THE IMPORTANCE OF GOLD AS THE WORLD'S MONETARY PRECIOUS METAL HAS REMAINED QUESTIONABLE.

The importance of gold as the world's monetary precious metal has remained questionable since the previous financial and the economic crisis of some of the major nations that caused an unbalanced growth and money transaction problems , bankruptcy and debt across the globe. Claims of higher mining cost attributed to the continuous increase in gold prices in the world markets, rather than the economic and financial upheavels of some of the countries in Europe, the USA and Asia that far exceeded the estimated increase in value of gold, instead of the effect of inflation on the major economies and on gold prices around the world. The price of gold has increased further to $1427.40 in the world markets, while the price of a barrel of crude oil has hit $103.19.

Written by Godfrey Ohia.