AMG gold reserves spike to R6 billion
10 October 2018
African Medallion Group’s (AMG) gold reserves have spiked to R6 billion between January 1 and October 5 2018 hitting a historic high for the firm.
The company on Monday announced the news to shareholders in a statement saying that it had been pleased by the gold market.
“The African Medallion Group is pleased with the current global Gold markets performance. On 5 October 2018, gold was trading at an average of R17’848, which is a 10.43 percent increase since 1 January 2018,” AMG said in a statement to shareholders.
The two years old start-up’s accelerated growth has given it a boost as it plans to enter Zimbabwean market.
The announcement comes few days after AMG founder Frank Buyanga, made a daring offer to fund Zimbabwe Sovereign Wealth Fund, which has stalled since 2014.
The South Africa based businessman offered t to fund and capitalise the SWF, which he said can assist start-ups in that fledgeling country through AMG.
Implementation of SWF could help set up small-scale enterprises.
In June, Buyanga’s AMG closed an R100 million acquisition of Pagliari Group (Pagliari), a former subsidiary of Rand Refinery and supplier of high-quality gold products.
Pagliari has a rich history in South Africa.
Stretching way back to 1962 the company produced the largest piece of worked gold in South Africa, the 18ct gold Parliamentary Mace, a piece that is still exhibited at the Parliamentary building in Cape Town today.
The Mace has become the foundation and benchmark of quality which remains in the company and for which the Pagliari Group and its subsidiary companies are world renowned.
Buyanga was also in the news recently over his $5m exotic car.
AMG founder Buyanga recently added to his fleet one of the only 20 Bugatti Veyron Fbg par Hermès in the world with a $5m price tag, with this car, he joined a list of world stars who drive an expensive car including Kim Kardashian and Simon Cowell.
Buyanga says he did not buy it for regular travel, instead, he treats it as a ‘collector’s item’.