Gold Vanishes From Reserve Bank of Zimbabwe

The Zimbabwean government has lost millions of dollars worth of gold after grossly underselling nearly 300 kilogrammes of gold in London in 2013, Now Daily can reveal.
Finance Minister Patrick Chinamasa claimed that the government had sold its last stock of 285 kgs of gold for a mere $478 000 in January 2013.
According to dealers in London, gold was selling for more than $40 000 per kilo at that time, meaning Zimbabwe should have realized nearly $12 million.
“In January 2013, the Reserve Bank had a deposit of 284,642 grams of gold with its London correspondent bank, the Standard Bank. Under the law of authority of the Governor of the Reserve Bank, the gold was disposed of for $477,612.00 and the amount was accounted to the bank,” Chinamasa said.
The minister could not explain how the sales realized such a “paltry” amount, which fell far short of market prices.
“The bank does not engage in gold sales. I have, however, asked the Reserve Bank to prepare for the day we can start to build our own gold and diamonds reserves. The legal
responsibility to keep such reserves would fall squarely on the Reserve
Bank,” Chinamasa said.
He claimed that the RBZ, which inherited large amounts of gold from Rhodesia, no longer had any stocks.
“The bank does not hold any gold reserves except for gold coins which were valued at $501 390 as at the end of 31st January, 2014,” said Chinamasa.
He claimed an audit by Ernst and Young would reveal the true state of affairs at the beleaguered bank.
“The 2014 audit is currently under way and it will be submitted to me as the responsible Minister by 31st March, 2014 in terms of the Reserve Bank of Zimbabwe Act Chapter 22: 15,” the minister said.

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