The US Mint operates with a lean business model that operates in a just-in-time manner, managing incoming blank planchets from designated materials suppliers based on sales demand from Authorized Purchasers as a gauge of investor demand.
Keeping up with investors demand has been a difficult task for the US Mint. The pandemic lockdowns caused a total shut down of mint operations, forced mine closures and caused other widespread disruptions throughout industrial supply chains.
Problems for the Mint only got worse as investor demand for bullion investment coins skyrocketed because of the pandemic. For a few months, the minting of Silver Eagle coins was secretly shifted to the Philadelphia Mint for the first time in history as backorders began to pile up.
The US Mint is required by law to mint Silver Eagle coins in quantities “sufficient to meet public demand.” However, data provided in recent mintage reports shows monthly sales of the coins are down significantly when compared to the same period in 2021.
The latest reports show that for January, monthly sales totals were 3,949,000 coins. Most of these coins were minted during the final months of 2022 when the mint announced it would start minting the coins early. The mint stockpiled the coins, waiting to ship them to bullion dealers until after the start of the year. Did they hedge the price of silver during that time?
Since then, the mint appears to be on track to shipping only 900,000 coins per month, consistently. Far less than the monthly sales volumes reported just a few years ago.
For 2021, the monthly sales figures for February, March and April of that year being: 3,191,500, 4,087,000 and 1,053,000 respectively.
So far, the Mint has provided no explanation for the current production shortages, leaving investors shopping for silver bullion coins looking at options from alternative government mints.
Both the Perth Mint and Royal Mint have announced reaching historical sales records in recent years. Silver bullion coins from both mints have significantly lower wholesale and retail premiums as those mints. Neither appear to be having issues keeping up with demand from investors or industry.
At the retail level, premiums have, at times, exceeded 90% over spot price per ounce. The wholesale premiums that dealers pay to Authorized Purchasers has reached historic highs as well, forcing retail dealers to offer record prices over spot on buy backs. Some long-term silver investors have been able to take advantage of the current price spread compared to retail premiums paid several years ago.
The Mint also pointed to production and supply chain issues in its decision to the postpone the production of the Morgan and Peace $1 silver coins that were highly anticipated by investors and collectors in 2022.
Investors have grown extremely frustrated with premiums on Silver Eagles and lost faith in the US Mint. Most have already started to buy silver coins from foreign governments that are able to provide a dependable and continuous supply of investment grade precious metals.
With the cost for minting each penny being roughly 2.5 cents, and nickels topping 7.42 cents, total losses on these coins have been steep, with pennies taking a net loss of $92.7 million to produce, and nickels losing a total of $78 million, totaling $171 million in gross loss.
Back in 2021, the federal agents raided U.S. Private Vaults, a private vaulting and safe deposit box company located in Beverly Hills, CA under the suspicion that the owners of the company were involved in money laundering.
US Private Vaults had over 800 customers at the time, the vast majority were law abiding citizens that felt it necessary to use a secure storage facility to store their valubles.
More than $86 million dollars in cash and millions of dollars worth of jewelry and other valuable personal items were seized from the rightful owners, most who are innocent of any crimes or wrongdoing.
The government intends to keep the contents of more than 350 vaults, alleging that the money, precious metals, watches and other goods that they contained were the fruit of unspecified criminal activity without any proof.
Some others’ were rented by state-licensed marijuana dealers with limited access to banks due to federal regulations.
Benjamin Gluck, an attorney who represents some of the box owners believes it’s a money grab by the government, insisting that “the constitutional and moral bankruptcy of the U.S. attorney’s office by showing that they’re willing to give immunity to an admitted criminal so long as he doesn’t interfere with their illegal scheme to seize money from innocent box holders.”
Legislators in Texas are leading the charge against the Federal Reserve’s monopoly on fiat money by offering an option for people to conduct business in sound money. The principal idea reverses Gresham’s Law, wheregood money drives bad money out of circulation and the people can choose to decline to accept less valuable fiat money from the Fed.
