Prospect of gold in part of Latin America (8)
I believe the answer is:
panorama
'prospect' is the definition.
('panorama' can be a synonym of 'prospect')
'gold in part of latin america' is the wordplay.
'gold' becomes 'or' ('or' is the heraldic name for gold).
'in' is an insertion indicator.
'part of latin america' becomes 'panama' ('Panama' is part of 'latin america').
'or' put within 'panama' is 'PANORAMA'.
'of' is the link.
(Other definitions for panorama that I've seen before include "'Vista, view (8)'" , "Current affairs programme" , "Am on a par (anag)" , "Wide open view" , "Total view (of subject)" .)