Rush For African Gold As Prices Spike By 15% in Two Months

There is a rush for gold from Africa as prices increase by 15 percent in a period of two months. Investors from the Western countries are rushing to Africa to have a share of her gold reserve.

As of Thursday morning, an Ounce of gold was going for an average of 1,501.65 US dollars, 3.87 dollars more than what was registered on Wednesday.

A gram of gold is going for an average of 48.28 US dollars, 0.12 US dollars more than Wednesday. A kilogram of gold is selling at 48,279.17 US dollars, 124.42 US dollars more than a day before.

In the last seven days, the price of gold around the world has increased by 3.54 percent, 7.44 percent in the last 30 days, 14.92 percent in the last 60 days and 57.27 percent in the last 10 years.

Investors around the world are looking for gold as the “safe” investment due to the fear that the trade war between China and the United States of America is likely to ruin profits of companies and lead to the global economic recession.

Investors are opting to invest in precious metals as a way of protecting their investment in the event of the devaluation of the dollar or any other major currency in case the recession happens.

Also Read:

• The Land of Gold; Uganda Reaping Big from Gold as Top Foreign Exchange Earner
• Top 10 Gold Producing Countries in The World: China Still Rules

Talking of economic recession, the US stock market plunged its biggest drop this year on Monday, 5^th August 2019, with 500 of the wealthiest people on earth losing about 2.1 percent of their total net worth.

According to Bloomberg, twenty-one members of the Bloomberg Billionaires Index lost over 1 billion US dollars as investors reacted to the recent and increased tensions between the U.S. and China.

Jeff Bezos, the richest man on earth and founder of Amazon.com lost the most, having lost 3.4 billion US dollars as shares of the online retailer tumbled. His current total net worth, however, stands at 110 billion US dollars placing him as the richest man still.

Chairman and Chief Executive of LVMH Moët Hennessy – Louis Vuitton SE, commonly referred to as LVMH, Bernard Anault was also affected in the US stock market meltdown where he lost 3.25 billion US dollars, leaving him with a net worth of 94.6 billion US dollars.

Mark Zuckerberg, Facebook’s CEO and co-founder, also lost 2.8 billion US dollars, leaving him with a net worth of 71.1 billion US dollars.

Bill Gates and Mukesh Ambani, lost 2 billion and 2.4 billion US dollars respectively in Monday’s stocks plunge.

It appears gold is the only option at the moment.