If the bill becomes law, it would require the state comptroller to establish and provide for :
The issuance of gold and silver specie – A specie is a physical coin or token, typically made from a precious metal that is suitable for or customarily used as currency.
Require the comptroller to authorize the Texas Bullion Depository as issuer of the specie as legal tender in payment of debt and readily transfer the specie to another person
A mechanism to use 100% backed gold and silver digital currencies in everyday transactions
Use the digital currency as legal tender in payment of debt.
By electronic means readily transfer or assign the digital currency to another person.
Physical gold and silver backing the digital currency would be stored in a pooled account at the Texas State Bullion Depository.
Fractional gold coins are a great way to invest and provide a less expensive and practical way to accrue and stack gold.
Having a portion of savings set aside in precious metals can help provide a stable safety net or hedge against inflation and other investments.
Most countries throughout the world utilized currency coinage that was minted of silver and gold throughout the 1800s and into the early 1900s. The French Franc currency played an extensive role throughout the era and around the world.
The Latin Monetary Union (LMU) was a trade treaty signed by numerous European countries in 1865 that established the franc as a unified common currency based on the gold standard that helped to shape global trade for many decades. The treaty thrust the 20 francs gold coins into a role as a fundamental coin of merchant trade. A role it played for nearly one hundred years.
Each member nation began minting gold coins to the same standards to circulate for international merchant trade. All 20 francs gold coins are minted with planchets created from an alloy of 90% gold and 10% copper. The coins are each 21 mm in diameter with an overall gross weight of 6.45 grams.
The actual gold weight in each 20 francs coin is 5.80 grams, the equivalent of .1867 troy ounces. A stack of five of these coins is almost an ounce of gold.
These are one of the most popular gold bullion coins for investors. Vintage gold 20 francs are government minted coins that are today sold as bullion for their intrinsic value. These are often the cheapest gold coins available and are perfect for stacking.
Below is a brief description of some of the coins that were minted by France from the early 1800s until the early 1900s.
The era in the history of France commonly referred to as the Napoleonic Wars and lasted from 1803 until 1815, led by Emperor Napoleon I. At the height of his power, the emperor and his vast armies had taken control of much of mainland Europe. The First French Empire spanned from the eastern shores of Spain to the southern tip of Italy, all the way to the borders of Russia.
Napoleon had an extensive impact on the lands he conquered, improving and modernizing society through liberal reforms. Along the way, the wars brought vast amounts of gold into the French Empire and most of it was minted into 20 francs gold coins.
Napoleon I 20 Francs
Napoleon I brought sweeping reforms throughout the country, and helped France win significant military victories, eventually being granted the title of Emperor of France in 1804.
There is a broad variety of 20 francs gold coins that were produced bearing portraits of Napoleon, across dozens of mints throughout the France, Italy and even as far away as the Netherlands.
The 20 francs gold coins minted from 1804 until 1814 feature a leftward facing portrait of Napoleon Bonaparte.
Bullion coins from this era can have a mix of obverse design as various portraits and titles were used throughout these years. The coins you receive when buying Napoleon I 20 Francs Gold coins are chosen at random from available inventory and could be from mix of years and mint marks.
The early coins featured a young Napoleon with hair cropped wavy and long that was carved by Pierre-Joseph Tiolier, General Coin Engraver from Paris. The first coins include the title Premier Consul inscribed surrounding the portrait. This was later updated to read “Empereur”.
Louis XVIII 20 Francs
Following Napoleon’s second exile from France, King Louis XVIII reigned from 1815 until his death in 1824. The gold coins minted during this era had a right facing effigy bust of Louis that was modified in 1816 to remove the appearance of the military dress uniform.
The coins feature inscriptions on the front that include the name of King Louis XVIII, along with his title “ROI DE FRANCE”. The mark for the artist and engraver is incorporated below the portrait.
The reverse side of these coins contains a simple wreath motif that shows the face value and year-date of minting.
Charles X 20 Francs
Charles X 20 Francs gold coin
The reign of King Charles X last from 1824 until 1830. During the short reign lasting just six years, the king lost popularity amongst the liberals of French society.
The conservative policies directed from his regime are largely responsible for leading to the July Revolution which deposed the ruler and put in place his more liberal cousin, King Louis Philippe I.
The portrait was engraved by medalist and sculptor Auguste-François Michaut with the obverse engraving bearing his name and title reading “CHARLES X ROI DE FRANCE”, which translates to “Charles X King of France”.
Roughly 1.5 million Charles X 20 francs gold coins were produced with this design across four French mints.
Louis Philippe I 20 Francs
Louis Philippe I was nicknamed the “Citizen King” and served as the King from 1830 until 1848. Under his reign, known as the July Monarchy, the French economy was dominated and largely influence by wealthy industrialists and bankers
Louis Philippe expanded relations with Great Britain and sponsored colonial expansion, most notably with the acquisition of Algeria.
This king was considered a repressive ruler following his brother’s reign and many at the time felt him to be an illegitimate king. Many uprisings occurred in France throughout the 1830s, Louis-Philippe clamped down on dissent and gained a reputation for supporting the interests of the rich.
Many of the poorer class of citizens grew resentful and Louis-Philippe escaped from eight assassination attempts before he finally fled to England.
During his 18 years in power, the more than six million Louis-Philippe 20 Francs gold coins were minted at various minting facilities throughout the country. The obverse bust portrait was created by engraver Joseph-François Domard. The reverse depicts the crowned coat of arms enwreathed with the year-date of minting and legal-tender face value of 20 Francs.
Napoleon III 20 Francs
Napoleon III was President of the Republic of France from 1848 to 1852 and remained the last monarch until he was deposed in 1870. During his time leading the country he focused on building infrastructure for the country, leading to growth in the industrial base, economic expansion and the creation of new banks.
The banks provided the funding for Napoleon III’s major projects, which included massive steamships to reach far away colonies and railways and canals to connect the country’s major cities and trade hubs, and the rebuilding of Paris. Funding from the banks was funneled into developing new neighborhoods that are among the most famous and prominent amongst the Right Bank, such as rue de Rivoli, Opéra, and place de l’Etoile.
Various styles of the Napoleon III 20 Francs Gold coin were minted under his reign with two similar, though notably different obverse designs that commonly circulated during this period that are frequently found when buying random 20 francs gold coins.
The first, issued from 1853 until 1860 featured a rightward facing Napoleon III that was created from a portrait by artist Jean-Jacques Barre. The portrait features a bare headed emperor. More than 135 million gold coins were minted with this design over the seven year period making it a popular coin with bullion investors. These 20 francs gold Napoleon III coins have maintained their intrinsic value for more than 150 years due to the underlying gold content.
The second 20 francs Napoleon III gold coin was minted from 1861 until the end of his reign in 1870. The coin features a similar portrait, the primary difference appears to be that the monarch wearing a laurel wreath upon his head. More than 50 million of these coins were minted during this 18 year period.
It is very common to receive these as bullion coins when buying random year 20 francs gold coins, which remain incredible popular with investors. These coins were minted in mass quantities due to the establishment of the Latin Monetary Union during this period.
Lucky Angel 20 Francs
After the second exile of Napoleon III, the country turned to focus on more domestic measure starting with the Paris Commune in 1871. The Génie coin, often referred to as the Lucky Angel gold coin, was minted from 1871 until 1898.
The obverse design for the coin was created by artist and medallic sculptor Augustin Dupré who was the student of the sculptor David. The French Revolution gave him the opportunity to develop his art of engraving medals for soldiers as well as various coins. The iconic image on this coin represents the Guardian Angel Genius writing the constitution fresh on a blank tablet.
