A press release from the Ministry of Economy and Finance reads:
At the end of July Panama had exported 1.592 kg of gold worth $ 64.4 million, 15%, $ 24.6 million more than that recorded in 2010, when it exported 1.515 kilograms equivalent to $ 39.8 million, highlights the Social and Economic Report for July issued by the Ministry of Economy and Finance.
The document indicates that experts favor the rise of this material, due to the current global macroeconomic scenario, combined with the spread of the European sovereign debt crisis and the lack of agreement about raising the ceiling of U.S. government debt. However, these same experts warn it could be a mistake to think that a rising investment will be maintained indefinitely, and when the gold price falls it can be quick and dramatic.
In addition, the paper reports that at the end of July, troy gold price reached a new peak on the New York Market at $1, 626.5 ($ 1626.5), (troy ounce), showing an increase of 38%.
Source: Ministry of Economy and Finance
More on this topic
November 2011
Foreign sales of gold in the year up to October reached a record $291.5 million, the largest in history.
According to data from the Center for Exports (CETREX), gold has become Nicaragua’s third largest export.
"Meanwhile the Canadian company B2Gold Corp, a major mining company operating in Nicaragua, confirmed that between January and September their adjusted net income, ie excluding deferred income tax, compensation through stock and foreign exchange gains or losses, totaled $57.2 million, while gold production reached 105,796 troy ounces", reports Mario José Moncada for Laprensa.com.ni.
August 2011
Exports of gold have topped the list of goods sold abroad; in the first 5 months of 2011 they totalled $43.1 million.
The industry has almost tripled compared to the same period in 2010, when sales were $15.2 million, and has displaced products like bananas, pineapples, meat and fish.
June 2011
Despite not having any gold mine production, foreign sales of the precious metal reached 4793 kilos in 2010, making it the fourth largest export product.
From January 1 to June 21 overseas sales of gold totaled two tons, and were valued at $44.3 million, said the head of the Center for Import and Export Procedures (CIEX), Cornelius Joseph Deras.
May 2012
Petaquilla Gold plans to increase its extraction of gold this year at its mines in Panama from 6,000 to 8,000 ounces.
The president of the multinational mining company Petaquilla Gold, Rodrigo Esquivel, presented these forecasts for the year 2012.
At the same time, Esquivel delivered a total of $2,032,746.42 in two separate checks in royalties to the State of Panama and other commitments for the concession for the last two quarters of 2011, reported Laestrella.com.pa. One of the checks, $863,917.23 was made out to National Treasury of Panama, and another in the amount of $152,455.98 corresponded to the township of Donoso, located in the homónimo district.
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