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Looking At Gold

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Irish Central Bank Refuses To Discuss Gold Reserves In Bank of England Vaults
By: GoldCore
– As Brexit looms, the Central Bank of Ireland has refused to discuss the location and value of Irish gold reserves
– No date given for removal of “commercially sensitive” gold reserves from Bank of England vaults
– Bank of England vaults in London believed to hold almost €200 million of Irish gold
– Ireland’s financial system and economy is hugely exposed to a Brexit downturn
 

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Gold Krugerrand Coin Worth $1,200 Donated To Charity Again

-- Published: Wednesday, 12 December 2018 | Print | Comment - New!

– Gold Krugerrand coin worth $1,200 put in charity kettle – this time in Alaska
– Mystery Salvation Army gold donors keep giving Gold Krugerrands
– Gold, like pounds, euros and dollars can be used for good or ill
– Give the gift of gold in this the Season of Kindness




Gold Krugerrands (1 oz) being used for good

Salvation Army staff in Alaska got a big surprise while counting change from their red kettles last Friday.

An anonymous donor dropped a gold bullion coin, worth $1,250, into a Salvation Army kettle at a store in Alaska.

“This is so unusual, we were just thrilled,” said Janet Kincaid, who chairs the Mat-Su Salvation Army board and serves on the Anchorage Salvation Army Board.

Kincaid realized the coin was special — it’s a Gold Krugerrand from South Africa — as they were counting out lower-denomination change.

“And I looked at it and I thought, ‘Oh whoa! This is one of those!”

Gold coins show up in the Salvation Army’s kettles every year, usually anonymously and in other parts of the country.

This is the first Gold Krugerrand believed to have been dropped into one of the red buckets in Alaska.

Kincaid said she thought the earthquake might’ve had something to do with the donation, because the area where it was given was hit hard.

And while Kincaid said people have been especially generous this year, the coin is a random gift that tops all others.

“We find all sorts of things, like washers and screws. All other kind of coins. Sometimes we find an alcoholics coin that’s a symbol of their sobriety,” Kincaid said. “You know, men in particular, they just clean out their pockets and drop it in.”

The Gold Kruggerand was likely not the result of someone cleaning out their pockets, or an accident, she said. That’s because it was in a plastic sleeve and came with a note in memory of someone.

Kincaid said she doesn’t want to reveal the name, because it was given anonymously, and she doesn’t know if the person wants their loved one’s name made public.

Source: Alaskapublic.org


Editors note: The Salvation Army Gold Krugerrand story is a heart warming story that we feature every year. It shows how gold bullion is neither good nor bad in and of itself.

How could it be given it is simply a rare, finite precious metal in pure form?



Rather like euros, pounds, dollars and all forms of money and indeed like all finite, natural resources on this small planet of ours, gold can be used for good or for ill.

“The desire of gold is not for gold. It is for the means of freedom and benefit” as Ralph Waldo Emerson pointed out.

News and Commentary
Dow closes lower after swinging more than 500 points in another volatile session (CNBC.com)
Stocks cheered by Trump trade talk; sterling plagued by politics (CNBC.com)
Japan, Hong Kong lead big stock rebound in Asia Wednesday (MarketWatch.com)
Trump threatens shutdown over border wall during heated meeting with Pelosi, Schumer (MarketWatch.com)
After May asks for help, Germany’s Merkel says no more Brexit negotiations (Reuters.com)
South African Gold Output Drops 13th Straight Month in October (Bloomberg.com)



Source: KingWorldNews

Foreign investors spurn U.S. Treasuries as curve threatens to invert (Reuters.com)
News from Euroland – Recession Imminent (MasterInvestor.co.uk)
This is What The “Trade” War With China Is Really All About (ZeroHedge.com)
GE Slumps To Ominous $6.66 March 2009 Lows (ZeroHedge.com)
The Powers-That-Be Were Everywhere Yesterday (GoldSeek.com)
Gold and Global Financial Crisis Redux (GoldSeek.com)


Gold Prices (LBMA PM)
11 Dec: USD 1,248.25, GBP 988.99 & EUR 1,096.59 per ounce
10 Dec: USD 1,246.80, GBP 980.61 & EUR 1,092.57 per ounce
07 Dec: USD 1,241.20, GBP 972.98 & EUR 1,091.51 per ounce
06 Dec: USD 1,236.45, GBP 971.48 & EUR 1,091.66 per ounce
05 Dec: USD 1,236.15, GBP 970.13 & EUR 1,090.16 per ounce
04 Dec: USD 1,239.25, GBP 966.74 & EUR 1,086.45 per ounce

