Pindula
Register Login

Gold Coins: They Never Tire Of Devising Ways Of Transferring Wealth From The Poor To Elites - Biti

Gold Coins: They Never Tire Of Devising Ways Of Transferring Wealth From The Poor To Elites - Biti

Former Finance Minister in the Government of National Unity (GNU), Tendai Biti has said the introduction of gold coins by the Reserve Bank of Zimbabwe was a ploy to “transfer wealth” from the poor to political elites.

Biti speaks when the Reserve Bank of Zimbabwe (RBZ) is set to introduce the gold coins that are premised on preserving investors’ value.

The gold coins will be available for sale to the public from 25 July 2022 in both local currency (ZW$) and United States Dollars (US$) (and other foreign currencies) at a price based on the prevailing international price of gold and the cost of production.

Biti, a senior official in the opposition Citizens Coalition for Change (CCC) is sceptical about the move. He said this Monday:

The gold coin will not solve the structural crises arising from exchange rate collapse, excess money, inflation & unemployment. Instead, it is another gimmick for extraction & arbitrage. They never tire from devising ways of transferring wealth from the poor, the State to elites.

Meanwhile, some economic analysts have welcomed the decision to introduce gold coins saying they have worked in other economies, therefore, would likely work in Zimbabwe.

Economist Dr Prosper Chitambara said the introduction of gold coins was a “noble” idea which has “worked before in other countries.” He added:

We know that with gold, one can never go wrong.

Harare-based independent economist Victor Bhoroma commended the central bank’s interventions, saying positive interest rates would reduce both “speculative borrowing in the economy and money supply growth”.

More: Pindula News is best enjoyed via the App. Download it here

Share Article

Sponsored

67 Comments

Anonymous 1 month ago

Yeah, transferring wealth from the poor to the elites. Fore warned is fore armed. Dont fall for it.
It will fail...kana muchida gold endai munochera kuchkorokoza musatenga


Nkust 1 month ago

Ana professor chitambara nana b****ma ava I think it's high time vode kuvudziwa kty economics dzemu Zimbabwe hadzisisiri dzemuma books a economics avakadzidza ane ma theories akanyogwa nevarungu dzava practical dzine ma theories emu street ndidzo dzinosebenza kwete zvavo izvi zvamavudziwa na biti ndizvo zvoita just close your books and listen kuswera dzidziswa nevarungu to remember ktyhee gore ra Hitler kwakazonzai, just be practical in Zimbabwe toda kubata cash kwete gold


Imwe Mbeu 1 month ago

Ini hangu ndotoda Gold iroro 🏃🏽‍♂️

Mudiwa Janet 1 month ago

Kubirwa taabho team 😔


mafirakureva JoJo chenjera 1 month ago

matoudzwa gold coin unotoritenga nemari yako woisa mumabank a o avonozadza Mari mumastreets vachiispinner nemabond avasingade nawo votora mausa ese votenga ma mansion vana vavo Voenda kuchando vachinoita mudyandigere iwe uchitambura uchiri ndaka saver Mari using unozoona kuti manyuriro epatanga mabond arinane
the elites care about themselves alone

KO kungopa vanhu vanoshanda Mari yavo keh

Zimbabwe is cursed by these looter elites


Sorobhangu 1 month ago

vanoda magold loans tinawo paopposite charge office.huya nesaga rako tikupe aunoda tatomabhena izvezvi.


Sca 1 month ago

Let us unite and vote CCC like l always say with my partner Chawabvunza.

[Vote CCC]


Jinn 1 month ago

@sca true voting CCC is only right way to go.

Sponsored

Gafa 1 month ago

Hapana hapana ungatenga gold rogara kubank usina upfu next worida wonzi tokupa bond ne interbank rate waitei manje.Lets go and vote.


