It has been a good year for gold. A host of turbulent events in the global economy has driven up prices for the glittery commodity to record highs in 2025.
In a world of tariffs and international conflict, gold appeals to investors as one of the few remaining stable assets. Everyone wants a piece of the action, from central banks to large institutions like hedge funds, and retail investors. But few know where their gold comes from, or much about the conflicts it may be fuelling in the countries where it is mined.
For the governments of West Africa’s Sahel region, the stakes are even higher. Gold is a lifeline for the military juntas of Burkina Faso, Mali, and Niger, who are beleaguered by jihadist insurgencies, regional isolation, and the ravages of climate change.
“Because gold prices have been at a historic high… the military governments are hoping that they will be able to benefit directly,” Beverly Ochieng, a senior researcher at global consultancy firm Control Risks, told the BBC.
Together, the three Sahel states produce around 230 tonnes of gold per year, according to the World Gold Council’s estimates, or about $15bn (£11bn) at the current market rate.