|

Foreign traders banned from gold markets

ByVictoria

Ghana has banned all foreigners from trading in its local gold market as part of efforts to boost national revenue and streamline the country’s mining sector.

It follows the enactment of a new law earlier this month that grants exclusive authority of gold mining to a new state body, the Ghana Gold Board

“All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025,” said GoldBod spokesperson Prince Kwame Minkah in a statement.

However, foreigners are allowed to apply to buy or off-take gold directly from the GoldBod but can no longer operate within the local gold value chain.

“It sends a strong message to foreign actors – especially Chinese operatives – who have circumvented local laws for years,” Nana Asante Krobea, a mining governance consultant

Source – BBC

Similar Posts

  • /

    LME copper spreads surge to premium on short covering

    ByVictoria
    0 Comments

    The spread between the cash LME copper contract and benchmark three-month futures spiked to a premium for the first time in 19 months on Friday.

    It rocketed to $249 a metric ton, the highest since November 2021, compared to a discount, or contango, of $119 two days ago.

    Copper prices on COMEX have surged as investors seek to price in potential tariffs, with the premium of COMEX over LME at $1,050 a ton on Friday, down from a record peak of $1,153 a day earlier.

    Source – Mining.com

  • /

    Switerlands gold exports reach highest since 2022

    ByVictoria
    0 Comments

    Over the last two months, 12.9 million troy ounces (401 metric tons) of gold were delivered to COMEX-approved warehouses, raising stocks there by 73.5% to 30.4 million ounces, the highest since July 2022.

    According to the Swiss data, gold deliveries from the country to the U.S. rose to 64.2 tons in December from 3.3 tons in the last month of 2023. In March 2022, when global markets were grappling with immediate consequences of Russia’s invasion of Ukraine, Switzerland exported 81.5 tons of gold to the U.S.

    Source – US News / Reuters

  • /

    Gold prices keep getting higher

    ByVictoria
    0 Comments

    The price of gold rose 1.4% to $2,941 per troy ounce in trading Tuesday, putting it 0.2% off its record high notched last week, according to Dow Jones Market Data.

    “After missing several (brief/ shallow) buying opportunities in 2024, investors are likely wary of repeating the same patterns and may want to take advantage of corrections sooner this time around,” analysts wrote.

    Source – Barron’s

  • /

    Gold up amidst Israel – Iran conflict

    ByVictoria
    0 Comments

    Spot gold was up 0.2% at $3,374.54 an ounce, as of 0505 GMT. U.S. gold futures eased 0.5% to $3,391.90.

    “Gold has made a modest bounce as we await the next steps in the Israel-Iran conflict. If the U.S. does decide to get directly involved in the conflict this could raise the geopolitical stakes,” KCM Trade Chief Market Analyst Tim Waterer said.

    “The Fed was not as dovish as some had hoped, and I’d argue Powell was a tad more hawkish than many would like. The U.S. dollar is likely at oversold levels, and that is likely to cap gains on gold over the next few weeks,” said Matt Simpson, a senior analyst at City Index.

    Source – Reuters

  • Largest gold deposit in the world: NASA scientists discovered

    ByVictoria
    0 Comments

    NASA scientists estimate that there are almost 20 million tons of gold dissolved in the water of the seas and oceans.

    Estimates suggest that nearly 20 million tons of gold are dissolved in seawater. However, the concentration of this metal is extremely dilute across a vast volume of water, making its extraction highly complex.

    Source – AS USA