| The Guyana Gold Board is reportedly facing losses amounting to millions of dollars as a result of being caught with more than 60,Cheap NFL Jerseys China,000 ounces of gold which it had bought when prices were high.“Apparently they bought the gold and held on to it with the hope that the prices would continue to rise. Then they would sell at the right time and make a good profit. But the reverse happened and now they are stuck with this large amount of gold.”The gold was bought when prices were over US$1700 per ounce. Prices have since dropped to under US$1400 an ounce.“The Gold Board will lose a lot of money if it sells at the current prices,” the source said.The source disclosed that the Board has to decide whether to accept the losses and quickly sell off the stocks at the current relatively low prices; or keep holding on to it; in effect waiting out the slump,Cheap NBA Jerseys, in the hope that the prices will rebound. But this would be a gamble because world market prices may continue to drop.“They have to decide what to do. Somebody will have to make a decision soon or their loss situation could get worse,Cheap NFL Jerseys,” the source said.The source disclosed that the GGB has over the past week,Wholesale Jerseys Store, been turning away miners who want to sell gold and directing them to other licensed buyers.Another source said that people within the industry were keeping their fingers crossed in hopes that the price of the metal would climb again from the low of US$1378 an ounce,Wholesale Adidas Hockey Jerseys, it hit less than two weeks ago.That source said that there were some hopes in this regard since the price had climbed from the price of US$1378 an ounce on April 13th to US$1428 an ounce, a four per cent gain,Cheap NFL Jerseys China, on the London Daily Fix yesterday.The price of gold has however been described as being completely unpredictable. |
