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Cash-strapped Lebanon finds itself sitting on a gold mine, as precious metal prices surge
Lebanon holds 286 tons of gold, valued at $50 billion at peak, as officials debate using reserves to aid banks and compensate depositors amid economic crisis.
- Tiny Lebanon sits on one of the Middle East's largest gold reserves, and Lebanon's government is considering using some reserves to bail out banks and pay back depositors.
- After a crippling 2019 collapse, Lebanon's banks evaporated depositors' savings, pushing half of the 6.5 million population into poverty and causing $70 billion in financial losses plus about $11 billion in 2024 war losses.
- Crowds lined up outside a key metals trader on northern outskirts of Beirut as business booms with customers paying in advance and dealers saying gold is the only haven, while silver prices surge.
- Lebanon's law bars sales since 1986, and Parliament would need to vote to allow any use, but Speaker Nabih Berri shut down debate last week, saying `Not feasible, he said sternly.`
- Some economists suggest using a small share of the gold, alongside reforms, while many Lebanese distrust authorities and want the $50 billion reserves preserved for future generations.
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Cash-strapped Lebanon is sitting on a gold mine
BOURJ HAMMOUD, Lebanon — Tiny Lebanon sits on one of the largest gold reserves in the Middle East and its government is weighing whether it can use that stockpile to restore a crippled economy while its citizens are looking at…
·Buffalo, United States
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Associated Press News+12 Reposted by 12 other sources
Cash-strapped Lebanon finds itself sitting on a gold mine, as precious metal prices surge
Tiny Lebanon sits on one of the largest gold reserves in the Middle East and its government is weighing whether to use that stockpile to restore a crippled economy while its citizens are looking at gold as a way to revive their battered finances.
·United States
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Total News Sources15
Leaning Left5Leaning Right2Center7Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 36%
C 50%
14%
Factuality
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