How can I start trading gold?
You must be a Ghanaian 18 years of age and of a sound mind before you apply to PMMC turned into GOLDBOD for license to trade as an Aggregator or through an Aggregator to GoldBod.
What factors influence gold prices?
Geopolitical tensions, inflation, currency fluctuations (e.g., USD strength), central bank policies, and supply-demand dynamics.
Is gold trading risky?
Yes—prices can be volatile. Diversify investments, avoid over-leveraging, and stay informed about market trends.
How can I test gold at home?
Magnet Test: Real gold isn’t magnetic.
– Weight/Density: Gold is dense (19.3 g/cm³). Fake gold feels lighter.
– Hallmark Check: Look for purity stamps (e.g., 24K, 18K).
What are common signs of fake Dore gold or jewelry?
Discoloration (e.g., greenish tinge), scratches revealing base metal, or inconsistent weight. EPNS Gold and EPBM Gold are examples of fake Dore Gold.
Should I get gold professionally verified?
Absolutely Yes—for high-value items, use an XRF spectrometer or acid test by a certified Assayer.
What is responsible gold mining?
Mining that minimizes environmental harm, avoids child labor, ensures fair wages, and rehabilitates ecosystems post-mining also known as Reclamation.
How can I ensure my gold is ethically sourced?
Buy from brands certified by GOLDBOD Fairtrade Gold, Fairmined, or LBMA Responsible Gold Guidance.
What certifications indicate ethical gold?
Fairmined: Ensures eco-friendly practices and community benefits.
– RJC (Responsible Jewellery Council): Covers human rights and environmental standards.
How does Galamsey/ illegal mining harm the environment?
Causes deforestation, mercury pollution (used in extraction), and river contamination, endangering ecosystems and human health.
What are the Key Takeaways?
– Verify gold authenticity with simple tests or professionals.
– Support ethical mining by choosing certified gold.
– Stay informed to trade gold wisely and sustainably.
