Tricky reality of “Gold Fever” outside the borders of Dubai

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With economies’ financial health worsening throughout the whole world, more and more people are directed these years toward huge investments in African gold industry. Needless to say, rich businessmen or simply those who are in possession of much cash at hand, being in a hurry to get rid of it due to unstable currency policies, are better equipped during crisis periods to make more intelligent decisions. But is it enough to have some capital in order to ensure your cloudless future based either on gold transactions or gold deposits? It may be, but you will have to learn first how to get immune to fraud.

A basic knowledge of gold industry is essential if we are to be well informed gold buyers, so let us first deal with real-world data which state, that South Africa and Ghana are the world’s largest producers of gold. Almost 50% of the world’s gold reserves are found in SA and experts believe there is still considerable potential for the discovery of other world-class deposits in areas that have yet to be fully exploited. The gold production of so-called Gold Coast, in other words Ghana, which was a British colony till 1957, rose 12 percent only in 2009 with mines producing 2.9 million ounces, compared with 2.6 million in 2008, according to data from the Ghana Chamber of Mines. No doubt, the demand and gold production as a result are increasing with each passing day, while the purchasing power of the main world currencies is falling down.

The tricky reality of gold fever springs from the fact that today, together with the increased demand for this precious metal, internet gold fraud is also expanding at break-neck speed. What is it and how does it work? Any gold buyer naturally searches for the best price, no matter what the purpose of an investment is, and here is a true trap. On the internet, one may easily find numerous offers from West African Coast countries (Ghana, Sierra Leone, Republic Mali etc), represented mainly by Nigerians, selling their gold dust or bars at a price that is far below the market price. All the offers look too tempting and seem to promise pure success. BUT, to put it bluntly, don’t get into ecstasy so much in advance. Almost 90% of the internet offers from the mentioned above countries are fake! The scammers have been doing big money for years, requesting from their potential buyers an upfront payment for gold transportation taxes, for instance, from Ghana to Dubai, usually made through Western Union or Money Gram. The victim list is so long, that this “business” is prospering with always more “white” buyers (they call us in this way) being ripped of their money.

How come are foreign investors not protected by the local authorities? South Africa performs certain services to take an overall control over its gold mining industry, encouraging procedure transparency so you may hardly ever find any fake internet offer from there, while Ghana along with the whole West African Coast appears to be partially incapable of a daily “fire fighting” with internet scammers because of the lack of specialized staff to undertake these problems and, let me say that, almost total corruption.

In conclusion, I would say, that gold investment is one of the best economic solutions, but it must be a buyer itself to take a full responsibility of all the actions. And to perform this demanding role adequately, you must, first of all, never send any money to people you don’t know; secondly, find out as much as you can about a miner you’re going to work with, asking local mining ministries for assistance, thirdly, never forget about your own security in case you decide to visit Africa yourself and finally, as stated in the title, remember Dubai remains the safest and the best market for any business. Hope this article will be helpful in running your business. Good luck!

9 thoughts on “Tricky reality of “Gold Fever” outside the borders of Dubai

  • 1 Dicembre 2010 at 03:38
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    поздравления для вашей первой статьи на DubaiBlog!

  • 1 Dicembre 2010 at 12:31
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    Спасибо большое, Нико! Кстати, картинку посвящаю исключительно тебе 🙂

  • 1 Dicembre 2010 at 23:30
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    A very interesting topic for those who want to invest in gold or simply set up a gold business in Dubai. Thank you, waiting for your new posts

  • 2 Dicembre 2010 at 22:03
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    Was surfing the web looking for some info about gold investments and ran into this post: very interesting, thx for the update!

  • 2 Dicembre 2010 at 22:57
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    Sounds very sensible. Thank you a lot for such a nice article! And good luck to you, too!

  • 3 Dicembre 2010 at 00:42
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    Спасибо посвящать изображение к мне

  • 3 Dicembre 2010 at 11:00
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    Na zdorovie!! 🙂

  • 8 Dicembre 2010 at 01:37
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    thank you for such a nice article. its very interesting to know 🙂

  • 9 Dicembre 2010 at 21:12
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    Well done, Anastasiya! A very logical and consistent vision of the issue!
    So proud of you!!! Hope one day to warm up in the rays of your fame!

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