Kkkkkk 1 month ago

Sure iyoyo.
Ko kana takambokwanisa kudzikisa value reUS $$.
Totadza nei kudzikisazve value re goridhe racho.
Just check the Zimbabwean value of gold 6 months down the line

🅼︎🅰︎🆁︎🅰︎🆅︎🅰︎🆉︎🅰︎ 1 month ago

𝘐𝘵"𝘴 𝘣𝘦𝘵𝘵𝘦𝘳 𝘵𝘩𝘦 𝘥𝘦𝘷𝘪𝘭 𝘺𝘰𝘶 𝘬𝘯𝘰𝘸 𝘵𝘩𝘢𝘯 𝘵𝘩𝘦 𝘢𝘯𝘨𝘦𝘭 𝘺𝘰𝘶 𝘥𝘰𝘯'𝘵 . 𝙆𝙚𝙚𝙥 𝙩𝙝𝙚 𝙜𝙧𝙚𝙚𝙣 𝙗𝙖𝙘𝙠 𝙩𝙤 𝙥𝙧𝙚𝙨𝙚𝙧𝙫𝙚 𝙫𝙖𝙡𝙪𝙚 𝙤𝙛 𝙮𝙤𝙪𝙧 𝙨𝙖𝙫𝙞𝙣𝙜𝙨


Mkanya 1 month ago

The best way to save is to save your money in US$ kwete gold coin, who can trust banks in Zimbabwe. They stole our money when they introduced zim dollar converting us dollar balance into rtgs. Once beaten twice shy


Mukadota 1 month ago

NEVER TRUST ZANU PF. FUNDRAISING TOWARDS 2023 ELECTIONS. IT WON'T WORK


The Adjudicator 1 month ago

You can't store wealth in such a crumbling economy. Investors would store value in US$ rather than keeping it in those minted coins. The issue to store wealth is a good idea but not when things are unstable because the financial turmoil have got too many negative impacts on it. It was even actually better to only buy those coins in ZWL$ so as to strengthen it's value rather than using the US$. Potential investors and Business tycoons would opt to invest more in their money rather than storing in something that cannot add up profit. Only a handful of Zimbabweans are going to rush for those coins. The already unstable economy cannot provide an ambience for storing wealth within such a poor frustrating economy. Only the already rich can opt to store value than than the poor. The corrupt are going to take advantage of those coins to store the stolen and botched funds, what a way to promote corruption. The Corrupt used to invest hugely abroad and these minted shekels are going to reinforce their amassing of wealth.


Blue 💙 1 month ago

You're just poor my friend. How can you understand how the rich operate ? No wonder you spill this garbage 😂

,, 1 month ago

Give them a chance


povho yaramba 1 month ago

no way ....no chance

takarohwa Mari kare iri mumabank avo ivava

ezvino vakuda kutipamha isai futi muone

mukadira rikazara vanosimudza Voenda
yangowanda mumabank vanomuka vakakupandukirai chete
chavanoda kuredza USA riri muvanhu rive ravo chete

Dmao 1 month ago

Very soon you will hear them saying that all Nostro bank balances held by banks have been converted to gold coins. And they take all our money to oil their electoral rigging machinery. Mbavha idzi. Taneta nadzo


werowero 1 month ago

you can say that again. let's wait and see all those nostro account holders cry

Dmao 1 month ago

Remember in 2008 they raided all NGO forex accounts to fund their electoral rigging machinery, People please wake up!!


Doug 1 month ago

You need to have the wealth, the excess of which you can store as gold coins. You are not there yet for gold coins if you do not own a mansion, a fleet of expensive cars and properties outside the country. Most Zimbabweans will not even have the qualities to own gold coins in the purported 2030 middle income. Maybe in 2090 or 2120 will we have a number of people qualifying.


Amazing Grace 1 month ago

Not sure why poor and broke Pindula readers are discussing gold coins?? Kana usina mari ye data ye gold coin anoiwanepi??


dispenser 1 month ago

Even the rich want something fr free

El Zorro Dorado 1 month ago

@ amazing grace,It's called economics mukwambo

VZ 1 month ago

@Amazing iwewe une mari yeData ukutsvagei pano, tibvigwe

David Coltart 1 month ago

Gold coins are not for everyone.Its for those who can afford them.


