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In late March, as global fears around the Covid-19 pandemic reached fever pitch, gold for the first time ever punched through the R1m a kilogram price level.Though trading below its 2012 peak of $1,772.25 an ounce in dollar terms, the collapse of the rand means the price of the metal has doubled in local currency since that dollar-high eight years ago.The price action will support the theory of gold’s value as a store of wealth in times of crisis.While a study of price volatility over the past 50 years supports that hypothesis over long periods, it also shows long stretches of price dormancy when the metal lost its shine among investors.A kilogram of gold will easily fit in the palm of your hand — a standard bar (about the same size as an iPhone 8), measures 117mm by 53mm and is 8.7mm thick.The biggest problem for the SA economy is that much of our remaining reserves are too difficult, dangerous and, as the highest-cost producer in the world, too expensive to reach.The industry that...

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