19 February, 2007

Fiji-Chinese welcome New Year and the Problem of Vatukoula

The Chinese community in Fiji yesterday celebrated the New Year which is the Year of the Golden Pig. The Year of the Golden Pig comes only once in 60 years and is an auspicious occasion for the Chinese. The Year of the Golden Pig signifies good luck, good fortune, success and prosperity. In China last December, The Shanghai Gold Exchange had lowered the size limit for trading in gold bars from one kilogram to 100 grams in a move to make trading in the precious metal more accessible to small private investors. This was done in anticipation of the Year of the Golden Pig. It was felt that the Chinese would look at investing in gold when the New Year came around. Chinese banks were enthusiastically unfolding marketing strategies for gold, while customers were busy buying up gold for their financial portfolios with the New Year. With the rising price of gold in the international markets, interest in buying gold has increased. And then we wonder why we have so much problems at our own gold mine at Vatukoula if current international gold prices are over US$660 an ounce. When prices fell below US$200 an ounce a few years ago, the managers of the mine kept operating. What is the real problem? Have the ore deposits really been depleted? We only hope that the Year of the Golden Pig will bring a favourable resolution to all with regard to Vatukoula.

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