Mama Mdogo
JF-Expert Member
- Nov 21, 2007
- 2,961
- 2,138
Changanya na hii:
Tunataka Gold itunufaishe. Hizi opportunities tsizikilize tu kwenye bomba, ni za kweli. Hata mfumuko wa bei ya mafuta umebadilisha kabisa Middle East. Kwa nini tushindwe kutumia resources zetu kama Gold?
Nawasilisha:
Destitute and yet we have lots of resources. Read this:-
Gold prices rallied to record highs above $1,600 an ounce in Europe on Monday as investors spooked by the euro zone debt crisis and the threat of a U.S. default bought into the metal as a haven from risk.
Data from U.S. futures regulator the Commodity Futures Trading Commission showed on Friday that managed money sharply raised bullish bets in U.S. gold futures and options in the week ended July 12 as bullion prices rallied.
Stock markets fell in Europe as bank stocks came under pressure after capital stress tests failed to dispel fears about the regional debt crisis.
"The stress test result was met with a lukewarm response with focus again switching back to Europe. When that happens gold is often allowed to perform despite the dollar strengthening at the same time," said Hansen.
Sovereign default fears are growing in both Europe and the United States. The United States is struggling with deficit reduction talks ahead of the White House's July 22 deadline on a deal to raise the $14.3 trillion debt ceiling.
On the foreign exchange markets, the euro slid 0.8 percent against the dollar. Sovereign debt worries led investors to shift funds into safe-haven currencies like the Swiss franc and cut exposure to riskier assets.
Gold rallied across a number of major currencies, also hitting record highs in euro, sterling, South African rand and Canadian dollar terms.
"Investors are increasingly looking to gold as a safe haven as the U.S. dollar, pound sterling and the euro continue to devalue against stronger currencies such as those of Canada, Australia, Norway and Switzerland,"
Source: Reuters
MY TAKE: In year 2008 Tanzania produced 36,000 kilograms whereas in year 2009 Tanzania produced 40,000 kilograms of gold. Holding constant the production level of 2009 to reflect the production during the financial year 2011/12, one notes that we will produce 40,000 kilograms of gold worth US $ million 2,058 (at US $ 1,600 per ounce). Our 2011/12 budget as presented by Hon Mkulo was worth Tshs 13,525,895 million about US $ 8,454 million at US $ 1= 1600 Tshs. These calculations show that our annual gold production is worth 24.3 % of our annual budget in foreign currency. This scenario reminds me of an old political rallying cry that was then famous in East Africa : "Uchumi tunao, lakini tunaukalia!!!