Silver Prices (LBMA)
11 Dec: USD 14.64, GBP 11.62 & EUR 12.85 per ounce
10 Dec: USD 14.53, GBP 11.48 & EUR 12.73 per ounce
07 Dec: USD 14.49, GBP 11.34 & EUR 12.73 per ounce
06 Dec: USD 14.38, GBP 11.28 & EUR 12.68 per ounce
05 Dec: USD 14.48, GBP 11.34 & EUR 12.75 per ounce
04 Dec: USD 14.55, GBP 11.35 & EUR 12.77 per ounce

https://news.goldcore.com/


http://news.goldseek.com/GoldSeek/1544616000.php
 

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Just a little bump. Posted for both entertainment and a little for thought - nothing more. Take it fwiw and dyodd.

Gold Shall Destroy FED - Q Anon
SalivateMetal


Published on Dec 15, 2018
 

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Gold Has Appreciated and Will Continue to Do So
belangp


Published on Dec 15, 2018
Gold's probable rate of price increase in the coming decade
 

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GOLD! Stories of The Lost And Found
SalivateMetal


Published on Dec 16, 2018
 

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December 2018 The Gold Chronicles with Jim Rickards and Alex Stanczyk
Physical Gold Fund


Published on Dec 20, 2018
Topics Include:

*History of gold – Nixon tariffs, and closing the gold window
*Investment case for gold
*Why US debt to GDP ratio and increasing debt load creates a systemic problem with specific outcomes, all of which indicate an allocation to gold may be prudent
*How low gold sentiment in western markets may indicate a key buying opportunity
*Physics properties of gold, and why gold is a truly non-correlated means of storing wealth that is indestructible
*Why Physical Gold Fund uses Switzerland as a core component of the logistics and safety chain for the fund’s gold
*Physical Gold Fund vaulting protocols and governance
*Refinery Operations
*Gold market historical performance, current technical indicators and outlook

By listening to this podcast or reading its associated transcript (collectively, this “Podcast”), you agree with the following.

This Podcast is not an offer to sell, nor a solicitation of an offer to purchase, any security. This Podcast is intended for general education and information purposes only, and may include broad discussions of markets, geopolitics, monetary policy, and geoeconomics. Nothing in this Podcast constitutes investment, legal or tax advice, nor an evaluation of or prospectus for any particular investment or market, including gold. This Podcast should not be relied upon to make any investment decision. You are encouraged to seek the advice of qualified financial, legal and tax advisors before making any investment decisions.

This material is provided on an “as is” and “as available” basis, without any representations, warranties or conditions of any kind. In particular, information provided by third parties in this Podcast has not independently evaluated or confirmed. Furthermore, we take no responsibility to update this Podcast to reflect any changes in any of the information presented. Physical Hard Assets Fund SPC and Physical Gold Fund, its officers, directors, employees or associated persons will not under any circumstances be liable to you or any other person for any loss or damage (whether direct, indirect, special, incidental, economic, or consequential, exemplary or punitive) arising from, connected with, or relating to the use of, or inability to use, this Podcast or the information herein, or any action or decision made by you or any other person in reliance on this information, or any unauthorized use or reproduction of this Podcast or the information herein.
 

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Gold Extends Losses! Why? Because Of CHINA!
SalivateMetal


Published on Mar 5, 2019
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Litecoin:LfgL5D7Wvtknagbn2WuCcXasAfquzv2CGB
 

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Gold & Graphene: Working Together To Fight Disease!
SalivateMetal


Published on Mar 12, 2019
 

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Barrick Gold's Massive Joint Venture = Massive Gold Production
SalivateMetal


Published on Mar 15, 2019
 

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World's Central Bank: GOLD IS MONEY! Does It Really Matter??
SalivateMetal


Published on Mar 20, 2019
 

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Basel III - Implications for Gold and Silver
Illuminati Silver


Published on Mar 24, 2019
https://www.illuminatisilver.com

https://www.illuminatisilver.com/sign...

Today is Sunday 24th March 2019 and we are discussing Basel III and its potential impact on gold. This video will cover the basics while a video we are placing in the Inner sanctum tomorrow will deal with the subject in much more depth.

So what is Basel III?

Basel III is an internationally agreed set of measures developed by the Basel Committee on Banking Supervision in response to the financial crisis of 2007-09. The measures aim to strengthen the regulation, supervision and risk management of banks and is a set of banking reforms designed to help enhance the resilience of the banking system to help prevent the same failures as those experienced in 2008 and to ensure that banking institutions are robust enough to withstand any future financial crisis.

So why is everyone so excited about these technical banking regulations which normally send all but the most seasoned banker to sleep?

Well it’s the aspect of the regulations which has seen the recategorization of gold from being assessed as a Tier 3 asset to a Tier 1 asset.

Let us explain
As part of prudent regulation, banks are expected to keep a certain level of assets in certain forms in-order to prove and maintain their financial stability and we have all heard about bank stress tests which is an analysis conducted under hypothetical unfavourable economic scenarios, such as a deep recession or financial crisis, designed to determine whether a bank has enough capital to withstand the impact of adverse economic developments.

Well these assets or what the bank terms eligible regulatory capital were split into 3 tiers under Basel II the predecessor of Basel III the latter being published in 2009 following the 2008 financial crisis.
Tier 1 capital is intended to measure a bank's financial health; a bank uses Tier 1 capital to absorb losses without ceasing business operations - It is regarded as a bank's core capital.

It consists primarily of shareholders' equity and retained earnings and is assessed at 100% of current value.

Tier 2 capital is supplementary (e.g. less reliable than tier 1 capital.) and includes revaluation reserves, hybrid capital instruments, and subordinated term debt and is assessed at 85% of current value.

A bank's total capital is calculated as a sum of its tier 1 and tier 2 capital. Regulators use the capital ratio to determine and rank a bank's capital adequacy.

Tier 3 capital consists of Tier 2 capital plus short-term subordinated loans which in essence means security that ranks below other loans or securities with regard to claims on assets or earnings and is assessed at 50% of current value.

Gold has historically been classified as a Tier 3 asset. When determining how much money a bank can loan, (as a bank’s capital or reserve requirement is taken into account in this assessment) the bank's gold holdings have traditionally been discounted 50 percent of the current market value. Its movement under Basel III from a Tier 3 category to a Tier 1 category means that the 50% valuation reduction is removed and so gold is accounted for at full current price.

So what does this mean in practical terms – well to bankers a lot and to the rest of us not quite so much as we go about our every-day lives. But underlying, it does suggest that whereas traditionally banks were generally not too keen on gold holdings as an asset, as their value was cut in half for assessment and reserve purposes, this may now change and in fact this could potentially lead to banks becoming keener to acquire gold.

Basel III was agreed upon by the members of the Basel Committee on Banking Supervision in November 2010, and was scheduled to be introduced from 2013 until 2015; however, implementation was extended repeatedly to 31 March 2019 and therefore the excitement as we are only days away.

With regard to silver, of course its not mentioned or covered in these regulations. However, investors are fully aware that whilst gold is a primary monetary metal, silver is a secondary one and of course ultimately we can see it benefiting in positive price movements whilst Basel III is fully implemented.

So our conclusion – yes positive directly for gold certainly longer term and for silver because of its association. As bankers we have been aware of these provisions since 2009/2010 which is one of the many reasons why we have stated time and time again that longer term we are positive gold and to a lesser extent silver but positive nevertheless. What we have always cautioned is not to be persuaded to jump too early while prices were relatively high and as with all investment formats to consider them as a long-term venture.
 

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^^^^^^^^^^^^^^^^^^^^^^
Speaker uses the term "BAL III" as an abbreviation supposedly. When in fact BAAL is a demon of hell.

There are meanings to Elite Speak that have nefarious outcomes. Jus' Sayin' , DYODD.
 

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Basel III - Detailed Analysis and Effect on Gold and Silver
Illuminati Silver


Published on Mar 25, 2019
https://www.illuminatisilver.com

https://www.illuminatisilver.com/sign...

Basel 3 - General Video:
https://www.youtube.com/watch?v=v6fLy...

Basel 3 - Supervision 2017 PDF:
https://tinyurl.com/basel3supervision

Basel 3 - Supervision 2018 PDF
https://tinyurl.com/basel3-2018

Today is Monday 25th March 2019 and we are discussing Basel III and its potential impact on gold and silver.

