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Reuters Suddenly Appears Concerned That Africa Is Being Cheated Out Of Its Gold


If Reuters is suddenly so concerned, why doesn’t the news agency investigate the international central bank gold price suppression scheme?

by Chris Powell of the Gold Anti-Trust Action Committee (GATA)

If Reuters is suddenly really so concerned about Africa’s being cheated out of its gold, why doesn’t the news agency investigate the international central bank gold price suppression scheme? Most of the work for such investigative journalism already has been done here:


All the news agency would have to do is call a few central banks to collect their refusals to account for themselves.

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Gold Worth Billions Is Smuggled Out of Africa

By David Lewis, Ryan McNeill, and Zandi Shabalala
Wednesday, April 23, 2019

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.

Previous reports and studies have highlighted the black-market trade in gold mined by people, including children, who have no ties to big business, and dig or pan for it with little official oversight. No one can put an exact figure on the total value that is leaving Africa. But the Reuters analysis gives an estimate of the scale. …

… For the remainder of the report:


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