Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
South African rescue teams succeed in freeing Monday six of the unknown number of illegal miners that have been trapped for five days at a shaft at the abandoned Langlaagte gold mine, south of Johannesburg.
According to several media reports, the men fled the scene as soon as they came out fearing they would be arrested for illegal mining, where penalties for such activity go from include fines to prison time.
Recovering bullion prices, paired with unemployment, illicit migration, and poverty, have all contributed to the growth of the illegal mining in South Africa.
On Sunday, searchers had halted their work at the mine, Johannesburg’s oldest, because of concerns about fire and poisonous gases below ground. But a rescue crew decided to descend Monday close to the entrance, where they heard the voices of the six rescued miners, World Bulletin reports.
The team said the only way to reach the trapped miners would be to crawl through 1.5km (0.9 miles) of small tunnels, adding that it can’t be done safely at the moment because of an ongoing underground fire, Times Live reported.
Illegal mining is common in South Africa, a major producer of gold and platinum. Recovering bullion prices, paired with unemployment, illegal migration, and poverty, have all contributed to the growth of the criminal activity, a source of informal employment to between 8,000 and 30,000 illegal miners across the country.
Efforts to tackle the problem have, so far, been futile, especially as the number of deserted mines grows. South Africa is believed to have approximately 6,000 abandoned mines and at least 1.6 million people living in informal settlements around Johannesburg, many of them on or near mine waste sites.
3 Comments
J. D. Baker
Re: “Efforts to tackle the problem have, so far, been futile, especially as the number of deserted mines grows”.
While the rescuers deserve credit and recognition for their life saving action, all should understand that the very act of lending aid to those engaged in illegal and dangerous activities can only further exacerbate the problem. And allowing them to flee after rescue, and thereby escape the legal consequences of their action sends the wrong message. It may seem harsh, but without a mandatory significant legal consequence for illegal mining (and the reckless trespassing, unsafe activities, theft, etc., associated with same) it will continue to embolden existing and future similar illegal, dangerous, high risk activity.
Keep in mind also that Illegal mining has penalties well beyond the cited legal remedies. This unfortunately includes the very real risk of severe injuries and even death, not only for the illegal miners but also for good people forced to expose themselves to unnecessary risks in order to rescue illegal miners. And while we of course wish this were not so, we know it to be true. Let us hope and pray that when this heavy price is due, it shall be paid by those who choose to break the law, and not the brave rescuers who put their lives at risk to save them.
The extermanator
laugh my ass off you must be friends with the Clintons we are so sick of righteous people who have no f ing clue
I wait patently for it all to bust open when it does most know the problem is government and rich people and green peace rs so when civil war breaks out we know who are targets are just 3 groups gone and the world will be a way better place
Paul
So why not fill the mines back in with the waste that came out or collapse them using explosives? This would employ the people that need work, and it being highly dangerous work, the wages would be very high.
6,000 plus abandoned mines. Lets see, 6,000 divided by 50 mines collapsed in a year by a crew of 20 = 120 years of work. Now take that work force bump it up to 200 or 10/20 person crews times 50 mines a year = 1000 mines. So now reality sets in and a rough guess would be closer to maybe 200 mines a year.
Now who is going to pay for all this, lets see the mine owners, former mine owners and/or the government. They all want to get rich from the mines, but they don’t care if they are safe when they leave. Pay up people and make South Africa SAFE for the people and their children, Companies love to push SAFETY, so here is the country’s number one SAFETY issue….