20 Francs Lucky Angel Gold Coin 1871-1898
The genie is turned to the right and is writing the word “constitution” on a table laid on a stone pillar. Other French cultural symbols are hidden in the design such as the cockerel, the lictor beam with the hand of justice above. The words “Republique Française” are written above the angel and Dupré’s signature mark can be found at the bottom.
The reverse design takes some added freedom in its departure from the previous designs. The traditional wreath and denomination value remain on the reverse in the center. In addition, inscriptions were added that instill some of the cultural values of the French people, including “Liberte”, “Egalite” and “Fraternite”.
More than 95 million 20 Francs gold Lucky Angel coins were minted from 1871 to 1898, with many surviving coins available today makes it one of the most popular fractional bullion coins for investors.
20 Francs Rooster Gold Coin
20 Francs Gold Rooster
The 20 Francs Gold Rooster was minted from 1899 until 1914. It is the last of the French 20 Francs Gold coins that was intended for circulation. Over 117,000,000 gold coins were minted. The denomination (known as the Franc Germinal) was in continual use through the 19th and 20th centuries.
The obverse of the coin has a profile of Marianne, the Goddess of Liberty who is symbolic of the French Republic. She is a symbol with origins in the 3rd French Republic and is a personification of liberty and reason. Inscribed around her are the words “République Française”.
The reverse displays a portrait of Le Coq Gaulois or Gallic Rooster, colloquially named Chantecler. The reverse includes the date and legal tender face value and is surrounded with the words “Liberté Egalité Fraternitén”, values that are still preserved in the culture of France today.
A growing number of states are passing new laws in the fight against CBDC from being introduced by the Federal Reserve.
The Federal Reserve system is the country’s central bank. The system is comprised of regional banks that are responsible for the oversight of the privately run banks within its banking district. The regional banks were established by the Federal Reserve Act and have been self-managed by banking insiders that are selected from within their own ranks.
The Federal Reserve system is overseen by a Board of Governors. Each governor is nominate by the President and receives approval from Congress to serve a 14-year term.
Two of the recent bank collapses, Silicon Valley Bank (SVB) and First Republic Bank, both failed under the watch of the current management of the San Francisco Fed.
According to reports, it seems that the staff, which “include 29 PhD economists, an associate economist and an economic analyst, and 15 research associates who are recent graduates from colleges across the country”, may have been spending much of their time focuses on pursuing the DEI agenda instead of doing proper oversight of the banks within their districts.
While the dollar is quickly losing its status as the global reserve currency, actors from a consortium of government agencies are actively pushing the Federal Reserve to implement a digital dollar.
It’s believed that issuing a digital dollar will help restore some credibility with leaders from emerging economy central banks that has been lost due to the widespread weaponization of the currency against foreign governments and individual foreign citizens.
Treasury Under Secretary Nellie Wang has confirmed that a digital dollar implementation is being explored with wholesale CBDC options that include providers of stablecoins. However, the reality is that various CBDC projects have been underway within the Federal Reserve system since the start of the pandemic.
Agreed,Jeff. Monetary freedom is as important as freedom of speech. Without it, we are slaves.
— Robert F. Kennedy Jr (@RobertKennedyJr) May 5, 2023
US banks are ramping up in anticipation for the introduction of the FedNow system later this year. Various government agencies actively deny that Fednow is related to CBDC implementation. However, the instant payment service could provide the underpinnings to support institutional transfers that incorporate near real-time settlement.
The ramifications FedNow will have on the remittance industry and the global abandonment of the dollar in favor of local currency trade agreements are being speculated on by industry analysts.
Earlier this year, legislators in Texas became the first to offer a solution against a federal CBDC by introducing legislation to create a state managed gold-backed digital currency.
Texas was also the first state to open a public gold depository where investors can securely vault their wealth.
