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Illegal Gold Mining Overtakes Cocaine Trafficking In Colombia, Holmes Comments
U.S. Global Investor’s CEO Frank Holmes joins Kitco News to talk geopolitics, the Chinese yuan and illegal mining overtaking cocaine trafficking in Colombia. News broke recently that illegal gold mining has been occurring in the South American country, so much so, that Colombian President Santos came out saying that it brings in roughly $2.5 billion annually and is a major issue of concern. According to Holmes, the issue is with the country’s leadership. 'Santos has sadly lost control of rule of law,” Holmes said. ‘The real, major disappointment has been the leadership of going after these thugs that are hurting mine workers,’ he added, noting that there are very, high-grade deposits in Colombia. Commenting the gold price ahead of U.S. Thanksgiving, Holmes says it is really the imminent rate hikes that are causing short-term volatility in prices. February comex gold futures are down on the day and were last quoted down $2.40 at $1,070.80 an ounce. ‘Thoughts are that if rates rise 25 basis points, gold is going to get clobbered,’ Holmes said. ‘I don’t think so…the real number we’re going to follow in 2016 is CPI (consumer price index).’ Kitco News, November 25, 2015. (show less)
U.S. Global Investor’s CEO Frank Holmes joins Kitco News to talk geopolitics, the Chinese yuan and illegal mining overtaking cocaine trafficking in Colombia. News broke recently that illegal gold mining has been occurring in the South American country, so much so, that Colombian President Santos came out saying that it brings in roughly $2.5 billion annually and is a major issue of concern. According to Holmes, the issue is with the country’s leadership. 'Santos has ... (read more)
Gold Game Film
Gold Game Film features the founder of US Global Investors, Frank Holmes as he highlights play-by-play action in the gold market. Melding sports and precious metals, Holmes comments on gold’s touchdown pass of the week. Holmes also reflects on the opportunities and threats he sees for the gold market. Tune in every week to hear from our Monday Morning Quarterback, Frank Holmes.Disclaimer: The content on this website, including, without limitation, news, videos, interviews and commentaries, is provided by Kitco Metals Inc. ("Kitco") for informational purposes only and is not intended as any form of advice, whether legal, accounting, investment, financial or tax advice. Therefore, it cannot be relied upon as such. Should you require such advice, contact a licensed professional. The content provided herein is provided on an "as is" basis without any warranty of any kind, whether express or implied and your use of the information provided in said content is entirely at your own risk. In no event will Kitco be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content on this website.
