Gold News

SA gold production down 16.5% in January

A report by Statistics South Africa has shown that production of gold decreased by 16.5 per cent compared to the same month last year, a statistic that is likely to be welcome news for investors in the yellow metal.

According to Bloomberg, gold prices rose to almost $1,000 an ounce in London today (March 13th), up 19 per cent thanks to rising demand for the metal as a safe haven against the increasingly weak dollar.

MF Global's London futures broker Mario Innecco explained the continuing popularity of gold to Bloomberg.

"The financial system's in trouble at the moment and people are going to the safety of gold. You can't create gold so easily as you can create dollars or euros or pounds," he said.

These findings continue a trend of booming gold demand in recent years, with the value of demand up 75 per cent between 2003 and 2006 and 101 per cent between 2001 and 2006, according to consultancy organization Commodity Online.

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