WEBVTT

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DEPTH
 LOOK AT THE GONE GOLD

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TRADE.

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THE PRICE OF GOLD CONTINUES TO

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HIT HISTORIC HIGHS WITH 1 OUNCE

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COSTING MORE THAN $2600.

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IT IS A TREND THAT DOES NOT

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SEEM TO BE SLOWING DOWN ANYTIME

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SOON AS TENSIONS IN THE MIDDLE

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EAST ESCALATE BUT TODAY,

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PROTEST AND OUTRAGE GROWING IN

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GHANA OVER ILLEGAL MINING IS

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THE LOCAL GOLD MARKET STRUGGLES

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TO CAPITALIZE ON THIS MOMENT.

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>> Reporter: OUTRAGE ON THE

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STREETS OF GHANA.
DEMONSTRATORS DEMANDING A

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DEMONSTRATORS DEMANDING A
GOVERNMENT

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GOLD MINING, ONE OF SEVERAL

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GOLD MINING, ONE OF SEVERAL

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CONTROVERSIES AROUND GOLD THE

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PRICES ARE UP, GONE, AFRICA’S

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LEADING GOLD PRODUCER, IS

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STRUGGLING TO FEEL THAT PAYOFF.

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WE ARE IN ONE OF GHANA’S MAJOR

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REFINERIES.

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WE TRAVEL TO THE WEST AFRICAN

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COUNTRY TO LEARN MORE BEFORE

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SELLING TO MAJOR BUYERS, GOLD

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IS OFTEN REFINED LIKE HERE.
>> REFINING BASICALLY MEANS

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>> REFINING BASICALLY MEANS

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TAKING OUT IMPURITIES.

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>> Reporter: DO YOU ASK ABOUT

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WHERE IT’S COMING FROM,

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ESPECIALLY IN THIS ENVIRONMENT

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WHERE THERE IS A LOT OF ILLEGAL

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MINING?

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>> OF COURSE.

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THE ORIGIN OF THE GOLD IS VERY

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IMPORTANT.
>> THEY SAY SOME REFINERIES

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>> THEY SAY SOME REFINERIES

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EXCEPT GOLD WITHOUT PROPER

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DOCUMENTATION.

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WHILE LEGAL MINING IS SUBJECT

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TO REGULATIONS, THAT IS NOT THE

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CASE FOR ILLEGAL MINING, KNOWN

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AS GALAMSEY.

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GALAMSEY MINORS MINE GOLD FROM

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FILLING BODIES OF WATER . AMONG

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THE BIGGEST COMPLAINTS FROM

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COMMUNITIES HERE IN GHANA ABOUT

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ILLEGAL MINING IS THAT WATER

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THAT WAS ONCE CLEAR IS NOW

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POLLUTED.

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>> IF YOU CAN DRINK IT YOU STOP

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THIS PROTEST.

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>> Reporter: PROTESTERS

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CARRYING BOTTLES OF DIRTY WATER
TO MARK THAT POINT IN PERSON

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TO MARK THAT POINT IN PERSON

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AND ON LINE.

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>> IT’S AN ELECTION YEAR HERE

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IN GHANA AND ONE OF THE BIGGEST

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HOT BUTTON ISSUES IS ILLEGAL

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MINING.

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BECAUSE OF THAT, WE HAVE HAD

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TROUBLE GETTING ANY MINDS,

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SMALL-SCALE OR LARGE, TO

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RESPOND TO US.
>> Reporter: WE GOT IN TOUCH

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>> Reporter: WE GOT IN TOUCH

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WITH A SMALL-SCALE MINOR

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OPERATING LEGALLY.

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HE SAYS SMALL-SCALE MINERS ARE

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GETTING CAUGHT IN THE

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CROSSHAIRS OF THIS FIGHT, GONE

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HIS GOVERNMENT NOW WEIGHING A

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TOTAL BAN ON SMALL-SCALE MINING

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WHICH WAS TEMPORARILY BANNED IN

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2017.

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>> IF THE GOVERNMENT ULTIMATELY

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CRACKS DOWN AND SAYS SMALL

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SCALE MINDS CANNOT OPERATE

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ANYMORE, WHAT DOES THAT MEAN
FOR SOMEONE LIKE YOU?

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FOR SOMEONE LIKE YOU?
>>

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INCOME TO THE COUNTRY.

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INCOME TO THE COUNTRY.

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>> IT’S BECOME AN INTEGRAL PART

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OF THE ECONOMY.

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>> YES.

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>> Reporter: LEGAL SMALL-SCALE

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MINDS ACCOUNTED FOR NEARLY A

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THIRD OF THE COUNTRY’S TOTAL

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GOLD PRODUCTION IN 2023.

