South Africa police standoff with illegal gold miners escalates
The police sealed off access to the Buffelsfontein gold mine in Stilfontein several weeks ago to deny the miners access to food and other essentials.
After a weekend of stalled debt talks, gold rose sharply and hit a Monday morning high of $1,623 an oz before drifting lower.
Lawmakers in the U.S.A. spent the weekend trying to resolve negotiations to raise the debt limit and reduce the nation’s long-term debt. The Republican-led House of Representatives is holding out for a one-year deal with no tax increases. The Democrats want to see a mix of cuts and higher taxes, along with a deal that will pushes any future debt ceiling negotiations beyond the next election cycle.
Uncertainty to resolve the issue has spooked the rating agencies and led to a flight to gold.
Chart is from goldprice.org.