Yesterday we produced a video on this subject to all members (link below this video) but for inner sanctum members we are going a little deeper.

So, what is Basel III?

Well let’s address who is responsible for it.

Basel by its name is a prominent city in Switzerland. Here sits the Headquarters of The Bank for International Settlements. It was founded in 1930 out of the Hague Agreements of that year and took over the role of the Agent General for repatriation in Berlin.

Today its role has changed and is highlighted on its website as being

“to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.”

Despite what we heard from one channel purporting to know about these things it is not owned by the Rothschilds but by 60 Central Banks representing countries around the world and jointly account for approximately 95% of GDP – so very influential indeed.

With regard to banking activities, their customers are central banks and international organisations. They do not accept deposits from, or provide financial services to, private individuals or corporate entities.

Basel I II and III are the products from the Basel Committee - initially named the Committee on Banking Regulations and Supervisory Practices – which was established by the Central Bank Governors of the Group of Ten countries at the end of 1974 in the aftermath of serious disturbances in international currency and banking markets (notably the failure of Bankhaus Herstatt in West Germany).

Since its inception, the Basel Committee has expanded its membership from the G10 to 45 institutions from 28 jurisdictions. At the outset, one important aim of the Committee's work was to close gaps in international supervisory coverage so that (i) no banking establishment would escape supervision; and (ii) supervision would be adequate and consistent across member jurisdictions.

Basel III came about as the Committee’s response to the 2007-09 Financial Crisis.
According to the BIS website:
‘Even before Lehman Brothers collapsed in September 2008, the need for a fundamental strengthening of the Basel II framework had become apparent. The banking sector entered the financial crisis with too much leverage and inadequate liquidity buffers. These weaknesses were accompanied by poor governance and risk management, as well as inappropriate incentive structures. The dangerous combination of these factors was demonstrated by the mispricing of credit and liquidity risks, and excess credit growth.’

Now all of the fuss that has been generated recently has been the result of Gold historically being classified as a Tier 3 asset; when determining how much money a bank can loan, (as a bank’s capital or reserve requirement is taken into account in this assessment) the bank's gold holdings have traditionally been discounted 50 percent of the current market value. Its movement under Basel III from a Tier 3 category to a Tier 1 category means that the 50% valuation reduction is removed and so gold is accounted for at full current price and this takes effect from 31st March 2019.

This has prompted Gold Bugs to declare that banks will now rush out and buy gold thereby causing its price to rise dramatically.
Well first of all, we have to take into account the fact that Basel III and its impact on gold has been known for some time and frankly, Banks, if they were going to buy it will have already been doing so and so this immediate rush on 31st march is unlikely.

With regard to silver, which is not mentioned or covered in these regulations because as we have often said, it is not regarded as a primary monetary metal by banks it is however regarded as a secondary monetary metal by individual investors and some States in the US and certain smaller countries around the world. So any impact on the price of gold that Basel III may have – either positive or negative will in fact be reflected by the price of silver by association – as it is often termed ‘poor man’s gold’.

So our conclusion – yes positive directly for gold certainly longer term and for silver because of its association. However we caution our Inner Sanctum members to be aware of the possibility that Basel III could have a detrimental affect on holding gold, though on balance our assessment is that any bank selling, if it does happen, will be outweighed to some extent by private investor purchases which is why we neither see a dramatic rise nor a dramatic fall in the price of the precious metal.
 

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Another opinion...……….

Basel III: Gold's Best Friend?
Silver Fortune


Published on Mar 27, 2019
What will Basel III mean for gold, and by relation, silver?

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Support Silver Fortune through Patreon: https://www.patreon.com/silverfortune

Any content within this video or any other video by the Silver Fortune channel is merely one man's opinion, commentary, and analysis, or actual information obtained from elsewhere, and should not be constituted as legal, investment, or financial advice. Make your own financial decisions, or consult a professional if you'd prefer to go that route. The Silver Fortune channel disclaims any liability for legal, financial, or investment decisions made.
 

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ECB President: You Need Permission to Touch Your Gold
Silver Fortune


Published on Mar 30, 2019
A good reminder to exercise your sovereignty over your own property.
 

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Russia Bought 31 Tonnes Of Gold And What This Means - World Gold Council
Kitco NEWS


Published on Apr 2, 2019
Gold has seen a steady uptrend, but investors should still pay careful attention to macroeconomic forces, says Juan Carlos Artigas, director of investment research at the World Gold Council.

“There are four drivers of gold that investors need to keep an eye on. The first one is economic expansion. There’s a positive link between economic growth and gold over the long run,” Artigas told Kitco News.

Other drivers of gold include risk and uncertainty in the market place, interest rates and the dollar, and momentum, says Artigas.

_________________________________________________________________
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.

Subscribe to our channel to stay up to date on the latest insights moving the metals markets.

For more breaking news, visit http://www.kitco.com/
 

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How Gold Will Shape Our World
SalivateMetal


Published on Apr 4, 2019
 

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Russian Gold Dealer INTERVIEW | Dmitriy Balkovskiy
SilverDoctors


Published on Apr 5, 2019
We hear the FREE Silver offer is Endinghttps://SBDullion.com/deals
Get more Precious Podcastshttp://www.SilverDoctors.com/precious... Hello Metals & Markets listeners out there. I am traveling this week, and therefore I cannot give you this week's closing precious metal spot prices.

As you likely know, you can always find both historical and live precious metal spot prices at SD Bullion and even on the top of the Silver Doctors website.

I would like to take you this week to the other side of the world, to hear directly from a gentleman in Moscow, Russia.

For many years now, it appears each and every month that passes. The Russian Federation consistently and somewhat transparently adds an average of almost 1 million ounces of gold bullion to her official foreign exchange reserves.

But what about average Russian citizens?

What do they know about gold and other precious metals?

Do they have an interest in saving Hard Assets over fiat US dollars and fiat Euros?
Are they even allowed to stack bullion direct? Who are the Russian bullion players?

These questions and much deeper cultural perspective inquiries we will touch upon, as we hear from this first-time guest to the show, Mr. Dmitriy Balkovskiy.

Dmitriy is the editor of GoldenFront.ru a Russian bullion investment news website service, and he is also a Russian gold bullion dealer.

FULL SHOW NOTEs & Source Information Backlinks:
https://SDBullion.com/blog/russian-co...

--
#RussianGoldBars #RussianCoins #RussianGold
 

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Russia Bought 31 Tonnes Of Gold And What This Means - World Gold Council
Kitco NEWS


Published on Apr 2, 2019
Gold has seen a steady uptrend, but investors should still pay careful attention to macroeconomic forces, says Juan Carlos Artigas, director of investment research at the World Gold Council.

“There are four drivers of gold that investors need to keep an eye on. The first one is economic expansion. There’s a positive link between economic growth and gold over the long run,” Artigas told Kitco News.

Other drivers of gold include risk and uncertainty in the market place, interest rates and the dollar, and momentum, says Artigas.

_________________________________________________________________
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.

Subscribe to our channel to stay up to date on the latest insights moving the metals markets.

For more breaking news, visit http://www.kitco.com/
China building Gold reserves no update today.
Russia adds about 31 tons of Gold.
Poland begins building a Gold Reserve.
Hungary begins building a Gold Reserve.
Cannucks SOLD their gold last year No Reserve now.
US has 261.5 Million ounces at $42.222 T.oz NOWHERE near actual market value around $1,291.00 T. oz

Of course the USA may no longer own any of that gold. :bomb 1:
 

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China Adds 360,000 Oz More Gold In March | Scammer Refuses To Fund Bitcoin For Gold
SalivateMetal


Published on Apr 15, 2019
 

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Man Defrauds Investors Of $4 Million In "Gold Mine"
SalivateMetal


Published on Apr 18, 2019
 

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Does Supply & Demand Really Influence Gold Prices?
SalivateMetal


Published on Apr 19, 2019
 

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Gold: You Either Understand it or You Don't | Grant Williams
SilverDoctors


Published on Apr 19, 2019
Weekly Bullion Dealshttps://SBDullion.com/blog
Podcasts http://www.SilverDoctors.com/precious... Silver and Gold had slightly down and sideways week in fiat US dollar price action.

The gold spot price is closing today around the $1,280 US dollar price per troy ounce level, while the silver spot price stayed flat closing this week again around the psychologically important $15 per troy ounce full fiat Federal Reserve note price.

With us this week a new guest to the show, and one of the most eloquent market commentators on the precious metals markets.

