The former Vice Prime Minister Arthur Mutambara has highlighted how gold coins scheme can be manipulated using currency exchange rate to literally make money without even investing your own single cent. Through his twitter feed Prof said:
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— Prof. Arthur G.O. Mutambara (@amutambara) July 27, 2022
Gold Coin: A Self-Enrichment Scheme for the Elites
Take your USD to the parallel market and get RTGS at, say, 1 USD to 950
Buy gold coins in RTGS at 1 USD to 441 (gold coin exchange rate) and make a profit of more than 100%
The Gold Coin arbitrage
This is common sense
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— Prof. Arthur G.O. Mutambara (@amutambara) July 27, 2022
Gold Coin & the Elites
It gets worse!
For the elites; you take your RTGS to the RBZ and buy USD at the auction rate, say 320
You take this ill-gotten USD to the parallel market and buy RTGS at 950
That is a profit of 200%
Then go and buy your gold coins at 100% profit
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— Prof. Arthur G.O. Mutambara (@amutambara) July 27, 2022
From 10K USD to 60K USD (With no Production)
500% Profit for the Elites
Take 10k USD to the parallel market and buy RTGS at 950
Go to the RBZ & buy USD at 320 (auction rate)
Go back to the parallel market & buy RTGS at 950
Buy gold coins & pay in RTGS
It is shameful
