Tens of billions of dollars of gold are illegally smuggled out of Africa each year. Ghana, one of the world’s top gold producers, has seen the impact of that illegal mining. While the vast majority of world’s gold comes from large mining companies like Newmont, Barrick Gold and Agnico Eagle, gold is also a source of income for millions of small artisanal miners, a source of revenue for many African governments and the cause of human rights violations and environmental degradation.
And gold prices are surging. In January 2024, spot gold rose to more than $2,600 an ounce. U.S. gold futures have seen similar levels. One reason for that growth, in difficult economic and geopolitical times, investors bet on gold for its ability to store value. So what do investors need to know about how gold is sourced, and will the price continue to soar? NBC’s Zinhle Essamuah traveled to Ghana to find out what impact illegal mining is having in Africa and the global gold trade.
Chapters:
0:00-3:05 Introduction
2:11-5:34 Chapter 1 – Ghana’s gold boom
5:35-8:14 Chapter 2 – Global gold market
8:15-10:57 Chapter 3 – Sourcing gold
Correspondent: Zinhle Essamuah
Senior Managing Producer: Shawn Baldwin
Edited by: Evan Lee Miller
Produced and Shot by: Arleen Aguasvivas
Senior Director of Video: Jeniece Pettitt
Animation: Jason Reginato
Producer: Comfort Woode
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How Illegally Smuggled Gold Is Fueling The U.S. Gold Boom
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