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Cash-strapped Lebanon finds itself sitting on a gold mine, as precious metal prices surge
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A Lebanese jeweler arranges gold ornaments at his shop's storefront in the Beirut suburb of Bourj Hammoud, Lebanon, Monday, Feb. 2, 2026. - photo by AP Photo/Bilal Hussein
BOURJ HAMMOUD, Lebanon (AP) — 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 gold as a way to protect their battered assets. Lebanon’s economy hobbled into 2026 with ongoing inflation and state decay and no reforms to combat corruption in sight. Its banks collapsed in late 2019 in a crippling fiscal crisis that evaporated depositors’ savings and plunged about half its population of 6.5 million into poverty, after decades of rampant corruption, waste, and mismanagement.