Indonesia's Gold Controversy: World's 4th Largest Reserves Still Imported from Singapore
Even though it has a lot of gold reserves, Indonesia still imports it.--
To meet the public's demand for gold, Antam has several options. First, it sources gold from local markets or buycash.
"So, the gold people previously purchased at Antam and then needed cash to resell to Antam becomes a source for us to mint new versions. We only get 2.5 tons a year," said Achmad Ardianto.
Second, the gold comes from mining companies in Indonesia that refine it at Antam.
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Antam will offer to purchase the gold from these companies.
Third, it seeks gold sources from abroad or imports from companies and institutions affiliated with the London Bullion Market Association (LBMA), including bullion banks, refineries, and traders.
"We buy from refineries and bullion traders in Singapore and Australia. At what price? At market price, sir. So everything is transparent and traceable," Achmad Ardianto emphasized.
"So why does Antam import? Well, it's forced, sir. Because public demand is high and sources are scarce," he said. "Maybe (importing) 30 tons, sir. Our potential is 90 tons," Achmad Ardianto added.
Sheila Silvina
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