Wednesday, November 21, 2012

Gold trading on the black market

Wednesday, 21 November 2012 15:15 Mizzima News

Gold dealers in Burma are complaining that gold is being traded illegally on the black market, according to a report on Tuesday by Rangoon-based Eleven News.

“They know about the black market, but authorities have yet to take any effective measures,” said Thudaw, the chairperson of Myanmar Gold Entrepreneurs Association. “There is no mechanism to monitor and control gold trading.”

The Association has reportedly said that curbing illegal gold trading would enhance the stability of the Burmese gold market.

Eleven News reported that gold dealers in Sagaing Region claimed that gold was being smuggled to China.

The current price for gold in Rangoon is 773,700 kyat per tical (0.576 oz).

In September, the price of gold peaked at 794,000 kyat (US $900), a new record in the country. In 2007, it had dipped to below 500,000 kyat per tical.

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