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Gold keeps flowing from African countries with none
By Michael J. Kavanagh
Bloomberg News
Friday, October 2, 2026
When investor demand sent gold prices to all-time highs this year, Africans rushed to cash in.
Exports hit records in multiple countries -- sometimes doubling or tripling in value, according to trade data analyzed by Bloomberg.
But many of those nations have barely any gold to mine.
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What some have in common are neighbors embroiled in conflict where gold smuggling is supporting some of the worst wars on earth -- like Sudan and Democratic Republic of Congo.
The main destination for that bullion is the United Arab Emirates, a Bloomberg investigation found.
One refiner alone in Uganda was responsible for almost half the value of the nation’s shipments, which reached more than $8 billion in the 12 months through June.
Its supply chain mirrored parts of a network previously run by Belgian gold trader Alain Goetz, who was sanctioned by the US government in 2022 for trading gold out of war-torn eastern Congo.
Goetz denies any role or knowledge of the business, and Bloomberg found no public document showing he personally controls the company or directs its post-sanctions trades.
But the seeming resilience of the system shows how difficult it has been to sever conflict-linked precious metals from the global market, especially once it reaches the UAE, one of the world’s biggest bullion hubs. ...
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