Why Gold Rush 21 is so important : South African Govt Seeks to
Extrait du Midas du 19/05/2005 source Le Métrolole café: ( lien direct en haut à gauche en home page du portail)http://www.hardinvestor.net/portal.forum
Why Gold Rush 21 is so important:
South African Govt Seeks to Limit Job Losses in Gold Industry
2005-05-19 10:55 (New York)
By Mike Cohen
May 19 (Bloomberg) -- South Africa's government will draft a plan with mining companies and labor unions to manage job losses in the country's gold-mining industry, which has shed 8,000 jobs in 18 months, Mining Minister Phumzile Mlambo-Ngcuka said.
``South Africa requires a business model which does not solve the problem of lower profits by first retrenching workers,'' Mlambo-Ngcuka said in a written speech circulated in
parliament in Cape Town today. ``South Africa still produces 14 percent of the world's gold and has 41 percent of the world's known gold reserves. We therefore need to find solutions and new ways of working to mine the remaining gold.''
South Africa's rand has gained 87 percent against the dollar since the end of 2001, crimping profits of miners who pay costs in rand and sell produce for dollars. AngloGold Ashanti Ltd., Gold Fields Ltd. and Harmony Gold Mining Co., three of the world's six largest gold producers, are based in Johannesburg.
The minister said she was shocked by the company's``indifference to the plight of workers.'' DRDGold Ltd., the fourth-largest miner of South African gold, on March 22 announced plans to shut two mines in the country's northwest, eliminating 6,000 jobs, after an earthquake and the strengthening rand made them unprofitable.
The minister said she was shocked by the company's ``indifference to the plight of workers.''
The government may refuse licenses to mining companies who fail to implement ``a social plan'' to look after workers, Mlambo- Ngcuka said.
To contact the reporter on this story:
Mike Cohen in Cape Town at (27) (82) 4549620, or
I met Mining Minister Phumzile Mlambo-Ngcuka four years ago in Cape Town and explained to her what The Gold Cartel was doing and how they were ruining South Africa’s mining industry. She ought to be at Gold Rush 21.
Chuck checks in:
It's one more day to try to quash the golds. Yesterday's put-call ratio was again very bullish, 12,000 puts to about 4,000 calls, the third day of extreme pessimism. I would be certain that the DSI has remained very low also.
Also, every time the golds sell off, it is a mini-panic, today included. Everyone is still reacting to the strength in the dollar but you know that gold will soon soar against all fiat paper. Why not now. Chuck
"Junior gold stocks are the most volatile securities on the planet, with the possible exception of lately minted Internet stocks, and the market is still off about 95% from its previous peak. THIS CONTINUES TO BE THE TIME TO BACK UP THE TRUCK. If I could call your broker for you, I would.
"What we're looking at is a rare opportunity, perhaps twice a decade in the resource stocks, to make a real killing. The last time it was this good was Jan 1993. In fact, now is actually the best time to buy gold stocks (and they're usually terrible things to hold) since 1971, when the dollar was devalued. Gold is now, in real terms, almost as cheap as it was at $35 back then; silver is considerably cheaper than it was at $1.29."
The XAU slumped .51 to 81.70 and the HUI lost 1.49 to 172.73.
While most gold stocks have been hit of late and have slumped, the beleaguered Durban Deep has traded better than most and risen back from the dead. It closed today at 85 cents, up 3 cents.
The world seems to be bearish gold these days. Too much company for me. Still think the surging cash market will keep The Gold Cartel from breaking it down.
GATA BE IN IT TO WIN IT!