In difficult economic and geopolitical times, investors are betting on gold for its storage capacity value.
Gold prices hit record levels last year, with some analysts expecting the precious metal to reach record levels $3000 per ounce By the end of 2025. But the boom was also associated with an increase in illegal gold mining.
“What we found during the study “What we published is that more than 435 metric tons of gold were smuggled out of Africa in 2022,” said Mark Umel, head of Swissaid’s raw materials unit. He added: “At the current gold price, this equates to a value of more than $36 billion.”
Illegal small-scale miningin Ghana known as galamsey, provide livelihood and informal boost to the West African country's economy. It is also associated with environmental destruction and disease.
In South Africa, at least 87 illegal miners died This week after they became trapped in an abandoned gold mine southwest of Johannesburg, according to the Associated Press.
So, what do investors need to know about how to acquire gold, and will the price continue to rise? We traveled to Ghana to see the impact of illegal mining.
