Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Development of Europe’s would-be largest gold mine, Rosia Montana in Romania, is headed for a referendum after days of protests, potentially reversing the government’s decision last week to allow Canadian miner Gabriel Resource to dig.
Thousands of Romanians in the streets and on the internet have made their opposition to the project felt, particularly concerned about the proposed use of cyanide in the extraction process, which has pushed the President to propose a vote for next Tuesday.
In order to mine the gold and silver, Gabriel would also need to “level four mountain tops and wipe out three villages, to which campaign groups objected because it would ravage ancient Romanian sites and could possibly trigger an environmental catastrophe,” International Business Times reports.
Gabriel had been waiting for a green light for more than a dozen years before last week’s decision. The ruling Social Democratic Party pledged its support after negotiating a larger stake in the Rosia Montana Gold Corporation. Gabriel holds 80% of the shares but once construction starts, the state will own 25%.
During a march on government headquarters on Sunday, one protester told Reuters this was “only the beginning.” This individual turned out to be correct.
9 Comments
enviromentallysoundconstruct
This part of the country is and has been poluted beyond belief by predecessors since the Romans took Gold from this mine. These people have no knowledge of the area and what extent that Gabriel has gone to to clean up the area and waters if allowed to. The communities have been or will be relocated to new housing and new communities built solely by the Gabriel to modern standards. These protestors have no clue as to the responsible mining technologies we have now in the world.
The locals in the communities water supplies and ground water would be cleaned up by the mining company and would prevent filtration of underground mine waters from seeping into the locals pastures as it is now, where thier friking and food supply primarily comes from now.
This type of hype stops people all around the world from being able to work and survive in thier communities they have lived in for generations. The locals, the Romanians would prosper from this mine both environmentally and economically, so keep fighting it city people, so the good people of Rosia Montana and sorounding communities can continue to boil thier drinking water and not live a long life due to eating the cattle which eat the poluted grasses of thier pastures, while you drink your bottled water!.
apple
Perhaps there should be referendums on all new mines or even all new large industrial operations. Will get people thinking mining and the connection between mining and their everyday life. Vote down enough mines and there will be shortages. Mines produce the commodities we all use every day. Forcing commodity prices down for lower cost goods takes away the money to operate mines at the ultimate environmental levels. There is connections and consequences to every day decisions.
Q
(just read – maybe vote; no offence, please)
http://avaaz.org/en/petition/Dont_start_the_cyanide_mining_at_Rosia_Montana_in_Romania/?cdLFtfb
Hello!
Damage Control – http://web.tmxmoney.com/quote.php?qm_symbol=GBU
Sky_Dog
Romanians are too lazy to work so they don’t want industrial activities. Most of them are gypsies anyway and they fear work like the plague. They like stealing. Proof: see comment below “they want ROMANIANS to exploit their OWN resources”, says the gypsie after Gabriel Resources invested dozens of millions into exploration and engineering.
And most of them don’t understand modern industrial standards anyway because they are not educated.
Guest
@Vitautas:disqus – Shall I believe you are very educated since you know Romania’s reality (NOT) about the gypsy community?
Gabriel Resources Gold Corporation have taken advantages of the poor and of an extremely corrupt political landscape – if they receive red light is only what they deserve.
Satuativ
to “vitautas ” -it seems like your “education” system didn’t also build some character, considering all the racist comments you’ve just made. Romanians are all sorts of nationalities , most of them Romanians , gypsy people are a minority . Gabriel Resources “invested” in paying off officials and dividing a poor community, so I hope they get what they deserve – that the corrupt Romanian politicians take more of their money and than not vote for the project. Yep, that would be what they deserve and than maybe they can do some good in their own country , which I hear, is really full of unexploited gold.
Guest
Why do I have the feeling people who post here are in favour of the mining process because of the nature of this newspaper? Of course you do, and that is fine with you because you are not directly impacted by the side-effects of such a project.
Maybe you should know that you have no clue about Romania whatsoever. Starting the mining project which will allow the use of cyanide is in itself a condemnation to death. Gabriel Resource Gold Corporation would use 130 times the amount used in the Romanian Baie Mare gold mine at the time of the catastrophic cyanide spill in 2000, Europe’s worst environmental catastrophe since Chernobyl.
Maybe you should read a little bit more the international press since everyone here disagreeing with mining projects are a bit (NOT AT ALL) misinformed in your opinion.
http://www.spiegel.de/international/europe/romanian-mining-plan-sparks-mass-national-protests-a-923625.html
Petre
Majoritatea oamenilor care posteaza aici sunt romani.
Si cum sunt romanii? Stim foarte bine … se pricep la de toate.
Masini, politica si mai nou minerit.
La inceput a fost: “Noi nu ne vindem tara!”
Si desigur ca nu am vandut-o; am dat-o pe degeaba.
Cine este Gabriel Resources, cate mine au aceasta companie?
Pai oare o companie miniera serioasa ar avea nebunia sa considere sa faca afaceri in mediul corupt si toxic din Romania?
Evident ca majoritatea persoanelor care urmaresc acest website lucreaza in domeniu. Acesta este si cazul meu. Am lucrat mai multi ani in Canada si Australia in domeniul mineritului.
Se poate mina cu cap si cu raspundere. Totusi este putin probabil cred ca noi sa fascem acest lucru in tara noastra. Probabil de aceea se fac si atatea demonstratii… Probabil ca de aceea atat de multi romani au preferat sa lucreze in occident.