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Tag: 000-year-old gold mask

  • My team and I were forced to flee from ‘galamsyers’ because they were heavily armed – Eastern Reg minister

    My team and I were forced to flee from ‘galamsyers’ because they were heavily armed – Eastern Reg minister

    Eastern Regional Minister, Seth Kwame Acheampong, has revealed how illegal miners are often heavily armed during their operations.

    Speaking on Peace FM’s Kokrokoo show with Kwami Sefa Kayi on Thursday, September 5, 2024, Mr Acheampong recounted a mission he led with a taskforce of about 30 men aimed at halting and apprehending illegal miners.

    Upon reaching the site, Acheampong disclosed that they encountered 104 illegal miners, all heavily armed, and outnumbering the taskforce.

    Due to the overwhelming numbers and the risk of violent confrontation, Mr Acheampong said they were forced to retreat.

    “I went to a galamsey site with a taskforce team to stop the illegal mining activities. When we arrived, we found about 104 illegal miners, which was significantly more than the 30 taskforce members with me and I will say the truth, as a man I told them to retreat else any attempt we make to stop them, they can harm and even kill us, so we had to return home to properly prepare ourselves,” he said.

    Seth Acheampong expressed concern over the growing challenge posed by illegal miners, who are armed for self-defense.

    He warned that their increasing presence and firepower have become a major issue for the country, potentially threatening national security.

    “This is the biggest problem that has befallen the country. These are some of the things we face and the kind of guns they are armed with…,” he added.

    His remarks come in the wake of mounting public pressure on the government to take decisive action against galamsey operations.

    This followed a statement from Ghana Water Company Limited, which pointed to difficulties in delivering clean water, citing the deteriorating condition of the Pra River as a direct result of illegal mining activities.

  • Gold climbs up to $2,500 per ounce

    Gold climbs up to $2,500 per ounce

    Gold has surged past $2,500 per ounce for the first time, driven by expectations that the Federal Reserve is nearing an interest rate cut.

    On Friday afternoon, spot gold traded above $2,500/oz, surpassing last month’s record, according to ING analyst Ewa Manthey.

    This increase comes in response to disappointing US housing data, which has intensified speculation about more significant and quicker cuts by the Federal Reserve.

    “Our US economist now sees a 50bp cut in September followed by a series of 25bp moves that would get us back to a Fed funds rate of around 3.5% by next summer”.

    Lower borrowing costs are beneficial for gold, as it yields no interest.

    The Fed has maintained its key policy rate within the 5.25% to 5.5% range—the highest in over twenty years—since July of last year. ING’s US economist now anticipates a 50 basis point cut in September, with additional 25 basis point reductions to potentially bring the Fed funds rate to around 3.5% by next summer.

    In 2024, gold prices have risen by more than 20%, fueled by geopolitical uncertainties, expectations of Fed rate cuts, and strong demand from central banks. Analysts expect gold prices to remain influenced by the Fed’s rate decisions and geopolitical events.

    The ongoing war in Ukraine, conflicts in the Middle East, and US-China tensions are likely to sustain safe-haven demand for gold in the near term.

    The upcoming US presidential election in November is also expected to contribute to gold’s upward trajectory through the end of the year.

    Central banks are anticipated to continue increasing their gold reserves, providing further support.

    ING projects gold to average $2,380 in the third quarter, with prices potentially peaking at $2,450/oz in the fourth quarter, leading to an annual average of $2,301/oz.

    “We see gold averaging $2,380 in the third quarter and prices peaking in the fourth quarter at $2,450/oz, resulting in an annual average of $2,301/oz”, ING said.

  • Rare 3,000-year-old gold mask found in Chinese Royal tombs

    An estimated 3,000-year-old gold mask has been unearthed by archaeologists in central China. It is the first of its kind to be identified dating back to the Shang dynasty (1600–1046 B.C.E.).

    The mask was discovered among royal tombs in Shangcheng county in the Henan provincial capital of Zhengzhou, China’s National Cultural Heritage Administration announced Friday. Notably, it predates another gold mask found at the Sanxingdui archaeological site last fall.

    Sanxingdui in southwest China is considered to be one of the most important discoveries of the 20th century and is believed to be the center of the ancient Shu Kingdom, dating back roughly 4,800 years. The Shu would have coexisted with the Shang dynasty. The site, which is still being excavated, has yielded troves of gold and bronze artifacts.

    According to the director of the Zhengzhou Municipal Research Institute of Cultural Relics and Archaeology, Gu Wanfa, the Henan find indicated that the Sanxingdui artifacts were influenced by Zhongyuan culture. The societies among the Henan region became the basis of modern Chinese civilization.

    Unlike the the gold mask from Sanxingdui, however, the Shangcheng mask would have fully covered the face.

    “There has been a saying about bubaijinshen, or an imperishable gold body, since ancient times in China. [The gold mask] proves that the concept had existed since the Shang dynasty,” Gu Wanfa told the South China Morning Post.

    Additionally, gold leaves and plaques inlaid with turquoise were found in the tombs, along with shell coins and weapons made of bronze and jade.

    Until now, few gold objects have been recovered from the Shang dynasty. It is still unclear whether the mask was made locally or acquired through trade.

    Source:billboard.com