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ANOTHER ISSUE, NEARLY $31

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BILLION WORTH OF GOLD SMUGGLED

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OUT OF AFRICA IN 2022 AND SOLD

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TO UNKNOWN INTERNATIONAL

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BUYERS, THE U.S. STATE

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DEPARTMENT WARNING ABOUT THE

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TRANSFER OF GOLD TO CRIMINAL OR

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EVEN TERROR ORGANIZATIONS BUT

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EVEN IF ILLEGAL MINING AND

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SMUGGLING ARE ADDRESSED,

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EXPERTS SAY GHANA FACES A MAJOR

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DISADVANTAGE.
>> WHEN YOU REFINE, YOU’RE

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>> WHEN YOU REFINE, YOU’RE

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GOING TO HAVE THE HALLMARK TO

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AUTHENTICATE IT.

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>> Reporter: IN ORDER FOR GOLD

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TO BE DELIVERED DIRECTLY TO ANY

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GOLD EXCHANGE, IT NEEDS
CERTIFICATION FROM THE LONDON

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CERTIFICATION FROM THE LONDON
BULLION MARKET SERVICE

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ASSOCIATION.

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THERE’S ONLY ONE REFINERY ON

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THE CONTINENT WITH THAT STAMP

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IN SOUTH AFRICA.

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>> IF YOU CAN REFINE IT IN

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COUNTRY TO OUR STANDARD, IT

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MEANS YOU CAN BUILD YOUR

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RESERVES, FOR EXAMPLE.

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>> Reporter: GHANA IS VYING TO

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DO JUST THAT, OPENING A

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GOVERNMENT-BACKED GOLD REFINERY

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THIS YEAR WITH THE ATTEMPT TO

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GET THE ELUSIVE CERTIFICATION.

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GIVEN THE HISTORY OF

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COLONIZATION AND EXPLOITATION

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OF NATURAL RESOURCES ON THE

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CONTINENT OF AFRICA, HOW DO YOU

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ALL NAVIGATE THAT WITH YOUR

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ACCREDITATION SERVICES?

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>> IF YOU REACH THOSE STANDARD

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, YOUR REFINERY IS AS GOOD AS

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YOUR SOUTH AFRICAN OF FINERY IS

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AS GOOD AS YOUR AMERICAN

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REFINERY.

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YOU ALL MEET THAT GLOBAL

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STANDARD.
>> Reporter: GONE NOW SEEKING

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>> Reporter: GONE NOW SEEKING

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OUT THAT EQUALITY WITH ADVOCATES

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URGING A BAN ON ILLEGAL MINING

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AND SMUGGLING IN THE COUNTRY

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AIMING NOT JUST TO EXPORT GOLD
BUT BRING WEALTH BACK TO

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BUT BRING WEALTH BACK TO

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AFRICA’S GOLD COAST.

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>> TODAY WAS DAY ONE OF WHAT IS

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NOW EXPECTED TO BE THREE DAYS A

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PROTEST.

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WE DID HEAR FROM DONNA’S POLICE
SERVICE SAYING SAY THERE WERE

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SERVICE SAYING SAY THERE WERE
WORKING WITH

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RALLYING AGAINST GALAMSEY, THE

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RALLYING AGAINST GALAMSEY, THE

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TERM FOR ILLEGAL MINING.

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POLICE SAY THERE WORKING

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ALONGSIDE THESE ORGANIZERS TO

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MAKE SURE THEY ARE OPERATING

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SAFELY BECAUSE JUST WEEKS AGO

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WE SAW NUMEROUS PROTESTERS

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ARRESTED, PART OF WHY WE HAVE

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BEEN SEEING THIS TRENDING

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HASHTAG, FREE THE CITIZENS.
IT IS WORTH NOTING GHANA IS

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IT IS WORTH NOTING GHANA IS

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FACING 
 AN ELECTION SO

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CANDIDATES ON BOTH SIDES OF THE

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AISLE ARE FEELING THE PRESSURE

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TO ADDRESS THIS ISSUE,

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ESPECIALLY AS THE PUBLIC

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CONTINUES TO SPEAK OUT.

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>> YOU MENTIONED IN THE REPORT

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GOLD IS AT A 40% HIGH BUT GHANA

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HAS NOT FELT THAT.

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WE HAD THE FEDERAL RESERVE

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LOWERING INTEREST RATES.

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WHERE IS THE GOLD MARKET RIGHT

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NOW, AND IS IT GETTING ANY

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BETTER IN GHANA?

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>> GOLD IS DOING WELL.

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IT HAD AN ALL-TIME HIGH IN

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SEPTEMBER.

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MANY REASONS FOR THAT, IN PART,

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INTEREST RATES CUTS IN THE U.S.

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AS YOU COVER ON THE SHOW,

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GEOPOLITICAL UNREST.

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RAISING TENSIONS IN THE MIDDLE

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EAST, UKRAINE, GAZA, SO MANY

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ECONOMISTS SAY INVESTORS FEEL

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MORE COMFORTABLE INVESTING IN

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GOLD BECAUSE IT IS VIEWED AS A

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STABLE PRODUCT THAT CAN HOLD
WEALTH.

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WEALTH.

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THE REAL QUESTION IS, IS IT