EDITORIAL: We should be able to benefit more from windfalls
It is a bitter irony that while gold is at record highs, some of SA’s large gold miners must restructure
Gold has had a good few years, with post-Covid inflation fears triggering a rally in 2021 and a wave of central bank buying taking the price even higher during 2022 and 2023.
But a fresh rally in recent weeks has taken the metal into uncharted territory. Gold had been hovering at about $2,000 an ounce. It started climbing in March, gaining more than 8% in dollar terms during the month. And it has kept going. Just in the past week, the gold price has gained 4% to hit a record high of more than $2,400 on Friday. In rand terms, the gold price is now more than R45,000/oz, up about a quarter on its level of a year ago. ..
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