1 min
Soaring gold prices could bring big rewards – and even bigger risks
This week, gold prices surged to record highs, reshaping both the financial and geopolitical landscape. The University of Delaware’s Saleem Ali can explain the potential environmental, social and economic ripple effects of this gold rush and the opportunities and risks it creates. He says a controlled release of global gold reserves could help ease market pressure and mitigate the negative impacts. Ali, a professor of energy and the environment, can discuss the following main points: • The record gold price (which dipped slightly today) has implications for new gold mining projects becoming more financially attractive which could have environmental and social implications in those areas. • Major gold trading hubs like Switzerland and Dubai will need to be more vigilant as gold will become more attractive for the illicit economy for commodities. • We have major global bank reserves of gold even though the gold standard is no longer used to back currency. Some of these reserves could be liquidated to reduce pressure and negative externalities. Such a controlled release of gold reserves could help to manage the price rise. Ali also serves on the Independent Governance Committee for the Dubai Multicommodity Center, which manages all of the gold coming into the United Arab Emirates. To reach Ali directly and arrange an interview, visit his profile and click on the “connect” button. Interested reporters can also send an email to MediaRelations@udel.edu.
