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Gold Production Down in South Africa.
South Africa’s gold production fell by 8.8 percent to 342.7 tons in 2004, the lowest level of gold production since 1931 according to the Chamber of Mines of South Africa.
The drop in production was in part caused by the falling dollar (against South Africa’s rand,) and by the continued rise in mining costs, which are paid in rand, and to aging mines.
Despite the spot gold price rising 12.6 percent to $409 per ounce in 2004, the 14.7 percent appreciation of the rand boosted the currency ahead of rising gold prices as they fell by 3.8 percent. The rand gold price had already fallen a notable 15.8 percent in 2003 compared with 2002.
Further complicating gold mining was an 18 percent increase in water fees, a 30 percent higher cost of steel used at the mines, and freight tariffs rose 51 percent from 2002.
Reduced Gold production should put upward pressure on prices as demand is increasing. Current Gold price is $429.55, having hit a high earlier this year 0f $441.00. The weak dollar and rising oil prices will continue to bolster Gold and serve to increase prices.
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