Gold Mining is Horrible For Environment
After years of being rarely a popular investment, gold has become in great demand. Gold prices have risen from $2,000 an ounce to almost $2,400 this year.
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Central banks, particularly in China, have bought gold because they want to hold fewer dollars than in the past. Gold is also a “hedge” against inflation. Gold prices tend to stay in place as prices for other commodities rise.
Central Bank Purchases
One aspect of gold ownership that is rarely mentioned is that gold mining harms the environment. According to Earth Works, “Gold mining is one of the most destructive industries in the world. It can displace communities, contaminate drinking water, hurt workers, and destroy pristine environments. It pollutes water and land with mercury and cyanide, endangering the health of people and ecosystems.” This moves it into a category close to oil and coal production
The lack of education about the effect of gold mining falls into the category of climate ignorance. Most people have some gold, even if it is just a small ring. The gold used to make this was not sitting on open ground or in some river bed. Those “gold rush” myths are fiction.
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