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Trends and Insights

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18 Nov 2023

Illegal Gold Is Booming in South America

Demand for illegal gold often surges amidst political tumult and has skyrocketed recently due to tensions between the U.S. and China, the Ukrainian conflict, and Middle Eastern unrest. Influenced also by a growing middle class in China and India, gold purchases by central banks more than doubled between 2021 and 2022, reaching highs not seen since 1950. This surge in demand has spawned increased illegal mining supported by political figures, such as Venezuela's Maduro. [Source](