Reported gold hoarding in Guyana should be wake-up call for Suriname – official

(de Ware Tijd) PARAMARIBO — Suriname should learn for the situation in Guyana and take measures to prevent large scale hoarding with gold. Predictions that the gold price might soon soar to US$ 2,000 per troy ounce has caused widespread hoarding neighboring Guyana.

Compared to last year reports of produced quantities have dropped with 20 percent. This could seriously affect the Guyanese economy, eventually resulting in devaluation and inflation. Georld Dompig, manager of the Gold Restructuring Commission (OGS), says this should be a wake-up call for Suriname. The OGS official advises the government to start negotiations with buyers and exporters of gold. Annually Suriname exports close to US$ 1 billion in gold, 65 percent of which is produced by small-scale mining operations. International predictions foresee a rise in the gold price to aid the weak US dollar.

Dompig refers to anti cartel watchdog GATA, which, supported by studies from Harvard, has accused the US and other western nations of deliberately keeping the price of gold low to prevent the dollar to lose its status as international currency. However, western nations cannot control the situation much longer. Hoarders have countered by keeping large quantities of gold in their safes. Guyana is now desperately trying to prevent a drop in export. The umbrella organization of gold buyers has even released a statement urging its members not to forget the significance of gold for the Guyanese economy. Dompig is aware of the situation in Guyana, but he assures that hoarding tactics are not being applied in Suriname. ‘If it should happen it becomes a dangerous situation because it opens up opportunities for laundering money.’ Still the official says that hoarding in Suriname will not have a similar effect as in Guyana because local tax measures are more favorable than at the western neighbour.

Latest in Regional News

default placeholder

Jamaica not preparing to leave Caricom, says Holness

(Jamaica Observer) Prime Minister Andrew Holness on Tuesday launched his promised Caricom Review Commission and immediately dismissed speculation that Jamaica is preparing to pull out of the regional economic bloc.

A basket of local onions is on display beside Don McGlashan, director general in the Ministry of Industry, Commerce, and Agriculture, in Old Harbour, St Catherine.

Jamaican farms aiming for 40% of onion market

(Jamaica Gleaner) Three years ago, Jamaica was producing just six per cent of the onions consumed locally. Now it’s meeting 10-12 per cent of demand, but that’s still around a quarter of the levels agriculture officials aim to reach.

default placeholder

‘Jamaica is T&T’s ATM’ – Mahfood slams one-way CARICOM benefits

(Jamaica Gleaner) “Jamaica has been the ATM for Trinidad and Tobago.” That’s the claim from the Private Sector Organisation of Jamaica (PSOJ), which has indicated that it wants Jamaica to use the upcoming Caribbean Community (CARICOM) Heads of Government Summit to push forcefully for changes that will “rebalance trading relationships” in the 15-member group.

William Mahfood

‘Jamaica is T&T’s ATM’ – Mahfood slams one-way CARICOM benefits

(Jamaica Gleaner) “Jamaica has been the ATM for Trinidad and Tobago.” That’s the claim from the Private Sector Organisation of Jamaica (PSOJ), which has indicated that it wants Jamaica to use the upcoming Caribbean Community (CARICOM) Heads of Government Summit to push forcefully for changes that will “rebalance trading relationships” in the 15-member group.

default placeholder

Trump vows to reopen, or scrap, NAFTA pact with Canada and Mexico

MONESSEN, Pennsylvania/WASHINGTON,  (Reuters) – Republican presidential candidate Donald Trump yesterday vowed to force Canada and Mexico to renegotiate the NAFTA trade agreement with the United States – or scrap it – if elected, as part of an effort to protect and restore American jobs.

default placeholder

Sweet potato experts win World Food Prize

WASHINGTON,  (Reuters) – Four scientists who specialized in sweet potatoes were named the winners of this year’s World Food Prize yesterday for their work to make foods more nutritious.

default placeholder

Sanders back in U.S. Senate, blasts ‘colonialism’ in Puerto Rico

WASHINGTON,  (Reuters) – Democratic U.S. presidential hopeful Bernie Sanders brought his firebrand rhetoric back to the floor of the Senate yesterday to condemn a White House-backed bill on Puerto Rico’s financial crisis as “colonialism at its worst.” Sanders, a self-described democratic socialist who turned an unlikely presidential bid into a political movement to combat inequality, warned that legislation due for a crucial Senate vote on Wednesday would subject Puerto Rico to Republican trickle-down economics and favor “vulture capitalists” at the expense of the island’s increasingly impoverished population.

default placeholder

Man arrested in Brazil for attempt to douse Olympic torch

RIO DE JANEIRO (Reuters) – A man has been arrested for trying to extinguish the Olympic torch by throwing a bucket of water over it as it passed through his farming town of Maracaju in central Brazil, an officer at the local police station said yesterday.

Comments

About these comments

The comments section is intended to provide a forum for reasoned and reasonable debate on the newspaper's content and is an extension of the newspaper and what it has become well known for over its history: accuracy, balance and fairness. We reserve the right to edit or delete comments which contain attacks on other users, slander, coarse language and profanity, and gratuitous and incendiary references to race and ethnicity.

Stay updated! Follow Stabroek News on Facebook or Twitter.

Get the day's headlines from SN in your inbox every morning: