Philippines is actually El Dorado, 2nd largest gold reserve!!!

Rene B. Sarabia Jr · 2020-04-28T04:13:45Z

Gold is one of the rarest and priciest metals. The Philippines, it's been said, sits on "mountains of gold". This epithet needs a closer look. Figures from the Mines and Geosciences Bureau (MGB), a government agency, show that the country produced 20.765 metric tonnes (MT) of gold in 2018, valued at $866.72 million (Php44.8 billion, Dh3.14 billion). It was slightly down from the previous year (2017), when the Asian country produced 22.749 MT of gold, valued at Php46.79 billion ($894.64 million, Dh3.2 billion), MGB data show.About half of the world's gold production ends up as jewellery, some 10% for industrial use, while one-third goes into bars and coins held by monetary authorities and central banks around the world. Gold is traded daily, bought and sold by individuals, funds and banks. Price is dictated by supply and demand. Currently, all the gold in the world is worth about $8 trillion. Gold-rich provincesTogether with silver, and other base metals like copper, nickel and chromite, the Philippines' mining industry produced Php121 billion (about $2.3 billion) in 2018, up from Php110.43 billion ($2.11 billion) in 2017. Forbes magazine estimates the Philippines’ mineral extraction industry at $1.4 trillion. There are at least 15 Philippine provinces identified as "gold-rich". In the last 112 years since the opening of Benguet Mines, the first commercial mining operation in the country's north, the industry has helped the national economy. However, the Philippine has endured of the most persistent poverty levels in South-east Asia. There's always a pattern. Societies in decadence abandon gold and resort to baser currency, first silver, then copper and eventually iron or nickel. Societies in their Zenith use the gold standard... Origin The gold specie standard arose from the widespread acceptance of gold as currency.[5]Various commodities have been used as money; typically, the one that loses the least value over time becomes the accepted form.[6] Chemically, gold is of all major metals the one most resistant to corrosion.[citation needed] The use of gold as money began thousands of years ago in Asia Minor.[7] During the early and high Middle Ages, the Byzantine gold solidus, commonly known as the bezant, was used widely throughout Europe and the Mediterranean. However, as the Byzantine Empire's economic influence declined, so too did the use of the bezant.[8] In its place, European territories chose silver as their currency over gold, leading to the development of silver standards.

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Komodo Commander

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Dollar is collapsing, We as well start investing in gold.

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Posted : 04/05/2020 9:29 pm

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