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 Africa’s President, Jacob Zuma, warned the current labour unrest in the mining sector have the potential to wreck the country’s economy.
The comment, made during while addressing the National House of Traditional Leaders in Parliament on Thursday, came as the country was bracing itself for yet another wave of strikes in the textile and clothing industry, as well as in the chrome mining sector.
“The tension in the industry will not help the economy…. We could impoverish our country. That’s why the leaders ought to engage workers, so that workers understand exactly…the consequences of their actions,” BDLive quoted Zuma as saying.
He added that wildcat strikes, particularly in the platinum and gold sectors in recent months, have cost South Africa dearly and blamed ratings agencies for the consequences of they “pressing buttons” without understanding what was really happening in South Africa.
Yesterday the South African Reserve Bank held interest rates unchanged in the face of high inflation, while warning of major risks to already mediocre growth.
However, the institution said it was increasingly concerned about the country’s deteriorating economic outlook, as mining strikes keep contributing to the vulnerability.
Image: Poster depicting South Africa’s President, Jacob Zuma.
