We were not able to buy gold tokens before the deadline yesterday. We tried different banks and came up short in all cases.
One bank told us they were waiting on instructions from their Head Office on how they should process gold token purchase requests. One told us that they stopped accepting offers the day before the actual deadline. Where the deadline was the 11th of May at 12pm, their own was the 10th at 2pm.
While we were not able to buy our own, some were able to participate and the Reserve Bank of Zimbabwe has updated us on what transpired during this first window of the gold tokens being on sale.
RBZ GOLD-BACKED DIGITAL TOKENS ISSUE NO. 1/2023 RESULTS
The Reserve Bank of Zimbabwe would like to notify the public of the results of the RBZ Gold-backed Digital Tokens issue No. 1/2023 held on Friday 12 May 2023. The Bank received 135 applications valued at ZW$14,077,337,421 to purchase gold-backed digital tokens. The full amount was allotted. The details of the results are as follows:
ZW$ US$ Date of Issue 12 May 2023 12 May 2023 Number of Bids Received 132 3 Value of Bids Received 14,077,337,421 810 Amount Allotted 14,077,337,421 810 Price per Milligram of Gold 100.87 0.0688 Milligrams of gold purchased 139,559,209 11,773
Total milligrams of gold purchased: 139,570,982 (139.57 kg of gold)
RBZ GOLD-BACKED DIGITAL TOKENS ISSUE NO. 2/2023
Applications under the second issue of the RBZ gold-backed digital tokens should be submitted through banks during the course of the week for settlement and issue on Thursday, 18 May 2023.
RESERVE BANK OF ZIMBABWE
12 MAY 2023
In US$ terms, the total value of bids placed was over US$5 million if we use a USD/Swipe black market rate of 1:2800. It is US$11.4 million if we use the Willing Buyer Willing Seller rate of 1:1235.
The market is testing them out before committing to converting ZW$ reserves into gold tokens is my guess. Yet, it was a respectable first week in my opinion.
Did you place your own order? Or are you surprised people are actually bidding for the tokens?