By AKANAI CHAUKE
JOHANNESBURG, (CAJ News) – AFRICAN Medallion Group (AMG) is targeting a tonne of gold before the end of the year as the firm nears R100 million (US$7,7 million) in gold in the past 90 days.
Founder of the company, Zimbabwean entrepreneur Frank Buyanga, said gold, as one of the oldest forms of currency, had longevity owing to its simplicity and transparency as a commodity.
“Gold is a sensible option as part of a diversified portfolio. That is why we are confident that we will reach the tonne mark,” Buyanga explained.
Gold is often referred to as the “safe haven” for investors. This is due to its retention of value, rarity, and immunity to interest rate policies, which can frequently be influenced by political and economic movements.
In an interview at his Kyalami office, the AMG founder said gold could be purchased in foreign currencies hence there were no conversion fees.
Analysts have described 2017 as the year of gold.
Recently, Nandik Barbhaiya, Head of E-commerce at Forextime, gave an insight as to why investing in gold is lucrative.
The expert said the commodity as trading collateral could be beneficial to businesses worldwide.
“The popularity of using gold as an alternative trading currency has grown in recent years, with many traders looking to it as a hedge against inflation and a stable storage of value.
“The trading method for gold is over the counter, which is a common form of trading in the Forex market, so combining the two in your portfolio makes sense in a number of ways.”
AMG last month partnered with the House of Mandela to bring the world’s first gold-backed Mandela Pan African Medallion.
Each purchase of the medallion comes with full certification and serves as a representation of real gold that is stored in secure vaults.
The Pan African Mandela Medallion is part of mementos of the late global icon, themed, “The Struggle” series.
The souvenir is sold at the House of Mandela in Sandton.
– CAJ News
By AKANAI CHAUKE