President Gustavo Petro ordered the Ministry of Mines and Energy to buy all gold mining companies owned by the Sociedad de Activos Especiales (SAE) to capitalize on high metal prices. He also instructed direct purchases of gold in producing regions and the mass formalization of small miners to fight illegality. The move comes amid volatility in international gold prices.
On October 28, 2025, Colombia's President Gustavo Petro issued a direct order to the Ministry of Mines and Energy via a post on his X account. He urged the immediate purchase of gold mining companies controlled by the SAE to benefit from the metal's record-high prices. "I have ordered the Ministry of Mines to buy the SAE's gold companies and immediately start buying gold in Colombia's producing regions, massively title small miners, and remove the gold mafias. Either they legalize or they leave," Petro stated.
The president also criticized the Banco de la República's management for selling gold reserves instead of acquiring the metal in remote areas, calling it a "major financial blunder." The initiative aims to formalize small miners and curb mafia influence in the sector by enabling direct purchases in producing regions.
Internationally, gold prices hit a historical high of over US$4,300 per ounce due to uncertainty over a potential US-China trade war. However, following rumors of an agreement between the two countries, prices declined. On that Tuesday, spot gold fell 0.2% to US$3,974.66 per ounce, its lowest level since October 10.