Though nowhere near the global leaders nowadays, gold still employs about 93,000 people and is still one of SA’s largest export earners
Gold was trading at more than $2,000/oz this week. It has gained almost 20% over the past six months, at a time when most would have expected rising US interest rates to drive the gold price down.
But they stepped up their buying in a big way in 2022. Financial sanctions against Russia were themselves a factor; countries can store their gold safely in vaults at home, whereas their foreign exchange reserves are held in foreign currency denominated bonds or bills and can easily be sanctioned. Brazilian President Inacio Lula da Silva has been one of the leading voices on this, calling for an alternative to the dollar and supporting a Brics currency. Rockefeller International chair Ruchir Sharma pointed out an article in the Financial Times last week that it was not coincidental that among the top 10 central bank buyers are Russia, India and China, who are in talks with Brazil and SA on a Brics currency.
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