Some say the world does not need to mine more #gold. If that were true, gold's price would be zero - that's simple supply and demand. But gold's price is $1400-1500 per ounce and rising.
We all use gold every day in #electronics, medicine, #GreenTech, etc. We need it.
#nspoli #NS
We cannot just take gold from people and institutions that currently own it and use it for other purposes. That would be like kicking someone out of their house and moving in. There is no legal or ethical basis for doing it.
People have used gold as a safe investment for thousands of years because of its intrinsic value. It is used as a safe haven by investors and countries’ central banks to hedge against economic volatility.
Today, developing nations are following the lead of Western democracies and increasingly investing in gold to help stabilize their economies. Many Nova Scotians and other Canadians own gold through investments like RRSPs and pension plans.
Gold’s use in jewelry has been declining for years while its use in things like technology and medicine is growing. We need to look to the future and ensure stable, ethical supply of gold for these vital new uses.
If we stop mining gold, there will be less available for things like electronics and treating illnesses like cancer and HIV. Reducing supply would also increase gold’s price, making it more expensive in these important uses.
China and India account for over 50% of global gold demand. They have growing middle classes that can increasingly afford gold, which has important cultural significance in both countries.
Gold has a special place in the Chinese New Year when it's purchased for its investment value and beauty. The Indian Hindu calendar has auspicious days 2 buy gold like Dhanteras and Dassera. What 1 person might think is a trivial use can be a very important use in other cultures.
#Gold has unique properties that make it a safe #investment and essential in things like #electronics, #medicine and #GreenTech. We need to continue growing global supply of this important material so we can use it for humankind’s benefit.
#nspoli #mining #minerals #geology
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