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Between 72% and 80% of Africa’s total artisanal gold production is often undeclared for export, a new study has found. A significant portion of this gold is said to often end up in major gold-importing countries, such as the United Arab Emirates. According to a new study by Schulz and Ummel, Switzerland has a unique … Read more
According to February 2024’s latest inflation data, Turkey faces an inflation rate exceeding 67%, amid ongoing currency devaluation and a declining lira against the U.S. dollar. Recent findings suggest that in an effort to safeguard their wealth, Turks are increasingly turning to gold, with smuggling hitting unprecedented levels. Additionally, there is a growing interest among … Read more
In its attempt to relieve the pressure against the rupee, the Indian government announced on July 1 that it had hiked the duty on imported gold by five percentage points to 12.5%. However, there are fears the import duty hike will spur a resurgence in the smuggling of the commodity. India’s Worsening Trade Deficit Faced … Read more
Sudan has denied claims Russian entities have smuggled hundreds of tonnes of illicit gold from its territory. Officials have called the allegations fake news and suggested that Sudan is in fact looking to revive its economy through gold mining. The Rise in Russia’s Gold Holdings The Sudanese Ambassador to Russia Onor Ahmed Onor recently dismissed … Read more
Despite gold’s longstanding status as an alternative store of value, the commodity continues to experience unusual price variations in countries like South Africa and Zimbabwe. In turn, such price variances, as well as the rampant smuggling of the commodity, are distorting the precious metal’s actual production figures. Recycled Gold vs Non-Recycled Gold According to a … Read more
