Gold Telegraph
@GoldTelegraph
Gold is closing in on record highs…
Moves are being made across Africa.
What is happening in Africa is very interesting.
Zimbabwe continues to streamline its gold-backed currency, and the largest oil producer in Africa aims to combat inflation with gold.
Nigeria’s plan to have gold constitute 30% of its external reserves clearly indicates its economic strategy moving forward.
Gold represents 4% of the nation’s reserves.
This is the largest oil producer in Africa.
Another key point?
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The President of Kenya recently endorsed the new gold-backed currency in Zimbabwe, saying:
“Fitting to use mineral wealth to back local unit.”
A Russian diplomat said last year that Russia and Africa want to create infrastructure beyond Western control.
It does not stop there, today, we learned that Uganda plans to purchase domestic gold to bolster its foreign exchange reserves and reduce the risks associated with reserve investments.
The story is getting good, isn’t it?
Welcome to uncharted waters.
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