He is a co-founder of Real Vision financial media website, also the noted author of the popular TTMYGHmmm newsletter, and a more than three-decades-long veteran of the global financial markets.

Mr. Grant Williams is here to speak to us about gold, his company's founding, as well as the difficulty that global central banks and governments now find themselves enveloped in.

FULL SHOW NOTEs with other great REAL VISION presentations:
https://SDBullion.com/blog/gold-podca...

Thanks for coming by and be sure to SUBSCRIBE to our Silver Doctors youtube channel for future podcasts and videos.

--
#GrantWilliams #RealVision #GoldMarket
 

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The 15th Anniversary of the FT's Hit Piece on Gold.
maneco64


Published on Apr 20, 2019
 

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The Top 10 Gold Holding Nations On Earth!
SalivateMetal


Published on Apr 23, 2019

From the comments:

- I’m calling BS on this one Sal , I think theses countries have a great deal more gold than this.
 

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Illegal African Gold Makes It Way To UAE

By Alex Kimani - Apr 26, 2019, 6:00 PM CDT



There is a new gold rush in Africa, and the UAE is busy cashing in on the lucrative yet unregulated industry, as exposed by an exclusive Reuters report.

Every year, billions of dollars worth of gold leave Africa to the United Arab Emirates and the Middle East, major gateways for markets in the United States and Europe. Yet, African governments receive minimal taxes for the precious commodity, with the vast majority smuggled through elaborate black markets.

Trade economists have arrived at this conclusion after studying customs data and discovering huge discrepancies between import and export data.

Unregulated industry
According to the United Nations’ international trade statistics database, Comtrade, the UAE imported 446 tonnes of gold worth $15.1 billion from 46 African nations in 2016, nearly 12x what it imported from the continent a decade ago. Only 21 countries from this group submitted data to Comtrade while the other 25 did not. Meanwhile, the UAE reported it received 7.7 tonnes of gold from the 21 countries that filed reports with Comtrade, which is $3.9 billion (~67 tonnes) more than what the countries said they had shipped.

In other words, about half of the gold that made it to the UAE from Africa that year was smuggled. Mind you that’s UAE data only. Extrapolate it over the scores of other countries that import gold from Africa including China and Switzerland and the figures could be truly shocking.

Related: 40% Of Canadians Pay Zero Income Tax

It’s not hard to see how the world’s poorest continent can be losing such vast resources.

Small-scale gold collection by individuals, aka artisanal mining, is a booming business in many parts of Africa, as Quartz details.

Artisanal gold mining is an unregulated cottage industry with miners, including children, digging and panning for gold with little official oversight. Most of these miners simply do it for a living and most have no ties to big businesses. According to Ghanaian president Nana Akufo-Addo, this informal mining has become so lucrative that criminal enterprises run by foreigners have taken over the industry. Ghana is the continent’s second largest gold producer after Libya.

Informal gold mining is a rapidly expanding industry in Africa. It’s a highly controversial subject because on one hand, it provides a livelihood to millions with little recourse from inept governments.

On the other hand, scores of rebels in countries like the Democratic Republic of Congo (DRC) use ill-gotten money from sale of precious minerals like gold and diamonds to fund wars aka ‘blood diamonds.’ Further, the mining methods use dangerous chemicals such as mercury which eventually leak into soil, rocks and rivers.

Many governments feel powerless to stop it. DRC is a major gold producer, yet very little makes it to formal markets with the rest smuggled across porous borders to neighboring Uganda and Rwanda. Thierry Boliki, an official of the Congolese government body meant to regulate high-value minerals like gold, says the government has very little leverage to stop the practice.

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DRC is not alone. A host of other African governments such as Ghana, Zambia and Tanzania have complained that vast quantities of the yellow metal are illegally produced and smuggled out of their countries every year. Some of these operations are run by cartels, often at a high human and environmental cost.

Some miners in this chain work legally, typically selling their gold to middlemen. The middlemen then fly the gold out or simply trade it with neighboring countries.

Nevertheless, there’s growing debate on regulating this type of mining, not only to prevent small miners from eating into official revenues but also to prevent human rights abuses that are embedded in the microcosms created by the mining communities. There’s no concrete official data on how much money Africa loses every year through this type of mining. The consensus, though, is that it’s too big to ignore any more.

By Alex Kimani for Safehaven.com

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