THE new kid on the block in the currency sector, African Medallion Group (AMG), has announced new services to include gold purchasing as well as precious metal beneficiation, positioning itself as a complete gold trading trading firm.
The AMG Gold Reserve, which was launched recently now has over R60, 000,000 million worth of gold, the company said on Wednesday.
AMG Public statement read: “Over the past few days, the African Medallion Group has continued to add more Gold to its reserves through purchases made at the Rand Refinery. This week ended on an exciting note for all our clients/stakeholders as we saw our Gold Reserves surpassing the R60, 000,000 mark.”
The move by AMG has been hailed by analysts, this comes as gold prices have spiked to their highest point in almost a year as safe-haven assets continue their march upwards against a backdrop of ongoing tensions surrounding North Korea and its nuclear program.
The precious yellow metal edged around 1 percent higher in Monday trade, hitting $1,338.16 per troy ounce by 9:30 a.m. London time, to stand marginally shy of the 12-month peak of $1,338.48 reached on September 24 last year.
Market analysts are attributing the rise in gold prices at futures trade to a firming trend overseas as demand for safe— haven assets remained strong in the wake of North Korea’s most powerful nuclear test to date.
“Heavy buying saw the price of gold jump on Tuesday hitting levels last seen a year ago as safe haven buyers seek refuge amid escalating tensions on the Korean peninsula and weakness on equity markets see investors rotate back into gold,” one analyst said.
The AMG has been positioning itself on the market for a while.
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 come with full certification and each medallion serves as a representation of real gold that is stored in secure vaults.
The gold-backed $10 Pan African Mandela Medallion is part of mementoes of the late national icon themed the struggle series, which are being sold at the House of Mandela in Sandton. – www.newafricangazette.com