Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
South Africa mining companies lost about $1.5 billion in production as a result of labour disputes in the last fiscal year, reports the New Age.
The SA Institute of Race Relations (SAIRR) released figures last week for the 2012/2013 period showing about $1.1 billion was lost from gold and platinum operations with about $20 million from coal.
Work stoppages also affected the country’s gross domestic product, which was 2.5% instead of 3%, as well as export revenues, which were estimated to be $1.3 billion lower.
SAIRR said the disputes also contributed to the downgrading of the country’s credit rating.
Related
Amplats lost almost 4,000 ounces of platinum production in one day due to strike
Labour unrest forces Harmony Gold to close South African mine
Image: Na derdingseben, via Wikimedia Commons
