Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Commodities  >  Gold       XAUUSD

GOLD

SummaryQuotesChartsNews 
News SummaryAll newsMarketScreener Strategies

The mountains of black market gold

share with twitter share with LinkedIn share with facebook
share via e-mail
03/06/2020 | 06:13am EDT

EDITORS PLEASE NOTE: THIS VIDEO IS BEST PAIRED WITH EDIT NUMBER 5489. FOR MORE ON THIS SPECIAL REPORT, SEARCH SLUG "GOLD-PERU".

Location: La Rinconada, Peru

In a remote region of Peru

surging global gold demand

is leading to a rise in wildcat mining

(SOUNDBITE) (Spanish) CARMEN INOFUENTE, ROCK SCAVENGER, SAYING:

"There have been a lot of accidents. Rocks fall on us. There have been deaths too."

The prospecting comes at a high price

Only men are allowed in the mines

Women must scavenge on the cliffs

(SOUNDBITE) (Spanish) CARMEN INOFUENTE, ROCK SCAVENGER, SAYING:

"If it weren't for this job, I don't think I could bring up my children, because you know that in the city or any other job with a company work pays very little. It's not enough."

The gold ends up in luxury jewelry or electronics

but the prospecting is unregulated, hazardous

much of the trade is illegal

(SOUNDBITE) (Spanish) JUAN RAMON MAMANI, MINER, SAYING:

"You only have to work four hours a day. Only four hours (...) I don't know if good luck exists, eh? But working you always find it."

The impact on health

and the environment

is stark on this glacier.

(SOUNDBITE) (Spanish) JESUS CLAVIJO, LAND RIGHTS ACTIVIST, SAYING:

"Sometimes someone dies while working. They don't care. They don't give them anything. So what type of mining are we talking about here? Enough already! Enough of letting these big fish get rich!"

(SOUNDBITE) (Spanish) WALTER PANTI, MINER, SAYING:

"Supposedly this is Peruvian territory. But for me it's no longer Peruvian territory, nor Bolivian for that matter. It's an area that's been forgotten entirely."

Stocks mentioned in the article
ChangeLast1st jan.
GOLD -0.80% 1613.39 Delayed Quote.7.18%
SILVER -3.37% 13.898 Delayed Quote.-19.03%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on GOLD
03/27Materials Down As Gold Gives Back Some Of Week's Historic Gains -- Materials ..
DJ
03/27INDUSTRIAL AND COMMERCIAL BANK OF CH : Coronavirus pushes London banks to consid..
RE
03/27ANGLOGOLD ASHANTI : Withdraws Guidance, Closes Mines -- Update
DJ
03/27ANGLOGOLD ASHANTI : Withdraws Guidance, Closes Mines
DJ
03/26GOLD : Rand Refinery shuts smelter, reduces gold refining during S.Africa lockdo..
RE
03/24Stocks, gold surge as Congress nears $2 trillion aid package
RE
03/24Stocks, gold surge as Congress nears $2 trillion aid package
RE
03/24Stocks, gold surge as Congress nears $2 trillion aid package
RE
03/24Materials Surge On Hopes That Economic Shutdown Will Be Short-Lived -- Materi..
DJ
03/24Gold supply fears push spot prices far below U.S. futures
RE
More news
Chart GOLD
Duration : Period :
Gold Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GOLD
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish