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Old 04-24-2019, 09:01 AM
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Default news: gold smuggling out of Africa



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https://www.reuters.com/article/us-g...-idUSKCN1S00IT

***Billions of dollars’ worth of gold is being smuggled out of Africa every year through the United Arab Emirates in the Middle East – a gateway to markets in Europe, the United States and beyond – a Reuters analysis has found..Customs data shows that the UAE imported $15.1 billion worth of gold from Africa in 2016, more than any other country and up from $1.3 billion in 2006. The total weight was 446 tonnes, in varying degrees of purity – up from 67 tonnes in 2006.

Much of the gold was not recorded in the exports of African states. Five trade economists interviewed by Reuters said this indicates large amounts of gold are leaving Africa with no taxes being paid to the states that produce them.***

I wonder what effect this will have on the market

(I wonder how I could get my hands on some...)
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Old 04-24-2019, 09:08 AM
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Guy I knew would constantly fly to Thailand or someplace near it and bring back diamonds in his pockets.

Not sure how legal it is, but sounded interesting.
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Old 04-24-2019, 09:08 AM
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Much of the gold was not recorded in the exports of African states. Five trade economists interviewed by Reuters said this indicates large amounts of gold are leaving Africa with no taxes being paid to the states that produce them.
This is exactly why there is an underground market for gold. It's probably getting sold under market value, as well.

If you figure out where to get some, let me know.
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Old 04-28-2019, 09:30 AM
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Odds are that the gold is sold by the UAE to Swiss refiners to make it 0.999 pure. Then, mostly sold to central banks.
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Old 04-28-2019, 11:42 AM
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Odds are that the gold is sold by the UAE to Swiss refiners to make it 0.999 pure. Then, mostly sold to central banks.
Where is this idea coming from?
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Old 04-28-2019, 10:15 PM
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Those who track daily gold deliveries say that a lot of gold first goes through Swiss refineries to upgrade it to 0.999.

Daily news of gold markets speaks to the movement paths.

I've no idea how much of the African gold is kept by the UAE, but odds are that most (if not all) goes for upgrade. Some may well be returned to the UAE after the smelting.

Surprisingly, Germans are serious buyers of gold:

https://www.zerohedge.com/news/2019-...nys-population
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Old 04-28-2019, 10:29 PM
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There are many types of schemes for smuggling gold and gem stones around the world including the US. In some cases its only to avoid duties and in some it is a major form of money laundering involving the middle east, Israel and India as the transit and destination. Africa and Latin America having the source countries. the main jewelry districts all around the world engage to some degree with smugglers of precious metals, gem stones (raw and finished) and high end watches. Undervaluing and overvaluing schemes are also used to increase profits.
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Old 04-28-2019, 10:59 PM
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I've no idea how much of the African gold is kept by the UAE, but odds are that most (if not all) goes for upgrade. Some may well be returned to the UAE after the smelting.

Surprisingly, Germans are serious buyers of gold:
Gold smuggled out of Africa to avoid fees would be unlikely to be purchased by other countries, more likely to be purchased by independent entrepreneurs. It is hard to see any reason the UAE would get involved in a scam to avoid fees imposed by other countries and difficult to see why the UAE would want to become a middleman in gold transactions at all.
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Old 04-29-2019, 09:19 AM
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If not the UAE government, then, yeah, wealthy entrepreneurs. But I'd bet that some of them are in the government. After all, it's the middle east.
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Old 04-29-2019, 06:54 PM
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I understand that if you have some undocumented gold at your home, you can fly to the UAE, and make it legit without trouble. Good to know.
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Old 04-29-2019, 09:33 PM
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Why would anyone go to such trouble that about 90% of the people, at least on SB say is a worthless metal?
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Old 04-30-2019, 11:25 PM
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Saying that gold is a worthless metal is a way to claim more smarts than people like Putin and Xi, as well as government and central bank bosses around the world-and billions of individuals.

E.g., the gold held by the private sector citizens of India = some 25,000 tonnes.

When it comes to protecting wealth, on average, US folks are ignorant. Doubt me? US voters happily elect people who destroy wealth.
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Old 05-01-2019, 08:25 PM
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When one thinks that typical grade for a modern, large scale African open pit gold mine is about 1-2 g/tonne, it means 30 tonnes of ore (plus many more tonnes of waste) have to be moved to produce one ounce of gold (approx. 30 grams)... small miners can high grade narrow parts of a high grade orebody and get 10 g/t or even 15 g/t, but their tonnage rates per day are pathetic (a few hundred kg at best).

Me thinks several Chinese large operations are mining the gold in Africa then reporting it as produced in China... or simply just not reporting it. Check out which countries are the largest gold producers, China is at the top. Africa is being raped by China yet nobody seems to care, the problem is 1800s colonialism...

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Old 05-02-2019, 02:39 PM
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"Gopher hole" mining is prevalent in many places, by thousands of individuals. South America, Philippines, Africa...No one miner makes much over "day wages", but it adds up to quite a lot of gold.
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Old 05-05-2019, 08:44 AM
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Odds are that the gold is sold by the UAE to Swiss refiners to make it 0.999 pure. Then, mostly sold to central banks.
Absolutely no shortage of competent refiners in the UAE with a whole lot less regulatory oversight than they have in the Confederation.
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Old 05-05-2019, 10:40 AM
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Absolutely no shortage of competent refiners in the UAE with a whole lot less regulatory oversight than they have in the Confederation.
Well, in the UAE there is Federal Law 11 which provides for trading, marking and certification of precious metals with high fines and jail terms of up to two years.

It is usually preferable to simply bring bullion directly in to the US since there is no customs duty on gold bullion.
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Old 05-05-2019, 11:41 PM
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Quote:
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Well, in the UAE there is Federal Law 11 which provides for trading, marking and certification of precious metals with high fines and jail terms of up to two years.

It is usually preferable to simply bring bullion directly in to the US since there is no customs duty on gold bullion.
Probally better to wash it somewhere else, than leave the paper train coming into the US. While the Swiss control a huge portion of non SA refining, the process itself is preformed in the US.
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Old 05-06-2019, 05:23 AM
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Quote:
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Well, in the UAE there is Federal Law 11 which provides for trading, marking and certification of precious metals with high fines and jail terms of up to two years.

It is usually preferable to simply bring bullion directly in to the US since there is no customs duty on gold bullion.
Its also illegal to own a chimpanzee if your not a licensed zoo, wildlife park, circus, breeding and research centre but Instagram is chock full of Emiratis posing with infant chimps in domestic settings. Regulations and regulatory oversight are a thing apart in the UAE.
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