World War I was a pivotal moment in the history of the gold market.
The threat of war effectively derailed the gold standard, with many countries hoarding the metal.
When the war ended, the Bank of England took steps to re-establish London as the center of the gold market. The central bank focused on the London-based, daily gold settlement price that could serve as a global benchmark.
Almost a hundred years later,Gold prices are determined in London and Imperial British has maintained firm grip on Africa minerals:
Did Africa really get independence?
The first gold “fixing” took place on Sept. 12, 1919, in the austere, wood-paneled offices of banker N M Rothschild & Sons in St. Swithin’s Lane, London.
he five founding members of the London gold benchmark—N M Rothschild, Mocatta & Goldsmid, Samuel Montagu & Co., Pixley & Abell and Sharps & Wilkins—exchanged bids and offers on gold orders, moving the price higher and lower according to supply and demand.
Once bids and offers were balanced at a certain price, the day’s benchmark price, known as the “fix,” was set.
Almost 100 years on, it may come as a surprise that the process for setting the London gold fix remains largely unchanged.
The fix remains the global benchmark for the price of gold and is used, for example, by jewelers and central banks to price deals and help determine the value of securities tied to gold, such as exchange-traded funds.
If gold and many other minerals come from Africa but we have no power to determine their prices?
This only means we are selling things that we don’t know how much they are worth;what kind of monkey business is that?
Africa needs to urgently regain control of her natural resources and create Intra-Africa market for these resources.
Africa gold reserves now worth $1.5 TRILLION yet we are not benefiting from this immense wealth of Africa.
Many African leaders have signed secret deals with imperialists in exchange for political favours and protection thus enabling former colonizers so as to maintain firm grip on Africa’s natural resources for almost a hundred years now.
Africa as the largest gold producer has a right to fix gold prices and open a gold market in our motherland.
One would wonder Africa in spite of all these resources,why it has a very high foreign aid dependency rate.
Why do we continue presenting ourselves for exploitation by developed Eastern and western powers?
Its not only gold that the west is fixing prices,they come to Africa and exploit oil,gas and other metals at their own prices.
We have become slaves of our own natural resources and poverty keeps rising as oil production increases in Nigeria.
If oil is being produced in Nigeria, why should African nations import oil from outside Africa?
Why does Nigeria export crude oil and import refined oil?
If all these minerals,oil and gas are in Africa;why do we allow foreign multinationals to come and loot our resources?
These are questions we need to answer;its time for Africa for Africans.
There is urgent need for new legislation to protect Africa from exploitation.
African minerals need to be exploited by African owned companies.
This is the only way we can protect our gold reserves from foreign companies that over-mine and hoard gold in western countries.
Tonnes of gold stolen from Africa is being hoarded in Britain.
Gold hidden in secret vaults beneath the Bank of England worth $248bn.
A fifth of the world’s gold is hidden under London, worth an estimated £172 billion ($248 billion).
The vaults under the Bank of England on Threadneedle Street are said to hold 5,134 tonnes of gold but considering how vast British empire was;the exact figure of hidden gold remains a top secret for the Buckingham palace.
A new report by SNL Metals and Mining shows Africa at the top of tables when it comes to the value of gold still in the ground.
Using the combined value of reserves and resources reported by explorers and mining companies active on the continent, the research company, calculated a figure of $1.48 trillion for primary gold projects.
Canada and the US came in second with gold in situ values as at September 8 of $1.26 trillion.
For gold in non-gold primary projects, Asia-Pacific was the key contributor in terms of resource value, accounting for $692 billion of the total according to SNL.
When it comes to the value of gold resources where it is mined as a secondary product alongside other metals, Africa falls down the rankings with less than $100 billion on the books.
As for revenue, calculated by multiplying 2015 total gold production from primary gold mines with the 2015 average gold spot price, Asia-Pacific and Africa are once again the most as most valuable gold regions, with gold revenues of $20.2 billion and $16.1 billion, respectively.