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Buy Gold From Africa [PATCHED]

These latter months, I got some people (mainly Chineses) asking me about the opportunity to buy gold from Africa. Hence, for once, this text will share a personal experience during an attempt to purchase gold bullion from there.

buy gold from africa


Even though Bunker Gold&Silver gives the most competitive prices in the gold market for LBMA physical fresh bars (spot+0.5% from 100 grams gold bar), in early 2018, the company decided to send me to Ghana in order to verify if we can really buy gold at a cheaper price. I already explained in a previous article how serious bullion dealers get gold: we place order from certified refiners (LBMA) and we pay a premium above the spot price.

But since everybody was talking about discounted gold, we wanted to check the reality of it. One of the obvious ways was to get our product at the source and skipping the intermediaries. Meanwhile China is the largest gold producer in the world, when it comes to buy gold at profitable prices directly from the mines, the option is most of the times the same: Africa!

And in Africa, one of the largest and "safe" producers of gold are South Africa and Ghana. South Africa is a little bit complicated since some big major companies as Rand, Lonmin ... locked the access. In Ghana also, but the country is more open with small and medium scale mines (Galamsey) representing a big part of the production.

In fact, I did not know anyone I could send there with the responsibility of buying USD 2millions of gold. We were not ready to buy this amount but the seller wanted a proof of funds from the bank to be sure that we had the money.

Something you also must know. For Ghana and the precious metals area specifically, you can not consider the first results in the Google search ranking as the trustable ones. Scammers are so good that fake government pages can appear before official government pages. For example, at this time I was looking for the official government institution related to gold exportation named PMMC in Ghana. Fake PMMC website appeared before the official website when I searched on Google.

Also, I will not relate the big mess it was to get a visa at the Ghana consulate in Paris,France (I flew from France for some personal reasons). But thanks to the consulate we got a visa (last hour before departure time).

I visited PMMC, and to be honest, I thought that the building itself was a scam. Nothing to do with a "Diamond House" as they call it. This building, representing the second largest country of African gold exportations is in a such state of disrepair that I checked many times before entering in the building. I even did not want to take photo to avoid attract attention.

During the conference, one of the attendees, gave me the contact of the managing director of an important refinery in Ghana. She affirmed that: "He is the man to talk in the country if you want to buy gold".

So, in general he gave me a positive impression, but I still was uncomfortable, and I was not ready at all to accept this concept spreading around : If you want to get gold cheaper, you send first the money and then you will get the gold in one, two or three months.

"The decision to requisition gold is dictated by an exceptional context of public necessity, which requires the state to ask certain mining companies to sell part of their gold production," said a statement by government spokesman Jean-Emmanuel Ouedraogo.

Essay, part 1 IntroductionEssay, part 2 Trading Gold for SaltEssay, part 3 Mining the GoldEssay, part 4 Using Gold-Dust as MoneyEssay, part 5 Trading with EuropeansTrading Gold for Salt If you could choosebetween a pile of salt and a pile of gold, you would probably choose thegold. After all, you know that you can always buy a container of salt forabout forty-five cents at the local supermarket. But what if you could noteasily get salt, and without it you could not survive? In fact, throughouthistory salt has been very difficult to obtain in many parts of the world,and people feared a lack of salt the way we in the industrialized worldfear a shortage of fuel oil.

Once cultures began relying on grain, vegetable, or boiled meat dietsinstead of mainly hunting and eating roasted meat, adding salt to food becamean absolute necessity for maintaining life. Because the Akan lived in theforests of West Africa, they had few natural resources for salt and alwaysneeded to trade for it. Gold, however, was much easier to come by. EveryAkan knew how to find tiny grains of gold sparkling in the river beds aftera rainfall. The people who lived in the desert of North Africa could easilymine salt, but not gold. They craved the precious metal that would add somuch to their personal splendor and prestige. These mutual needs led tothe establishment of long-distance trade routes that connected very differentcultures.

Camel caravans from North Africa carried bars of salt as well as cloth,tobacco, and metal tools across the Sahara to trading centers like Djenneand Timbuktu on the Niger River. Some items for which the salt was tradedinclude gold, ivory, slaves, skins, kola nuts, pepper, and sugar.

1 troy oz gold South African Krugerrand coins was first conceptualized in 1964 as a legal tender bullion coin marked only with its weight in gold. The coin was created as a means for the private ownership of South African gold bullion coins by the general public and was first minted at the South African Mint on July 3, 1967. (Krugerrand Value)

Gold Krugerrands are designed to be durable and are therefore .9170, or 91.7% gold, with the remainder being copper. These popular gold coins also appears closer to an orange shade than coins alloyed with silver. Each one-ounce coin weighs 33.93 grams (consisting of 31.1 grams pure gold and 2.83 grams copper).

African antelope-gazelle (reverse) - The springbok, a famous national symbol of the South African Republic, is on the reverse. The words "South Africa" and "fine gold" are displayed in both English and Afrikaans. (Krugerrand Value)

Coins, including proof coins, are purchased for their gold content at the prevailing gold price. Customers are paid out in rand. Payments to customers are processed electronically and customers receive funds directly into their bank accounts. A receipt is handed to the customer at the time of concluding the transaction.

The SARB will only pay for the gold content of any Krugerrand, and Protea or Natura series gold coins offered. The prevailing market gold price and dollar exchange rate are used to calculate the price offered for the coin(s) on the day of selling. It should be noted that no premium is paid for the scarcity or collectability of any coin(s) offered for purchase by the SARB. Authorised coin dealers or coin collectors are more likely to pay a premium for collectable coins.

The SARB only pays for the gold content of the coins offered. However, proof coins can be sold to an authorised coin dealer or coin collector who might be willing to pay a premium for the coins based on their scarcity and condition.

The SARB does not sell coins to the public. Gold coins, including Krugerrands, can be purchased from the South African Mint or authorised coin dealer. A list of accredited authorised gold coin dealers is available on the South African Mint website.What price can I expect the SARB to pay for my Krugerrands or other acceptable gold coins?

The SARB buys Krugerrands, and Protea and Natura series gold coins from the public. However, the SARB will only pay for the gold content of each coin and no premium is paid for the scarcity or collectability of the coin. Authorised coin dealers or coin collectors are more likely to pay a premium for collectable coins.

In the event of the lawful owner being a company or a close corporation, the registered name as well as the trading name should be provided if the two differ. The physical address from which the company/close corporation operates should also be provided. (If there are multiple addresses, the street address of the office wishing to sell the coin and the Head Office address must be obtained and verified). In order to verify the identity of the above, the following documents will be sufficient:

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