Gold Street is where South Africa's mining history goes to die

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South Africa is a member of both the International Monetary Fund and the Bank for International Settlements, organizations that help execute the gold price suppression scheme of the major developed countries to exploit the developing world. GATA would be glad to make a presentation to the South African government and the Reserve Bank of South Africa to explain the scheme and how it devastates the country. If you have any contact with the government or central bank, please ask them about their indifference to this issue and why South Africa is a rich country insisting on being poor.

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Gold Street Is Where South Africa's Mining History Goes to Die

By Ana Monteiro and Felix Njini
Bloomberg News
Tuesday, June 19, 2018

The death rattle of the industry that once symbolized South Africa can be heard in the town of Carletonville -- on Gold Street.

That's where Paseka Selemela has been guarding cars since 2010, when the scaffolding business he worked for closed. Prior to that he was an assistant at a now-shuttered mine owned by AngloGold Ashanti Ltd. Nor has he found work in other gold mines around the town, home to the world's deepest shafts. Many of his friends and family members also have joined the legions of the retrenched, including 8,500 people in the area last year alone.

... Dispatch continues below ...



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"These people can't find jobs, just like me," Selemela, 34, said under the winter sun, wearing a torn, dirty Chelsea soccer club shirt and jeans that hung loosely on his thin frame. "They try at the retailers, but there is nothing available there. They are employing fewer people because people are buying less. There's no money."

Additional cuts are to come across mines and towns in South Africa, once the world's biggest producer of gold. A volatile currency, uncertainty about regulations and demand, labor union tensions, harder-to-access ore, high operating costs, and falling prices mean about half of gold and platinum operations are loss-making.

More than 6 million people are unemployed and looking for work, taking the jobless rate to about 28 percent, a 15-year high. This excludes 2.5 million discouraged job seekers. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-06-20/gold-street-is-where-...

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