YahooFrinance-Reuter/Cooper Inveen/6-7-2022
“Newmont’s Africa unit has sold 3,500 ounces of gold to the Bank of Ghana under a central bank domestic gold purchasing programme launched in June 2021, the company said in a statement on Tuesday.”
USAGOLD note: Newmont’s sale to Ghana’s government will garner some attention among gold market analysts in that it could signal the shape of things to come. Metal that is channeled into domestic reserves diminishes supply for the rest of the market. This is the first instance we know of in which an international Western mining company sold directly to a nation’s central bank. Typically, the metal is refined and sold in the open market. As such, Newmont’s sale, though minor in nation-state terms at 3500 troy ounces, could be major in terms of what it represents. Ghana is the world’s sixth-largest gold producer.