Gold coins 1 month ago

ko outside the country rinotenga here coin racho


🇮🇸🇨🇭🇪🇺 1 month ago

Yes yes

Travel Advisor 1 month ago

Find a gold dealer in the country that you are visiting, sell your coin then do your purchases.
The Zim gold coin is 22 carat (one tray ounce)


Jinn 1 month ago

We are workers in those gold mines,but we are living a miserable life.Lets vote Zanu Pf out


Cross Border Association 1 month ago

It will work.The value of 22 carat gold in Zimbabwe is about USD1700.So yes we can take these coins rather than cash USD to purchase goods in Dubai, China etc


Anonymous 1 month ago

PINDULA YOU SHOULD STOP OFFERING FREE SERVICES ANYMORE. You have advertised your app thats enough now we need to access it with data bundles. Takusekwa


chikomba chamai Anonymus 1 month ago

hesikani bhebhi when i heard u ddnt furnish your landlady with the rentals i was so disturbed ko wewe ndakakupa mari wani paweekend kwaMashwede ingoshandisa iyoyo kubhadhara rent yacho then woudza anonymus kuti ndakwereteswa nemadzimai eround,coz mkadzingwa mu1 room imomo ini ndizokuonep manje ,undimirire paHighglen PSMI naypm ndikupe mari yemushinga wemwana wawati arikukosora,Ko vana Aninymus kungotaurisa chete avachengeti vakadzi,tisu tikutovadhashurira madzimai ,but anonymus paunoona uchidya sadza nenyama everyday unofunga kut mkadzi wako aionepiko nyama yacho bamnini mungwarirewo imwiii

Mudzimai waAnonymous 1 month ago

Musanyeperwe. Anonymouse haana kana chinhu uyu. July rent ye one room yatinogara haisati yabhadharwa.

poorvho 1 month ago

Iwe anonymous, its you who should stop commenting on pindula free platform

Taisek Engineering 1 month ago

😁😁😁😁😁😁
😂😂😂😂😂😂

Imwe Mbeu 1 month ago

Tenga data bundle, rinongoshanda 😅

YELLOW CARD 1 month ago

gold coins a way of fishing out USD from the general public, by 2025 USD will be in the hands of elites only then they will barnish it from Zim economy


Cable Guy 1 month ago

🤣🤣🤣🤣

Chimboti Pizza 1 month ago

@YELLOW CARD tinokupa red card wakada kuita senge usina kukwana😂, unongotenga gold racho neZWL zvee kana usingade neUSD rako

Hezvoness 1 month ago

No one is being forced to buy gold coins. Its for those who want to and can afford.

Eddie Cross 1 month ago

Hatidi bush economics pano. What are you trying to say?

Imwe Mbeu 1 month ago

Kana usingadi kuendesa USA endesa bond racho kaNhy 😅
The thing is gold will most likely be at an advantage when compared to USD. And since you're not forced to have it kept kuBank, you still win.


pakaipa 1 month ago

Hanzi gold coins not gold🙆


Turoo 1 month ago

@pakaipa, gold coins are made of gold kaa nhai😂

I wonder 1 month ago

Will the 22K coin be sold @ the 24K price.
Will the investment be a loss???


Job Sicala 1 month ago

Biti is just looking for attention.Ndini ndirikupisa these days and Tendai is jealous.
Where will the poor get money to buy the gold coins?


Blue 💙 1 month ago

Biti is irrelevant l always say this. Pamwe pacho ngaanyare. Look at the CCC sheople,m praising him as usual.n **** you Biti

Zanu FOREVER 1 month ago

bitcoin


Blue 💙 1 month ago

I'm tired of CCC ****s blurting pure sewage and have these sheep 🐑 in agreement with his diarrhea speeches. How does the poor get victimized herr? **** Biti is a relic


Blue 💙 1 month ago

Ooh my god . The amount of misinformation is jaw dropping. Gold coin unoenda naro kumba, you can buy it with either zim dollar or the USD. Mukuzviwana kupikp zvekuti the banks will keep your gold? Vamwe vakuti tikubirwa. Unobirwa sei Iwe usina kana zuda zvaro. Hauna mari but you claim you're going to get swindled.how? Matofo e CCC hamudi kupna chakanaka. If you don't have the money to buy a gold coin please shut the **** up rather than lie to people


Anonymous 1 month ago

@pakaipa, i told these pple long time ago that gold coins are not gold. They are coins. Just like gold medal, its a medal. So theres nothing new. RBZ is minting new coins by the name of gold coins. We have seen them bond coins and they have lost value, very soon gold coins will lost value


Logical Nonsense 1 month ago

Hanziiko na Anonymouse? Gold coins will have 22 carats of gold in them.

