Someone with the authority to procure certain commodities is a buyers mandate.
Gold Rush in Greece
Greece threatens to become Europe's poorhouse. Gape gaping holes in the state budget. An exit from the euro is therefore increasingly likely. But the country is richer than many believe Might.
Gold is in demand in times of crisis.
Athens three years sought the company of Steve Sharpe to the approval of the Greek authorities to be allowed to dig for gold in the country. Before European Goldfields this year finally received permission, the price of the company slumped so strong that even a takeover prospect knocked on his door.
Gold boom ended
"Nothing in the world would love to return to Greece," says Sharpe, the former head of corporate development for the Canadian company. He now heads a mining company in neighboring Macedonia.
The gold reserves of the States
USA
Pot of Gold: 8,133 tons, share of foreign reserves: 74.7 percent
Germany
International Monetary Fund (IMF)
Italy
France
China
Switzerland
Russia
Japan
Netherlands
India
European Central Bank (ECB)
But delays, as it has gained among Sharpe, now more and more to the past. The crisis has developed in some areas, a drive motor, as the government sought to create jobs. Eldorado Gold and Glory Resources currently developing four mines, with which Greece is expected to be the largest gold producers in Europe until 2016.
Gold mining was up to speed after an emergency procedure for permits Greece was set up. The companies from Australia and Canada expect that by cultivating the gold production of Greece will soar to 2016 to 425,000 ounces. At the current market price on the day this would correspond to about 750 million dollars. By comparison, last year in the country only 16,000 ounces were promoted.
"There is clear evidence that Greece has recognized the potential of its mining industry now," says Jeremy Wrathall, chairman of Glory Resources in Perth, Australia. "The politicians are increasingly aware that it is opportune to support the mining industry, as it potentially creates jobs."
HISTORICAL RATES
Good for gold as a currency crisis?
In the privatization of state property, the Greeks are now using an emergency procedure. In the mining industry, this leads to that projects that had been hammered more than a decade due to bureaucracy and environmental concerns, are now released. In gold mining, the country could overtake Finland in four years - the current number one in Europe with 220,000 ounces funded in 2011.
