Its economy depends highly on the gold of its land and that of El Callao.The city is located in the vicinity of the Denguesito ríachuelos to the northwest and the Cunurí to the west, both tributaries of the Miamo river.

When in 1853 they discovered "the richest gold mines in the world" 18 km south of El Callao, Guasipati revived.

Currently, Guasipati continues to be the political and administrative heart of a good part of Venezuela's gold and diamond producing area.

Little rain in the region, with a semi-desert climate In the municipality there are tourist attractions such as the resorts on the rivers near the Guasipati and the Miamo River, in addition to some natural monuments, Plaza Bolivar de Guasipati, its old mines, and some mountains and small forests are excellent places for recreation.

You can visit famous places like the cemetery of Yeguera, the path of the shepherdess, the Church of Nuestra Señora del Rosario and some ruins of the indigenous missions.