South Africa’s gold output
(N.Z.P.A.-Reuter—Copyright PRETORIA
The South African Reserve Bank is selling almost all its entire output of gold, fulfilling its international obligations under the 1969 agree ment on marketing the metal. A spokesman for the bank today strongly denied foreign press reports that South Africa was withholding gold supplies to maintain the present high price for bullion on some European free markets. He pointed to the bank's latest statement of assets and liabilities, for the week ending on May 11, which showed that the bank’s holdings had increased by only 49,069 rand (about $50,000).
i The spokesman added that South Africa produced an average of 500,000 fine ounces of gold every week which the Reserve Bank bought from the mines for 29.55 rand (about $3O) an I ounce.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19730521.2.121.5
Bibliographic details
Press, Volume CXIII, Issue 33230, 21 May 1973, Page 13
Word Count
130
South Africa’s gold output
Press, Volume CXIII, Issue 33230, 21 May 1973, Page 13
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in