Latest News Editor's Choice

News / National

Frank Buyanga unveils $1bn gold backed certificate

by Staff reporter
11 Apr 2018 at 07:22hrs | Views
THE African Medallion Group (AMG) has introduced a $1 billion gold-backed bond certificate, in a development that is expected to consolidate the company's status in the yellow metal sector.

The latest development also comes at a time the South African gold medallion firm, launched by Zimbabwean entrepreneur Frank Buyanga, saw its gold reserves increasing to R2 billion up from R1 billion a year ago.

Gold is often referred to as the "safe haven" for investors, due to its retention of value, rarity, and immunity to interest rate policies that can frequently be influenced by political and economic movements. Its price was up 0,1% yesterday for a third straight session at $1 337,11 an ounce.

"This is why AMG has developed a fully gold-backed bond certificate, a global solution which allows anyone from anywhere in the world to invest in, and enjoy the benefits of owning gold," the company said in a statement yesterday.

AMG is a globally recognised corporation with a multi-billion rand gold reserve portfolio, making each gold-backed bond certificate a physical representation of actual gold units in secure and insured vaults.

The company noted that with a gold-backed bond certificate, investors get to enjoy all the benefits of owning the precious metal with very minimum risk, as the actual gold is stored in secure vaults.

"One can become a gold investor from anywhere in the world — location or distance is no barrier, and investors are also able to protect their savings against the currency devaluations," AMG said.

AMG said the certificate holders can also protect themselves in cases of severe banking crisis.

"Our aim is to ensure that investors protect their portfolio and wealth if an economic crisis in China, the US or Europe occurs. Even if an economic crisis would result in — temporary — deflation, one would be relatively better off with gold than being in paper money or paper assets," it said.

The medallions are backed by real gold reserves by the AMG which is registered on the London Metal Exchange.

Medallions are gaining the attention of numerous international media platforms who have endorsed it.

Source - newsday

Get latest news by email: