(or the fiat currency of your choice, or a Fiat, whatev)
South Africa's annual gold output fell in November by its biggest margin in seven months, while total minerals production declined 6.4 percent compared with the same month the previous year, data showed on Thursday.
Gold production dropped 12.7 percent year-on-year in November, according to figures from Statistics South Africa, further tightening supplies in the world's biggest producer of the precious metal.
Gold production has been on a downward slope in South Africa, tumbling by over 50 percent over the past decade, as high-grade mines run out of ore and firms grapple with more difficult and high-cost underground operations.
In 2006, gold production fell 7.5 percent to the lowest levels since 1922, industry group the Chamber of Mines has said....MoreOh Great and Powerful Oz,
Comment by - January 9, 2008 at 7:06 pm
...Teresa Lo sounds fed up with those who believe gold is forever going higher. “If this sort of price action were to be seen in the Dow Industrials or the S&P 500 index, the move would certainly be labelled a bubble, a prelude to disaster,” she writes. “But the permabear priesthood never sees it like this for gold. No, ‘gold is the new currency’, ‘the return of sound money’ or ‘the new world order’. Furthermore, there is always a conspiracy amongst the central banks against the little guy. Gold is the ultimate Robin Hood trade.”