That is why I oppose CBDCs, which will vastly magnify the government’s power to suffocate dissent by cutting off access to funds with a keystroke. That’s also why I support bitcoin, which allows people to conduct transactions free from government interference. Bitcoin has been a…
— Robert F. Kennedy Jr (@RobertKennedyJr) May 5, 2023
Several more states are now throwing hats into the fray against a centrally controlled digital dollar.
This week, legislators in North Carolina pushed forward a law that would ban the state’s agencies and institutions from accepting any payments in central bank digital currency (CBDC).
Florida and South Dakota lawmakers are pushing similar legislation as Universal Commercial Code laws emerge as battleground to roadblock a national CBDC.
On Twitter this week, Presidential Candidate Robert Kennedy Jr announced his position against CBDC implementations, decrying that monetary freedom is as important as free speech. In his tweet he cites numerous examples of how Paypal, Visa, Mastercard and GoFundMe have all been weaponized against citizens by both the United States and Canadian governments during the pandemic.
The US economy continues to be hit with a wave of record high inflation. Some analysts see the Feds latest quarter point increase likely leading to period of stagflation across the economy, which had been suggested last year as a possibility by banking and hedge fund executives.
Low Premiums on Britannia and Philharmonic Silver Coins
Precious metals remain one of the few sectors of the economy that remains stable. Utilizing gold and silver as a store of value and wealth continues to motivate many investors.
Premiums for government minted silver coins remain relatively low despite the offerings from the US Mint. Britannia and Philharmonic silver coins remain some of the cheapest options available and are both favorites of stackers.
In 2022, the demand for silver reached an all time high, with more than 1.242 billion ounces, according to a recent survey conducted by the Silver Institute. While registered mining output for the year totals only 835,900,000 1 billion ounces, leaving a deficit of at least 406 million ounces removed from custodial vaults, such as COMEX for the year.
While investor demand for silver bullion continues to rise at a steady pace, total global demand for the shiny metal rose more than 38% as the globally economy begins to recover from the pandemic.
The US Mint continues to struggle during periods of high demand due to ongoing supply chain issues plaguing domestic planchet suppliers.
Investor demand continues to drive up prices for physical silver bullion. Supply chain disruptions at the start of the pandemic led to depletions of wholesale and retail bullion inventories resulting in the prices of physical bullion become far removed from following the paper price.
Overall, the bullion market for investors is likely to see further divergence between the price of physical metal and the paper futures price if the supply chain issues persist.
For now, the absolute lowest prices for 1 oz silver rounds can often be found in random year and secondary market listings. Random 10 oz silver bars continue to be the best value and be an investor favorite for those looking to stack with bulk purchases.
Premiums on gold coins and bars offer the lowest premiums for precious metals buyers. Poured gold kilos can be found with premiums below 1%. A few online retailers are offering low premium vintage gold coins such as the Austria 4 Ducat restrikes and 20 francs gold coins being popular amongst fractional gold stackers.
PAMP Suisse is one of the most notable and trusted names in precious metals. Since 1984, the company has been located in Castel San Pietro with a state of the art refinery operation that purifies gold and silver that is mined throughout the world.
Beginning in their first year of operation, the company include fractional the 1/2 troy ounce, 20 gram, 10 gram, 5 gram sizes that are all still minted today.
PAMP Suisse gold bars have featured the Lady Fortuna design since 1979. Other front designs have been introduced throughout the history of the company.
PAMP Suisse 2.5 gram Heart Pendant with Zebra Hologram
In the 1980s, the company expanded the fractional gold bar sizes to include 1 gram, 2.5 gram as well as 1 tola (11.7 grams).
In addition to the Goddess of Luck design, PAMP has developed and issued more than 50 unique and illustrative designs that have included flowers, birds and animals, Zodiac signs, Hindu gods, Buddha and other religious icons.
PAMP 24k Gold Bar Pendant Jewelry
In certain years, PAMP has included a line of fractional gold bars designed to be worn as pendants on a necklace. Some 24k gold pendants simply show the lady fortuna design into an oval shape on the obverse. A small hasp hole is manufactured into the top of the design with a small gold chain link attachment incorporated to make it easy to wear as jewelry on a chain.
