Gold is at record highs, in terms of the euro currency. This is a according to Larry Edelson who is a financial analyst specializing in international macro-economics, and the precious metals and natural resources markets. He says what is happening to gold in Europe is a preview of what gold is going to soon do in terms of the U.S. dollar as well, as the severity of the debt crisis starts to be realized around the world. Paper currencies are devaluing, and investors are making a move to hard assets.
And it’s happening in Africa as well; Burkina Faso more than doubled its gold production in 2009, reaching more than 11 tons. They currently has five gold mines in production, which have created over 1350 jobs. Two new mines are expected to start production in 2010, and mining companies from Canada, South Africa, Australia, and Russia have acquired mining rights.
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