[In the news] Gov’t braces for gold rush DENR fears surge in illegal mining – Inquirer.net

Gov’t braces for gold rush DENR fears surge in illegal mining By Kristine L. Alave Philippine Daily Inquirer Anticipating a gold rush, environment officials are warning against the proliferation of illegal and dangerous mining as investors flee to the relative safety of the metal amid the continuing financial volatility in the United States and Europe.…

Human Rights Online Philippines

September 13, 2011

1–2 minutes

California, Department of Environment and Natural Resources, Goldrush, History, Kristine, Precious metal, Ramon Paje, United States

Gov’t braces for gold rush
DENR fears surge in illegal mining
By Kristine L. Alave
Philippine Daily Inquirer

Anticipating a gold rush, environment officials are warning against the proliferation of illegal and dangerous mining as investors flee to the relative safety of the metal amid the continuing financial volatility in the United States and Europe.

The country’s mining areas have become attractive to gold hunters, who want to take advantage of the rising price of gold, the Department of Environment and Natural Resources (DENR) said.

“There is talk that gold is expected to hit $2,000 per ounce in December. I will agree that there is a possibility of a gold rush. Gold is the safest commodity right now,” said Environment Secretary Ramon Paje.

Paje said the global economy was encouraging the gold rush.

In these uncertain times, when developed countries are either declaring bankruptcies or on the verge of it, investors look for safe havens for their investments. Gold is seen as a stable and safe investment compared with currencies and other commodities.

Gold hit a record high of $1,900 in August, when the United States government was formulating a way out of its debt crisis.

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