Atangana Joseph Charles’ Post

Weekly gold trends local price in TSH per Gram in last week from Monday July 08 to Sunday July 14, 2024 #gold #goldprice #TIESMiningConsultancy #ties_tanzania #miningsectorintanzania

US$ 35 Billion Worth of Undeclared Gold Gets Re-Exported Through UAE According to a research report by SwissAid, each year, as much as $35 billion worth of gold produced by miners in Africa, goes undeclared and then smuggled out of the country’s borders. Between 80% to 85% of that gold goes to the UAE, where it is re-exported to other countries to enter the legal market. Such amounts of smuggled gold is quite problematic because the gold potentially linked to conflicts or human rights violations has been legally landing in Switzerland. Since the gold is exported out of UAE, it is then considered Emirati and floods the gold market. How do you ensure the gold you buy is sourced through the right means? Call us today for a free consultation on your precious metals portfolio & sourcing LBMA sourced precious metals! Read the full article here:  https://lnkd.in/gJiVYupw +852 2104 9233   (Hong Kong) +65 6980 2968     (Singapore) +63 966 957 5118 (Philippines)  +1 778 834 1207 (Canada) #preciousmetals #gold #coin #bar #goldbar #success #inflation #portfolio #Silver #demand #portfolio

Based on preliminary data #gold closed at $2,498 per ounce on the #shanghai gold exchange #SGE or at a discount of $6 per ounce below #lbma #china #preciousmetals #commoditiesmarket

In front of me are 13 gold bars, each weighing 1kg at a 995.0 purity. With gold prices at approximately $74,361 per kilogram today, their total value is about USD 966,693 $. These bars symbolize a journey that begins in African mines and impacts the global economy. Gold has held intrinsic value for thousands of years, symbolizing wealth and stability. In many West African households, grandmothers have always kept a nugget of gold for hard times. The tradition of gold in African families dates back to ancient Kemet through Mansa Musa, where mining fed communities and gold trade flourished. Today, Dubai, where I currently reside, is a major global hub for gold. Imports from Africa to Dubai have soared from 86.3 tonnes in 2012 to 204 tonnes in 2022, highlighting the significant role African miners play in the global market. These miners seek fair prices and aim to minimize middlemen. UAE authorities have enforced strong compliance regulations, boosting demand for ethically sourced gold and fostering a more direct and transparent supply chain. Fair pay through transparency and digitization for African producers and miners is central to our mission at Exportunity. Ensuring ethical exports of gold enhances national revenue and supports sustainable development. As we innovate and improve the gold trade, how can we enhance transparency and support ethical sourcing to keep this wealth within our communities? How can we promote domestic African gold consumption to ensure prosperity? #SustainableTrade #EthicalMining #GoldIndustry #AfricanMiners #FairTrade #Traceability #GlobalGoldMarket #DigitalTransformation

Situation of the gold price in the Tanzanian local market Today the situation in the Tanzanian gold market is very different from what many buyers who set up an office for trading purpose imagine it to be. Licensed, local miners are certainly not desperate to sell for discounted prices nowadays. The governments official and daily released local market prices, which usually serve as a guideline, do not reflect the prices on ground. In reality the highest bider makes the price. As a result during the last weeks raw gold was sold in Dar Es Salaam via the official Mineral trading center NHC for LBMA spot +50$ premium leaving no margin for traders who do not intend to either hold or add value to the precious commodity. #Tanzania #gold #market

Uzbekistan sets new gold price record: one gram reaches $81.4 The price of a five-gram bar is now almost $407, an increase of $10.6 from May 17. The last record was set on May 16, with a 1.8% increase in one day. 👉Details: https://lnkd.in/dCFzd4Bk #DaryoNews #UzbekistanGoldPrices #GoldPriceRecord #UzbekistanEconomy

Based on preliminary data #gold closed at $2,498 per ounce on the #shanghai gold exchange #SGE or at a discount of $6 per ounce below #lbma #china #preciousmetals #commoditiesmarket