Hedge funds’ bullish bets on gold jump to four-year high
Hedge funds and other large speculators boosted their net-long position in gold.
Sibanye-Stillwater on Friday gave South African gold mine workers a higher wage offer, a month and a half into a strike at its gold operations in the country.
Under Sibanye’s “final settlement offer”, entry-level employees would be given an annual increase of 850 rand a month each year between 2022 and 2024, including a 50 rand increase in living out allowance.
Sibanye previously offered entry-level workers an annual increase of 800 rand a month, including a 100 rand a month increase in living out allowance. The company’s offer to miners, artisans and officials remains a 5% pay increase each year.
“We urge employees to carefully consider the offer we have made and to ensure that their voices are heard,” Richard Cox, executive vice president of Sibanye’s South Africa gold operations, said.
The striking unions, National Union of Mineworkers (NUM) and Association of Mineworkers and Construction Union (AMCU), earlier today cancelled a planned protest march on the Johannesburg Stock Exchange, instead holding mass meetings at the Driefontein and Kloof gold mines.
(By Helen Reid; Editing by Louise Heavens)
Comments
Mr miner
Sibanye gold bought the world with our sweat and now they’re saying they dont mix commodities.They even broken records with profits,which is never been than by any company in SA including those who gave 1k for increments.I think while we starve someone is getting fat,even the gold price goes up. Thats why our government is seating at the grandstand. So please Helen please try to tell the story from both sides