Tuesday, 20th July 2004 (3204 views)

South Africa's Minerals Bureau has called for the government to alter the present system for gold and platinum possession and trading.

According to the bureau, South Africa needs to deregulate the dealing in and possession of serially numbered, trademarked and hallmarked bullion bars.

Mr Damarupurshad explained: "South Africa, the world's largest gold and platinum producer, remains the only major producing or trading country prohibiting ownership of gold and platinum in bullion form."

Ashok Damarupurshad argues that such a move could lead to a relaxation of exchange controls, allowing a gold savings and deposit scheme and establishing a precious metal exchange.

In order to test out the idea, the bureau has recommended that silver bars and minted gold and platinum bars are used as a trial run.

It is hoped that the deregulation would help the metal restore its important position in the country, since its importance to the economy "has now dwindled".

 

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