Lampang has been a miner at a community gold mine in Indonesia’s East Kalimantan for more than 30 years. Even still, he does not like to talk openly about his work.“Please don’t tell anyone the name of my mine,” Lampang, who is 53 years old and like many Indonesians only goes by one name, said.
With the coronavirus devastating jobs across the country, desperate Indonesians are flocking to illegal gold mines as the soaring price of the precious metal overrides the risk to their lives and the environment.Spooked by the economic destruction wrought by the pandemic, consumers and investors around the world have been snapping up gold, which is seen as a hedge against volatility, sending its price to a record above US$2,000 an ounce last month.The surge in demand has fuelled a boom in min
Thais are flocking to Bangkok's Chinatown to sell their gold jewellery as the price of the precious metal spikes and the economy tanks due to the coronavirus pandemic.Gold surged to a seven-year high on Tuesday (14 April) to US$1,731.25 an ounce, following global moves led by the US to reinflate economies with trillions of dollars of stimulus measures.That has boosted the price of gold across the world, tempting many to sell their stocks of the precious metal at a time of economic hardsh
Vietnam may be one of the world’s fastest-growing economies, yet it’s still in the dark ages when it comes to joining the global trend toward cashless transactions. To understand why, look no further than to consumers like Tran Van Nhan, who recently bought his two-bedroom home in Hanoi with gold and a sack of cash.“We paid almost half in gold bars and the rest in cash,” Nhan, a 47-year-old shopkeeper, said of his new US$138,000 condo.
