As Precious Metals Hit Record Highs in 2024–2025, Is Tanzania Prepared to Cash In?

Over the past two years, gold and silver have been on fire in the global market smashing record after record. Gold has surged past USD 3,900 per ounce, while silver has crossed USD 53 per ounce, levels unseen in modern history.

This global price explosion has made investors, governments, and miners rethink their strategies. But one big question remains: is Tanzania ready to take full advantage of this boom?

Global Metals Surge: Gold and Silver Shine Brighter Than Ever

Precious metals have become safe havens amid global economic uncertainty, inflation fears, and geopolitical tensions.

Here’s how prices moved:

• Gold in 2025: Peaked around USD 3,958.57 per ounce.
• Silver in 2025: Soared to USD 53.60 per ounce, an all-time high.
• Silver in 2024: Closed the year at USD 28.87 per ounce, up nearly 21 % year-on-year.

Analysts say the rally is driven by investor fear, industrial demand (especially for silver in solar panels and electric vehicles), and supply chain tightness.

Tanzania’s Gold and Silver Scene

Tanzania is Africa’s fourth-largest gold producer, and gold has long been the country’s top export earner. But the big question is how much of this global boom actually benefits the local economy?

Gold: Tanzania’s Golden Advantage

• In 2024, gold production hit around 60,000 kilograms, up from 55,000 kg in 2023 one of the highest levels ever recorded.
• In 2025, gold exports brought in roughly USD 4.3 billion, making gold Tanzania’s number one foreign exchange earner.
• However, a large portion of this revenue still goes to foreign companies, leaving limited gains for Tanzanians.

Silver: The Sleeping Giant

Unlike gold, silver remains an underdeveloped sector in Tanzania. It’s often mined as a by-product of gold and base metals.

Currently, the Bank of Tanzania (BoT) doesn’t buy or store silver as part of its reserves because silver isn’t officially recognized as a tradable commodity in national law. This means Tanzania might miss out on future profits from the global silver rally.

Government Steps to Secure the Gold Advantage

Tanzania has started taking major steps to control and benefit more from its gold production:

Mandatory Gold Sales to the Central Bank:

In 2024, the government ordered that 20% of all gold produced must be sold to the Bank of Tanzania.

Domestic Gold Purchase Programme:

By mid-2025, the BoT had already bought over 5,000 kg of refined gold (worth about USD 554 million).

Local Refining Push:

Tanzania is developing local gold refineries and seeking London Bullion Market Association (LBMA) accreditation, which would allow Tanzanian gold to be traded directly on global markets.

These policies aim to build national reserves, stabilize the shilling, and reduce dependency on foreign loans.

Tanzania’s gold plan is taking shape, but silver is being left behind. With silver prices skyrocketing, this could be a missed opportunity for diversification and industrial growth.

What Tanzania Should Do Next

To fully benefit from the gold and silver boom, Tanzania should take a few strategic steps:

Amend the Law to Include Silver

Allow the BoT to purchase and store silver reserves just like gold.

Invest in World-Class Refining

Build LBMA-certified refineries to process both gold and silver locally.

Strengthen Local Participation

Support small-scale miners with training, technology, and fair pricing to spread benefits more widely.

Create a Mineral Stabilization Fund

Use part of export earnings to build a buffer against future price drops.

Promote Transparency and Data Access

Publish clear data on production, exports, and reserve purchases to boost investor confidence.

The Bottom Line

Tanzania has made bold moves in gold management from domestic purchasing to refining but the world is now watching both gold and silver break record after record.

If Tanzania extends its strategy beyond gold and into silver, the nation could secure not only billions in export earnings but also build stronger financial reserves and industrial capacity.

This is Tanzania’s golden moment, perhaps even a silver one too, to turn mineral wealth into long-term national strength.