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Africa|Gold|Underground|Environmental
Africa|Gold|Underground|Environmental
africa|gold|underground|environmental

Gold’s strong price is good for the South African economy

6th September 2024

By: Martin Creamer

Creamer Media Editor

     

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The gold price has seemingly rebased beyond previously expected levels amid ongoing geopolitical and central bank demand for the precious metal. The record highs reached by gold appear to be the result of some countries paying in gold rather than dollars and Asian countries buying physical gold through exchange-traded fund mechanisms.

Even though South Africa is no longer the gold leader it was in decades past, it continues to rank among the global top-ten, which is of considerable benefit to our economy. Interestingly, the high grades of gold in deep underground mines continue to impress and the recovery of gold from old mine dumps is not only creating considerable wealth, but is also stimulating important environmental and land re-use advances.

If dedollarisation continues and meaningful institutional buying arises, the gold price could remain at the high end for a much longer period than originally anticipated. Moreover, many see a reset below $2 000/oz to be less likely than the current price showing more upside, which is a major plus for our gold miners and refiners.

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Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor

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