Smugglers love gold

According to investigations by SwissAid, vast quantities of gold coins are smuggled into the United Arab Emirates. This comes from 12 African countries, mainly Mali, Ghana and Zimbabwe – and is worth between 23 and 35 billion US dollars every year. Most of this is then processed in the UAE. In 2022 alone, more than 435 tons of gold bars are expected to have been shipped. In the ten years after 2012, the total value is estimated to have been 115.3 billion US dollars. The UAE is said to have taken measures to intensify the search for smuggled gold. Fines amounting to more than 21 million US dollars have also been imposed to date. Last year, the UAE suspended the accreditation of Emirates Gold DMCC. This is one of the largest gold refineries in the country. Links to money launderers were suspected.

There are at least 20 gold refineries and more than 7,000 dealers in precious metals and stones in the UAE. Smuggled gold from Africa is also said to come to India and Switzerland. More than half of the gold produced in Africa is extracted in small-scale mining and is often not officially recorded in the trade data. It is clear that people and the environment are not spared in the process. The increased gold price is likely to exacerbate this situation. Targeted searches or the work of customs authorities often lead to the discovery of smuggled gold. Sometimes the gold travels by plane and sometimes it finds its way through small border crossings. Investors are on the safe side if they buy physical gold from reputable dealers or invest in listed gold companies. For example, Karora Resources or Calibre Mining.

Karora Resources – https://www.commodity-tv.com/ondemand/companies/profil/karora-resources-inc/ – produces gold at two gold mines in Western Australia. Revenue reached a new record high in the first quarter of 2024.

Calibre Mining – https://www.commodity-tv.com/ondemand/companies/profil/calibre-mining-corp/ -, active in Nicaragua and the USA, is a medium-sized gold producer.

Current company information and press releases from Karora Resources (- https://www.resource-capital.ch/en/companies/karora-resources-inc/ -) and Calibre Mining (- https://www.resource-capital.ch/en/companies/calibre-mining-corp/ -).

In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.

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