South Africa’s National Union of Mineworkers, which represents about two thirds of gold miners in the country, will start a strike over pay tomorrow?
South Africa produced over 1,000 tonnes of gold in 1970 but production has fallen an incredible 75%, to below 250 tonnes in recent years . This collapse sees gold production at levels last seen in 1922. This has happened despite the massive technological advances of recent years, more intensive mining practices and a far greater availability of capital.
South Africa was throughout the 20th century and as recently as 1996, the world’s largest gold producer at almost 17 million ounces.
Should gold supplies be further hampered it may impact the already, very tight physical gold market.
No kidding. There are many gold catalysts in the near future. If the US doesn't start another war, there is the QE tapering issue. More importantly, there is the rising debt ceiling.
The period from September to December is traditionally great for gold prices.
And longer term, there is China - don't you think they want the price of all that gold they bought to appreciate?
LSG just needs to keep doing what it is doing. I am excited for Q3 results already. by Money James, thanks good info :-)
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