Unprocessed gold worth around R20 million was seized following co-ordinated raids on several properties in Springs in Ekurhuleni, the Johannesburg CBD, and Limpopo, the Hawks said on Saturday.
Brigadier Hangwani Mulaudzi said police decided to move in on the houses on Thursday after an 18 month investigation on an international syndicate dealing in gold.
"The operation was basically regarding issues of illicit mining," said Mulaudzi.
"We were targeting the big shots in the industry."
Besides bricks of gold, the Hawks and police officials seized documents and ammunition from the houses.
"We suspect the gold was about to be taken out of the country," said Mulaudzi.
No arrests were made on Thursday but 46 people believed to be linked to the syndicate have been arrested since police started their probe in 2013.
"They are all out on bail," said Mulaudzi.
Asked why no arrests took place on Thursday, Mulaudzi said police were still analysing the evidence and would make arrests if necessary.
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