![Essakine_Open_Pit_Mine-Burkina Faso](https://c03c06.p3cdn1.secureserver.net/wp-content/uploads/2014/10/Essakine_Open_Pit_Mine-Burkina-Faso.jpg)
HAYWOOD’S HERITAGE MOMENT: BURKINA FASO – Artisanal gold mining has been practiced in the region for centuries, going back to the time when this part of Africa was known as the "Gold Coast" . Traditional mining essentially involves gold. It is an old-age activity in Burkina Faso as illustrated by the vestiges still found in the central and southern parts of the country (Source: Burkina e-mine)
Mining Equities / Precious Metals Fall Further As Fed Cuts Stimulus Program
Contrasting economic policies in the U.S and Japan during the week coincided with the continued decline in mining equities and metal prices over the same period. The Federal Reserve in the U.S. announced a end to its stimulus program on Wednesday, while on Friday, Japan announced additional stimulus measures to battle increasing deflationary pressures. The end of the Federal Reserve's stimulus program, combined with bullish comments hinting at a possible rise in short-term interest rates in the near future, impacted gold particularly hard, as investors moved away from the metal as a hedge to the U.S. dollar. Adding to the woes was news of political and social unrest in Burkina Faso, with a number of gold companies operating in the country suffering significant losses as a result. Gold and silver were hit particularly hard, with gold falling well below the US$1200 barrier, down 5% for the week to finish at US$1,172 per ounce. Silver also suffered significant losses, dropping below the $17 support level to finish at US$16.16 per ounce. In contrast, base metals ended mostly in positive territory for the week, with copper unchanged, finishing at US$3.07 per pound, while nickel, lead and zinc were all up for the week, finishing at US$7.13, US$0.91 and US$1.05 per pound respectively. Iron ore (62% Fe CFR China) was down slightly for the week, finishing at $78.50 per tonne on Friday, while uranium was up marginally, finishing at US$36.31 per pound.
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[Burkina photo source]