GOLD 0.51% $1,391.7 gold futures

imf always get it wrong

  1. 12,622 Posts.
    Infinitely more important than the IMF repeatedly confirming a major bull market in gold (with much more to go) by their always flawed selling judgment, is today's announcement that a major South African mining company has made 6900 workers redundant due to the lack of electricity.

    Note when information was first released regarding the electrical problems it was stated as a temporary issue.

    This power situation is FAR from temporary. Even under the best of circumstances power demand in the Republic of South Africa equals power usage. Now with more than 40 generators off line, mostly due to lack of maintenance, the production deficit is significant.

    I am told that the department overseeing power generation is totally FUBAR, which only suggests further problems.

    Power sharing means power to the people, not the mines.

    Already the mined gold supply is dropping remarkably. The decline in newly mined gold was already a factor. With one of the largest national gold producers in the world sharply reducing production prices gold will rise even more, still motivated by all other factors discussed here many times.

    Respectfully yours,
 
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