The Gold Standard
Gold has always been one of the most precious metals on the planet and for many centuries currencies were fixed against Gold. The Gold Standard was a system under which nearly all countries fixed the value of their currencies in terms of a specified amount of gold, or linked their currency to that of a country that did so. Domestic currencies were freely convertible into gold at a fixed price and there was no restriction on the import or export of gold. Gold coins circulated as domestic currency alongside coins of other metals and notes, with the composition varying by country. As each currency was fixed in terms of gold, exchange rates between participating currencies were also fixed.
Global Gold Demand
The modern gold market is a picture of diversity and growth. Since the early 1970s, the amount of gold bought annually has roughly trebled and gold markets have flourished across the globe.
Gold has emotional, cultural and financial value and is bought by different people across the globe for different reasons, often influenced by national socio-cultural factors, local market conditions and wider macro-economic drivers.
Africa Gold
Africa has always been one of the world’s largest producers of Gold. Gold was mined by large gold mining companies who reaped huge profits but since gold prices have been consistently climbing many small artisanal miners has started to enter the market in recent years. The gold trade in Africa has been extremely profitable for many who buy and sell Gold from these small miners. Africa has seen billions of dollars worth of gold being exported each year.
Historical data
Gold Prices has reached record highs
Buying Gold
To buy gold, you have to travel to the country of origin and these transactions are very risky especially when you don’t know who you are dealing with. For example, have a look at the picture. It looks like this person is offering a bar of gold but you would be wrong in that assumption. If you could not spot that the gold is fake without testing it then you do not have the necessary experience to buy gold. Almost 99% of all gold that will be offered to you will either be fake or they are going to scam you.
What you need when buying Gold
- The first thing you need is years of experience buying and selling gold.
- You will need to bring your cash into the country and this can be most challenging.Â
- You will need an export license to trade in gold.
- You will need special equipment to test the gold properly, these can cost thousands of dollars each.
- You need equipment to smelt the gold into bars.
- You will need a safe place acceptable to yourself and the seller to do the transaction.
- You must be registered with the department of minerals and you must have the knowledge and experience to apply for the export documents and comply with regulations.
Africa Gold Agency can help you
We have helped countless people over the years successfully purchase and export their gold. With more than 10 years of experience in the gold business, we are in the perfect position to help you.
