1. This👇 is the issue. The Americans threatened SA banks with sanctions if they supply US$ cash to RBZ or any Zim Banks. Now, RBZ had no access to US$ cash needed to buy Gold from Makorokozas… Gold buying is CASH business & US wanted to kill it

news24.com/amp/fin24/econ… 2. The decision by SA Banks had a massive impact on the gold industry in Zim.

Here👇 RBZ Officials told the Small Scale Minera that they can’t get HARD CASH to pay them.

It is from this perspective that the CASH RICH folks came in. As l said, they are MIDDLEMEN.

1. Watching the Aljazeera documentary, l was VERY INTERESTED in what Ambassador Angel was saying… Many have scandalised his utterances, l COMPLETELY DISAGREE. In the main, he presented himself as A MAN OF GOD, a TRUE Prophet. He never sold himself as a criminal, NEVER 2. He told the folks that he does prophecies for Football Matches & even Elections…. And that his prophecies are always on point. He said this to bolster his assertion that: President @edmnangagwa will win the election. In this, he was selling: political continuity to INVESTORS!

1. The Aljazeera documentary in Summary

1. Sanctions created a BROKE GOVT, Broke RBZ
2. Individuals with Big Cash come in with a plan: We buy gold
3. Gold bought from Makorokoza IN CASH (US$ Cash floods the country).
4. Some CASH-RICH folks use “creative ways” to get more cash 2.

🇿🇼RBZ (Fidelity) does everything on board. Licenses gold buyers & dealers.

🇿🇼RBZ’s SIN is offering a lower price for gold, pushing some buyers/dealers to smuggle some of their gold.

Absolutely no evidence that RBZ facilitates any illegal activities whatsoever

1. The Gold Coins: How do they work?

These are not coins for day to day transactions in shops, they are “safe” INVESTMENTS.

Instead of keeping cash that can suffer from inflation, u keep gold.

U can sell them in future at prevailing gold prices.

In short, STORING VALUE. 2. Do l take the coin home?

It depends on the @ReserveBankZIM’s preferred arrangement but the best approach is for people to take home their coins if they want to or have them stored somewhere safer. Surely it’s dangerous to keep such valuable coins in your house.

1. Mhofu, that’s👇the price of gold in the past 12 months. Indeed it’s a safe haven in times of economic uncertainty.

But on Zim, the question is: How are people preserving value now? Answer: by buying USD using ZWL & thus massive demand for USD & fall of ZWL.

Thread🇿🇼

https://twitter.com/tinoedzazvimwe1/status/1541679077484118018

2. What’s the purpose of the gold coins?

The @ReserveBankZIM says “it’s an alternative way for people to preserve value” … To me, this is the right approach. But THE VALUE OF WHAT? WHICH CURRENCY are people trying to preserve the value?

It’s definitely the ZWL, not USD.