THE African Medallion Group (AMG) has extended the scope of its business activities to include gold purchasing and precious metal beneficiation.
The development has seen AMG increasing its gold reserves through recent purchases of the bullion from South Africa’s Rand Refinery.
In a statement AMG said the AMG Gold Reserve, which was launched recently, now had over 100 million rand worth of gold stocks, largely considered a safe haven by investors, especially in times of volatility.
“Over the past few days, the African Medallion Group has continued to add more Gold to its reserves through purchases made at the Rand Refinery. This brings excitement to our future prospects,” AMG said.
The AMG last month partnered with the House of Mandela to introduce the world’s first Gold-backed Mandela Pan African Medallion.
“Each purchase of the Medallion comes with Full Certification and each Medallion in your possession will serve as a representation of real gold that is stored in secure vaults.”
The gold-backed $10 Pan African Mandela Medallion is part of mementoes of the late South African icon themed The Struggle Series and sold at the House of Mandela in Sandton.
Recently, businessman Frank Buyanga wrote to all African presidents informing them about the African Medallion Dollar (AMD), a physical coin, which takes the form of a hybrid crypto-currency, such as bitcoin, that can be used as a store of wealth and aimed at opening up trade in Africa.
Following the growing shift towards digital currencies and gold
medallions as stable alternative stores of value, compared to fiat
money, the Africa Medallion Group — which is headed by Mr Buyanga — on May 25 this year launched a $5 African Medallion Dollar (AMD). Only 100 of the $5 AMD were put into circulation, and holders got
certificates that serve as confirmation and guarantee that they
possess the genuine exchange and store of value articles.
By June 2017 the bid price for the $5 African Medallion Dollar had
jumped by more than 2 000 percent in two weeks and had since broken past the $100 dollar psychological barrier.
As global financial markets become increasingly volatile, investors have been shifting their portfolios and investments towards more stable securities and
The AMDs are specially crafted with bronze and engineered as a symbol
to commemorate the 54th anniversary of the African Union (former
Organisation of African Unity), founded on May 25, 1963.
Though the guaranteed buy-back amount was fixed at US$5 for each $5 AMD and the future value will be determined by value of trades.