Global gold prices dropped by 22 %; will lead to similar reduction in local declaration

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Gold_bullion[www.inewsguyana.com] – Experts within the gold sector have revealed that national declaration for gold in 2014 declined by 19.45% when compared to the amount of gold produced in 2013.

iNews understands that the quantity of gold purchased by the Guyana Gold Board (GGB) fell by 40.15% for the comparative period in 2013; however the dealers’ quantity of gold exported increased, whilst the GGB quantity of gold exported has fallen between 2013 and 2014.

As such, the overall quantity of gold exported for the two periods being compared were down by 20.07%. Moreover, the value of gold exported by dealers has increased by 15.14%. The total revenue for the two comparative time periods has fallen by 21.87%.

iNews understands that the fall in gold output has been attributed to the decline in prices during 2014. At the start of 2014, expectations were high that the gold market could shake off and recover from 2013’s drop, where prices ended the year in negative territory for the first time in 12 years.

However, despite strong optimism by major players within the sector, gold once again closed the year in negative territory at US$1182.90 per ounce.

Meanwhile, following calls by stakeholders within the industry and in recognition of the global fall in gold prices, the Board of Directors of the Guyana Gold Board, through a publicly competitive procurement process has advertised and appointed a new General Manager to strengthen the daily operation of the agency responsible for gold trade. Following a comprehensive recruitment process Ms. Lisaveta Ramotar was appointed.

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