Thursday, 8th December 2005 (3335 views)

The recent surge in the price of gold means it's 'boom-time' for mining-equipment manufacturers and other gold industry suppliers.

With the value of the precious metal more than doubling in the past two years, suppliers have seen a commensurate boom in sales as more and more gold mines open to meet demand.

Take tiny US mining equipment manufacturer Getman, which has seen sales quadruple since 2003.

With gold mines seeking out fresh pastures and developing new properties while the price still rises, Getman feels confident enough to add another 7,000 square feet to its plant early next year.

The company has not seen growth like this in its 59-year history.

"It is literally a boom time," Dana Getman – whose father started the company - told mlive.com.

Spot gold shattered $515 an ounce earlier today (December 8th). Trading has not reached such levels since 1981.

 

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