Price of Gold, January 2009 National Geographic Magazine

The Human Cost of GOLD

Throughout civilization, gold has commanded more respect than any other substance. King Ferdinand of Spain said, "Get gold humanely if possible, but at all costs get gold."

Because of its rarity, a glittering piece of gold jewelry is an expensive purchase. That's nothing, however, compared to the price paid by those living in impoverished mining communities.

We are currently in the biggest gold rush in history. Because of...
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The Human Cost of GOLD

Throughout civilization, gold has commanded more respect than any other substance. King Ferdinand of Spain said, "Get gold humanely if possible, but at all costs get gold."

Because of its rarity, a glittering piece of gold jewelry is an expensive purchase. That's nothing, however, compared to the price paid by those living in impoverished mining communities.

We are currently in the biggest gold rush in history. Because of the growing economies in India and China--especially India--the demand for gold is the highest it's ever been.

Indians have more gold in jewelry alone than the US Treasury has in its vaults. Since the time of the spice route trade, India has consumed close to 50 percent of the annual output of gold--and the gold that goes into India stays there.

The easy gold has already been mined. Finding new gold usually involves ravaging pristine ecosystems and exploiting indigenous communities.

Gold is very rare. ALL of the gold in existence weighs 125,000 tons--the US Steel industry produces that much steel in just a few hours--and people have always horded it, even before Egyptians minted gold bars in 4,000 BC.

Gold is extremely malleable. One ounce can be spread out over 100 square feet.

Gold is too soft and too scarce for most uses. Almost ninety percent of it is used for adornment or money, and the remainder is used for industrial purposes. Gold also never disappears, and never oxidizes.

Tons of earth must be moved and washed-- backbreaking labor that turns the land into a moonscape--to have a few glimmers of gold in your pockets. The ring on my finger means someone, with or without machinery, had to move and process 20 tons of material. The glittering luxury of gold, like the sparkle of a diamond, does not reflect the inhumane manner in which it was likely acquired.
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