Posted on 08/16/2020 3:58:28 PM PDT by delta7
Swiss refiners — chief among them Valcambi — are under scrutiny due to the high risk of conflict gold originating in Africa entering their supply chain via the United Arab Emirates. Two parallel NGO reports on the subject were published on Thursday.
This content was published on July 16, 2020 - 18:00 July 16, 2020 - 18:00 Dominique Soguel-dit-Picard See in another language: 1
One of the reports, Golden Detour [Détour Dorée] by Bern-based Swissaid, examines the gold trade in the UAE, with a focus on the scandal-stricken Dubai company Kaloti Precious Metals and its ties to Valcambi, a precious metal refinery based in canton Ticino. The report denounces the “hypocrisy of a system in which actors resort to intermediaries to mask the origin of gold, rather than to source directly from the origin.”
Marc Ummel, head of raw materials at Swissaid, investigated the supply chain of Swiss refineries importing gold from the UAE. He carried out field research in Dubai in early 2020 and interviewed dozens of industry insiders. The UAE exported 149 tonnes of gold, worth CHF6.8 billion ($7.2 billion), to the Alpine nation in 2019.
Dubai – portal for Africa’s artisanal miners
The true origins of at least some of that gold, according to the report, are African artisanal mines and the Dubai gold market. In 2018, half of the gold transiting through Dubai came from the African continent — much of it exported illegally and originating in conflict-stricken areas, such as the Democratic Republic of Congo and the Darfur region of Sudan.
(Excerpt) Read more at swissinfo.ch ...
...and do realize the USD fell 9 percent in value last month.( at 93 the last I checked) ...invisible theft, throw on to the loss of purchasing power of inflation ( 4-5 percent rise in food last month) results in what we are seeing, gold hitting $2000 an ounce,....Goldman and others project $3500 gold in less than 3 years....
“Got Gold?”
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Pass.. I’ve been partial to Apples.
Auric Goldfinger is a happy man!
I’ve been loading up on silver, gold, and select techs that are likely to thrive in a shutdown.
“Artisanal” is certainly a sweet sounding name for some poverty stricken slob sratching minerals out of the earth with his bare hands.
Makes one think of an upscale micro-brewery, or essential oils shoppe.
Link has been 404ed...
that’s ~$770 M, almost a billion dollars
someone is moving some serious $$ around
I was the guy who bought at $1800 ten years back, and then sold last summer after it had sat dead in the water for nine years... so don’t look to me for investment advice.
But I’ll say this, when SHTF, I don’t see gold being very useful, and the same with silver. Dollars may be worth a lot less, but that will be the method of payment until there are no more payments made on most anything. At that point, lead is the coin of the realm.
Time to crank up the tungsten mines and smelters upstream of the gold plating shops
Is there anything that is free from a leftist sticking his big schnoz into it?
ASSAY OFFICES. The Assay Offices of the United States are part of the United States Treasury Department. They are responsible for the testing, melting, and refining of gold and silver bullion and foreign coins and recasting them into bars, ingots, or discs. Assaying is done at all the federal mints, but special plants were established at New York in 1853, at Boise, Idaho, in 1869, at Helena, Montana, in 1874, at Deadwood, South Dakota, at St. Louis, Missouri, in 1881, at Seattle, Washington, in 1898, and at Salt Lake City, Utah, in 1909. Other than the federal mints, there is now only one assay office. It is located in San Francisco.
I avoid conflict precious metals by only getting them from where the Spanish conquered the Aztecs and Incans or where the US had defeated the Mexicans in California Territory. It was a long time ago so its OK now.
Where are you getting the 8.6 yrs of bull for gold. Thanks in advance
Nonsense. For 5000 years there has never been a period you could not use gold as a store of wealth and a medium of exchange no matter what the turmoil or circumstances.
Actually I’m into brass and lead.
No argument on that point. It is a store of wealth.
And maybe I’m wrong, but for example, if my neighbor has 20 gallons of gas that I need, is he more likely to take a thousand dollars cash, or a quarter-sized piece of what I say is gold? Certainly, a bag of silver dimes may be traded and everyone knows they’re real, but if people are iffy on cash, they’ll be iffy on about anything else too. Except maybe a dressed out deer.
It’s like silver.
Can an expert answer this? - Years ago I remember reading that many people buy gold and receive gold certificates that in actuality aren’t backed up by real gold. Is this true?
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