The PAMP gold pendants are stamped on the back with their weight and purity and include the mint hallmark. They have been minted in a variety of denominations as small
PAMP Lunar Gold Bars
In 2012, PAMP launched the Lunar Calendar Series of gold bars. The series captures a unique design each year based on the 12 year cycle of the Chinese lunar calendar. The series is issued annually with three weight denominations of 100 gram, 1 troy ounce and the smaller 5 gram gold bar.
For the current year, the PAMP Suisse Lunar Series incorporates a lovely and warmly designed Rabbit. The design includes a tipped over basket as a reminder of the good that the animal brings to the world with butterflies fluttering above.
The back of the design includes the reverse of the portrait on the front, showing the back of the hare and his fluffy tail in front of the basket. The weight and purity are stamped on the back.
Newly minted 2023 Lunar 5 gram gold bars are offered sealed inside a specially designed assay card that includes a matching serial number that is laser-engraved on the bar.
All PAMP Suisse fractional gold bars are minted with .9999 fine gold.
The Federal Reserve system is comprised of 12 Reserve Banks that were established following the outbreak of World War I in 1914.
Each of the twelve national reserve bank regions were chosen following a Congress sponsored selection committee called the Reserve Bank Organizational Committee.
After the districts were defined, each of the Federal Reserve Bank’s self organized amongst the regional banks, with local banks all contributing to the initial reserves from customer deposits.
The Board of Governors, appointed by the President of the United States is responsible for supervision of reserve banks and regulating certain financial institutions and activities.
The first President of the New York Fed was Benjamin Strong Jr. who had been persuaded by JP Morgan to take the job.
The Federal Reserve Bank of New York is also the exclusive fiscal agent of the US Treasury and is responsible for managing government debt by raising money through auctions of marketable Treasury securities (bonds) and through authorized government buybacks. It is also the holder of the General Account for the Treasury, where the Federal Government receives all direct revenue and pays nearly all federal expenses.
It also handles exchange rate management, swapping dollars with foreign currencies under the Treasury’s direction.
The Bank of New York owns and operates a bullion depository vault that is built on bedrock some eighty feet below the streets of Manhattan. As of 2019, the bullion depository held roughly 5,100 metric tons of gold, the large majority being held as the custodian of the reserves of thirty-six central banks.
Current Board of Governors
Jerome H. Powell, Chair – Powell was nominated by Donald Trump to serve as the chair of the Federal Reserve, replacing current Treasury Secretary Janet Yellen at the helm of the central bank.
Michael S. Barr, Vice Chair for Supervision – Barr was nominated by Joe Biden and confirmed by the Senate in 2022.
Michelle W. Bowman – In 2018, Bowman was nominated by Trump and approved by the Senate to serve a 14-year term on the Board of Governors, occupying the seat that represents community banks.
Lisa D. Cook – Cook is a Biden nominee that began serving on the Board in May 2022.
Philip N. Jefferson – Jefferson is a Biden nominee that began serving on the Board in May 2022.
Christopher J. Waller – Waller was nominated by Trump and received the approval of Congress in 2019.
The notion of wearable wealth has been around for centuries. There is ample evidence unearthed from the valley of the kings that gold was treasured by ancient royal families.
Gold earrings bearing the cartouche hallmark of pharaoh Seti II discovered in tomb KV56 in 1908, on display in the Cairo Museum.
Many artifacts made from gold have been discovered by archaeologists from ancients lost civilizations in all corners of the globe dating back thousands of years. From Ancient Egypt in North Africa, to the Mayans, Aztecs and Incas throughout Central and South America.
Even in the United States, relics recovered from various cultures that lived throughout the American Southwest have been found to have used refined gold for jewelry and various clothing adornments.
While common throughout Asia to own high karat gold jewelry as a store of wealth, the gold jewelry in the west is typically designed and sold as a fashion accessory and is often made from 10k, 14k or at best 18k gold.
