News

AMG Gold Reserves Spike To R6 billion

BY NAG REPORTER

JOHANNESBURG- African Medallion Group’s (AMG) gold reserves have spiked to R6 billion between January 1st and October 5th 2018 hitting a historic high for the firm.

The company announced on Monday announced the news to shareholders in a statement saying that it has been pleased by the gold market.

“The African Medallion Group is pleased with the current global Gold markets performance. On 5 October 2018, gold was trading at an average of R17’848, which is a 10.43% increase since 1 January 2018 when Gold was trading at an average of R16’160,” AMG said in a statement to shareholders.

The 2 years old start-up’s accelerated growth has given it a boost as it plans to enter the highly un-predictable Zimbabwean market.

The announcement comes few days after AMG founder Frank Buyanga, made a daring offer to fund Zimbabwe Sovereign Wealth Fund, which has stalled since 2014.

The South Africa based businessman offered t to fund and capitalise the SWF, which he said can assist start-ups in that fledgeling country through AMG.

Image result for african medallion group FOUNDER
AMG Founder- Frank Buyanga

Zimbabwe, which is heavily indebted and has a very high unemployment rate, estimated at more than 80 percent, has been unable to implement any SWF that could help set up small-scale enterprises.

In June, Buyanga’s AMG closed an R100 million acquisition of Pagliari Group (Pagliari), a former subsidiary of Rand Refinery and supplier of high-quality gold products.

Pagliari has a rich history in South Africa.

Stretching way back to 1962 the company produced the largest piece of worked gold in South Africa, the 18ct gold Parliamentary Mace, a piece that is still exhibited at the Parliamentary building in Cape Town today.

The Mace has become the foundation and benchmark of quality which remains in the company and for which the Pagliari Group and its subsidiary companies are world renowned.

Buyanga was also in the news recently over his $5m exotic car.

Buyanga recently added to his fleet one of the only 20 Bugatti Veyron Fbg par Hermès in the world with a $5m price tag, with this car, he joined a list of world stars who drive an expensive car, including Kim Kardashian who drives a $325,000 Ferrari and Simon Cowell’s $863,000 Jaguar.

Media reports from Zimbabwe say Buyanga told his close associates that the car will remain in Zimbabwe as he did not buy it for regular travel, instead, he treats it as a ‘collector’s item’.

New African Gazette
New African Gazette is an online portal for, by and about Africa, Operating in London & Johannesburg, we aggregate and produce news and current affairs covering various topics.