The Gold Economy

Axed South African Pamodzi Gold (JNB:PZG)  liquidator Enver Motala said in a 14-page media statement that Aurora Empowerment Systems “was never given preference” because of its political connections, the Times Live reports on Tuesday.

Motala, who has vowed to challenge his dismissal from the case, argued that there was “simply no truth” to allegations that Aurora remained the preferred bidder for struggling Pamodzi Gold mines as a result of the identities of its directors.

The directors of Aurora are Khulubuse Zuma, President Jacob Zuma’s nephew, Michael Hulley, Zuma’s legal adviser, and Zondwa Mandela, former President Nelson Mandela’s grandson… Continue reading

Public Relation people at Goldman Sachs can not be too happy about this.

Friday morning saw the dollar gold price trade in a three dollar range, around $1,526, in London. At the same time, stocks and commodities were up, as was the euro despite investors speculating about a potential halt to IMF’s latest payment of the €110 billion bailout granted to Greece.

At lunchtime Friday gold seemed to heading for a 1% gain this week.

However, as argued by Heraues, a German precious metals trading group, in its latest weekly report: “The gold price is presently in no-mans-land.”

They added: “Further developments in price [of gold] will depend on how… Continue reading

Gold output in Zimbabwe is expected to increase by as much as 35 percent in 2011, while costs, power shortages and funding remain serious problems, the country’s Chamber of Mines reports.

An official at the Zimbabwean Chamber of Mines on Friday said that although the gold output in the country could rise by as much as 35 per cent this year, the mining sector is still struggling with funding and power shortages, and growth is further stifled by high costs.

According to Victor Gapare, president of Zimbabwe’s Chamber of Mines, the gold sector would need $1 billion every… Continue reading