Karat
Purity
10k
41.7%
14k
58.30%
18k
75%
22k
91.7%
Most common jewelry karats and their gold purity levels.
Investors today have a variety of low premium options when looking to buy 24k gold jewelry.
One of the first to make a splash with investors a few years ago was Mené. The company is a subsidiary of Goldmoney, Inc that was founded in 2017.
In order to help fuel their growth, the company provided investors with a variety of new customer discount codes and incentives that allowed some to buy gold close to melt value.
Mené still offers a variety of modern inspired fashion bracelets, rings, necklaces, chains and pendants crafted from 24k pure gold and platinum at a fixed premium that is around 30% above melt value. When shopping for investment-grade jewelry, Mené has a track record of being a dependable choice.
Nebü 24k Gold Jewelry
Traditional online bullion dealers now offer jewelry in a variety of karat and alloy blends.
Nebü Gold is an emerging company that creates beautiful 24k pure gold jewelry from ethically mined sources.
The jewelry collections consists of a variety of rings, pendants, cuffs and bracelets inspired by vulnerable and endangered species. Nebü pledges a percentage of proceeds towards environmental and endangered species conservation.
Nebu 24k Gold Bracelet
Gold jewelry from Nebü is available to buy through their website and a variety of online bullion dealers and other retailers including APMEX, Money Metals Exchange, Silver Gold Bull and MintBuilder in the United States. In South Africa, Nebu has partnered with The Scoin Shop.
Precious metals investors are often looking at ways to add more practical options to their physical gold holdings can find plenty of choices that are both fashionable and offered at a low premium over melt value.
SD24k Jewelry by SD Bullion
Notable online bullion dealer SD Bullion also now carries a variety of 24k gold jewelry available alongside other precious metals investments. The pieces in the collection are all crafted using .9999 fine gold that has been refined to 24 karat.
Some of the more popular products include religious pendants such as the 24k gold cross, various bangle cuffs like the twisted barbed-wire bracelet, and the spiral double gold orb ring.
Twenty-four karat investment jewelry is a way to continue to stack gold in a discrete way that is completely wearable and practical for storing wealth.
Gold is often alloyed with other metals to provide strength, rigidity and durability because 24k gold is very malleable. Investors who intend to wear this jewelry should exercise some care to prevent scratches, dings and other wear and tear.
Border police in India have arrested a woman attempting to smuggle gold at a border crossing. Police seized over 2 kg of gold bars from the woman as she was entering from Bangladesh.
The 34 year old woman from the Chittagong district in Bangladesh had hidden 27 different types of gold bars in cloth and secured it around her waist.
During her arrest the woman admitted to being paid to bring the gold across the border and had been instructed to deliver them to someone whom she did not know.
She told officials that this was her first attempt at smuggling gold across the border and that she was to be paid ₹ 2,000, around $25 for the task.
Reports of gold smuggling have rising sharply in recent years along the border between India and Bangladesh. A regional jewelry association from Bangladesh estimates that more than $700,000 worth of gold bullion is illegal smuggled into the country each year.
During the three year period between 2019 and 2022, India’s Border Security Force seized over 133 kg of gold that was being smuggled through West Bengal.
April 4, 2023 – 604 kg of gold seized by customs as Mumbai airport during 11 months between April 2022 and February 2023. Customs reports gold seizures at other major international airports include Delhi at 374 kg, Chennai at 306 kg, Hyderabad at 124 kg.
Authorities believe this is just a fraction of the amount of gold that is being smuggled through the region.
Much of the smuggled gold has been traced back to illegal mining operations throughout the Middle East, Singapore and many as far away as South Africa.
Officials believe that part of the problem stem from recent increases in taxes on the importation of gold imposed by the Ministry of Finance. The duty to import gold into India was raised from 7.5% to 12.5%. Plus an additional 2.5% tax is added to support the national mining infrastructure.
