Gold has always been a very intriguing precious metal. Even before this year’s massive price increase, bullion has captured the imagination of many. In the Philippines, the gold surge is causing some rather unforeseen consequences al of a sudden.
The Gold Issues in the Philippines
Finding alternative assets to invest in has become mandatory during the COVID-19 pandemic. Fiat currencies and stocks have gone down very slippery slopes for most of the year, and continue to do so today. This momentum gives rise to other forms of investment, including gold, silver, and cryptocurrencies.
In the Philippines, this trend is equally present. While it is only normal, the tensions are flaring up in this region. For those unaware, the Philippines are home to one of the world’s largest untapped gold reserves. Known as Tampakan, the location has been a topic of debate for several years now. This year’s astronomical gold price increase isn’t helping matters at all.
At Tampakan, there are numerous untapped copper and gold deposits waiting to be explored. The initial discovery of these deposits occurred decades ago, yet no one has ever been able – or allowed – to mine there. More specifically, there is no clear consensus on who has the rights to mine there.
Several government agencies and large-scale mining firms have attempted to claim the land. Local tribal communities have opposed these claims for some time now. Unfortunately, it appears the debate is flaring up once again. This makes the Philippines an unwanted source of attention once again.
Violence is Rather Common
As is often the case when ownership of an ore-filled claim is disputed, there will be physical altercations. Tampakan has seen numerous violent outbursts between local tribes and people attempting to claim the land. On multiple occasions, people native to the Philippines have died as a result. Judging by the way things are going right now, more violence looms on the horizon.
Solving this situation in a peaceful manner seems impossible. When lots of money is at stake, all bets are off. Especially if these natural resources can yield multiple millions, if not billions, in revenue. If Tampakan is ever mined out, it remains to be seen how much of the revenue flows back to local tribes.