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The purpose is to document and regulate the buying and selling of gold, according to the Pakistan Mercantile Exchange (PMEX). Now the government and PMEX, the country’s only futures exchange is negotiating with each other. Also involved are the Pakistan Gems and Jewellery Traders and Exporters Association, the Securities and Exchange Commission of Pakistan and the State Bank of Pakistan. So, an official gold market is now desired after Pakistan says it does not import gold. Nevertheless, there would be a gold consumption of 150 to 200 tons per year and this despite an import ban. There the gold comes probably on illegal ways into the country, because need is there. An organized gold market is to develop in such a way and the PMEX is to import all gold, then to resell to jewelers and retailers.

Pakistan hopes to gain more financial clout in the international arena with an organized gold market and large gold reserves. Plans include gold-backed bonds. Incidentally, India has the biggest problems with gold smuggling. Gold is highly valued in India, but import duties are high. Indian private households are said to own around 25,000 tons of gold. Most of the gold comes from Arab, Asian or Chinese countries. The gold smuggling often takes bizarre forms. In this country, gold investments are not a problem. Among the gold companies, for example, OceanaGold and Victoria Gold are appealing.

OceanaGold – https://www.commodity-tv.com/ondemand/companies/profil/oceanagold-corp/ – is a successful gold producer with mines in New Zealand, the Philippines and the USA.

Victoria Gold – https://www.commodity-tv.com/ondemand/companies/profil/victoria-gold-corp/ – also produces gold (since 2019). The open-pit gold mine is located in the Yukon.

Current corporate information and press releases from Victoria Gold (- https://www.resource-capital.ch/en/companies/victoria-gold-corp/ -) and OceanaGold (- https://www.resource-capital.ch/en/companies/oceanagold-corp/ -).

In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.

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