Gold yet may awaken the rich countries insisting on being poor – Silver Doctors

Will African governments facilitate this or allow it to achieve success for lengthy, insofar as demand for gold is certain to cut back demand for…

by Chris Powell of the Gold Anti-Belief Motion Committee (GATA)

Pricey Good friend of GATA and Gold:

It’s possible you’ll recall that your secretary/treasurer lengthy has lamented “the wealthy international locations insisting on being poor,” the still-developing international locations with giant gold sources and even giant gold manufacturing that however have declined to include the metallic into their financial methods however as an alternative have remained the slaves of the developed world and its extra refined — and exploitive — financial methods.

Virtually miraculously, some Nigerians have simply got down to do one thing about it comprehensively.– to construct what they name a “gold worth chain” within the gold treasure home of west Africa — actually, a gold financial system through which metallic mined regionally is changed into not simply jewellery regionally but in addition native financial savings of wealth by way of a digitized system of gold possession through which metallic credit may be transformed to gold cash and bars at native banks.

The enterprise, referred to as Sanu, a west African phrase for gold, has been began by Kian Smith Commerce & Co. Ltd. in Lagos, which operates a gold refinery and different companies. Sanu has created an web software that permits the acquisition of small quantities of gold and silver that may be redeemed for metallic in LBMA-certified merchandise at financial institution branches not solely in Nigeria but in addition London and Dubai. All metallic purchases by way of Sanu are made on a totally allotted foundation — no fractional-reserve gold banking right here, as in London and New York.

Sabu’s goal is to assist the folks of west Africa make investments and save of their area’s personal pure wealth and shield themselves with an area type of cash in opposition to the infamous inflation of developing-country currencies.

Will African governments facilitate this or allow it to achieve success for lengthy, insofar as demand for gold is certain to cut back demand for African authorities currencies? That may be a essential query, however African governments not too long ago have proven some recognition of gold’s enduring financial properties and the power gold can carry to their currencies. Ghana recently has been buying domestically produced gold for its central financial institution reserves, and Zimbabwe has simply begun experimenting with gold coinage redeemable at its central financial institution.

An important perception about Sanu’s goal was supplied this week in an interview with the Lagos newspaper This Day by the chief vice chairman of the Kian Smith refinery, Nere Emiko:

We actually imagine that we now have the product that provides gold to the folks. In all places we’ve gone in the previous couple of years folks hold asking: ‘This gold you say you might be refining, that you just’re promoting — the place is it?’ The identical factor is definitely taking place for Burkina Faso, which is No. 2 in west Africa after Ghana for gold manufacturing. Consider it or not, however most individuals in Burkina Faso have by no means seen gold. But Burkina Faso has a number of airstrips devoted to day by day evacuation of gold.

So quite a lot of what you discover taking place in our area is there are wealth and mineral sources that we’re producing however can’t entry, and it is a manner of now giving Nigerians, west Africans, and anybody in Africa the chance to entry gold.

Other than jewellery, it’s virtually unattainable to entry gold refined to worldwide requirements in our native currencies. We have now accomplished all of the work now to provide the folks entry to gold within the small retail portions they need, empowering girls and giving gold to the folks.

What occurs when the folks of gold-producing creating international locations begin seeing the metallic they mine functioning as financial savings and cash of their day by day lives, an alternate not solely to their native currencies but in addition to their present inflation hedge, the U.S. greenback?

They might grow to be unbiased and sovereign in a really sensible sense — a hazard to the imperial powers of the West. However then these imperial powers, already tied up with the warfare in Ukraine, can’t invade all people.

Sanu’s web web site explains its operation:

Current Nigerian tv information interviews about it may be seen at YouTube right here and right here.

One thing related ought to be tried in Central and South America, different gold-producing areas stuffed with wealthy international locations insisting on being poor.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Belief Motion Committee Inc.
[email protected]

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