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Posts Tagged ‘money’
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February 5, 2018

Rand’s rally takes the shine off a strong gold price for SA miners

For South African gold miners, it’s both the best and worst of times.

The metal started the year with a bang, rising 4% so far and trading near the highest since August 2016.

But an equally impressive rally in the rand means that SA-focused producers are likely to miss out on the party.

Because mining companies pay most of their expenses in local currency, a stronger rand squeezes profit margins and can render some operations unprofitable.

Many of SA’s gold mines date back to the 1950s and 1960s, and much of the easily accessible metal has been exhausted, while labour-intensive mining methods compound the effect of currency moves.

“With the [...]

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January 19, 2018

Here’s what R100 buys you around the world right now

The rand is currently enjoying one of its longest winning streaks since 2002, with the currency trading at R12.37 to the dollar on Monday, 8 January.

Notably it has been on the front foot since December, supported by investors’ hopes that the newly elected leader of the ruling ANC, Cyril Ramaphosa, would push through business-friendly policies.

However, a Reuters poll held on Friday (5 January) found that the run is likely to end soon, with technical indicators now suggesting the rand is overbought.

There are also doubts about how much Ramaphosa, a promised reformer, can do for South Africa’s ailing economy, with the polled strategists saying that the rand is [...]

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