fast approaching, the world’s largest economy is facing an unprecedented debt default. If this happens, investors could dump the dollar and U.S. Treasuries.

While most investors believe a deal will be done, nervousness ahead of the decision is still pressuring the dollar, lifting U.S. Treasury yields and benefiting gold.

Gold Soars To Record On Debt Fears

CBC -- The price of gold hit a record high Wednesday as investors continued to flock to the precious metal as a perceived safe haven amid global financial turmoil.

In early New York trading, August gold futures contracts soared $17.70 to $1,580 US an ounce. Spot gold prices also hit a record.

Gold has risen for eight straight trading sessions as European debt worries gained new traction. Tuesday's downgrade of Ireland's credit rating to junk status also rattled financial markets.

"With European sovereign debt fears intensifying again, [and] little clarity on what Eurozone officials intend to do next ..., gold has been a beneficiary," said UBS analyst Edel Tully in a report. "This should, in theory, be gold's time to shine as a safe haven and as an alternative currency."

The inability of the White House and Republican leaders to reach a deal on the U.S. debt ceiling added to gold's appeal, analysts said.

Bullion prices also got a boost from the release Tuesday of minutes from the U.S. Federal Reserve that seemed to hint that some members of its key Open Market Committee were open to the possiblity of further quantitative easing measures to stimulate the economy.

Gold prices are up 11 per cent so far this year and have more than doubled in the last four years.

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Source: Huffington