Blue 💙 1 month ago

Mmm my friend, where did you get this? [Please don't Type, hauna zvaiunoziva. Please don't lie to people. How can gold lose value? By the way, it's not a medal,nits a coin; a currency, [

Monetary Policy Unit 1 month ago

Stop confusing people.Where do the poor get money to buy gold coins? That is not our target market.


Lekker O 1 month ago

If you want gold risingazokunetse mangwana lyk this zanu gold, find yoself a mukorokoza on the street buy tell him how much you are willing to spend $2000, 1000,5000 tenga iroro woriisa panodziya (home) pasi pe pillow is safest
Kwete iro rema bhinya siya, rinomuka ranema statutory instruments
Fortunately 4 you gold is already abundantly accessible in Zimbabwe


Chimboti Pizza 1 month ago

CCC ndoyangu zvayo but obvious Biti anotongoshora, I don't blame him ndozvinoitwa nevanhu vanenge varimuOpposition


Manikiniki 1 month ago

From my history with Zanu i dont think there will be any gold in those 'gold coins'


Carat Lessson 1 month ago

Gold coin discussions are for those who have at least USD1 600 to spare. Gold coins are 22 carat which is 92% pure gold.
24 carat gold is 100% pure gold.


Anonymous 1 month ago

@Lekker O, yeah gold is abuntantly available in Zimbabwe, Zvishavane, Shurugwi, Mazowe, Mberengwa, Bindura, Kwekwe, Gweru kwese uko makorokoza arikuchera gold izvozvi ku bhohwera hanzi rakaputika ririko razara kunonzi kwa bhudhire so kana uchida gold, just buy from those who are mining it, avo imbavha


Imwe Mbeu 1 month ago

I'm not trying to convince you guys but
1. These coins are purified gold, better than remakorokoza
2. Zimbabwe is not the first to have them remember even US has this
3. These coins can be traded internationally...
[Read more]


Lekker O 1 month ago

remember this as well, Zimbabwe was neither the first nor the last to have traveler's checks, bearers checks, same applies to bond notes as well as these gold coins some countries still have these in effective use up to this day, the problem is whateva the Pf regime touches turns to dust watch this space.....

Anonymous 1 month ago

Screenshot this, Gold coins are going to fail within 4 months.


fun time 1 month ago

How?? gold has international standard value it will be better than the US dollar and we are going to hunt for rtgs to buy the coins at interbank rate. The coins will be more expensive in US dollars than in rtgs but only for a while. this will stabilize the exchange rate as people will have a reason to keep the rtgs. In all this, the hawks will try to mop the coins using rtgs and sell them for US dollars on the open market but it will only work if the ownership of the bearer certificates is easily transferable to the second and third party without the involvement of the central bank. But at least the rtgs will be the currency of choice in terms of exchange rate minipulations beneficial to the hunters of gold coins who have excess liquidity in rtgs.

biggie smalls 1 month ago

if im not mistaken 1 ounce of gold is equivalent to 24 grams so kana pachishaikwa change ye 10 washandisa dollar ko ye1700 inowanikwepi.or maybe the coins r meant for a specific few n nt the general masses lyk teacher anozobata gold coin zvadii?


baba vachimboti pizza 1 month ago

apa ndakatambisa husiku


Sekuru Dhambi 3 weeks ago

Munotengeserwa ma coin e Brass muchinzi i goridhe nana mbavha avo.



Leave a comment


Recent News


News Categories



Feedback