Monday, January 20, 2014

UPDATED--South African gold producers receive strike notice from AMCU

Update: "More on South Africa's Striking Mineworkers"
Original post:
As one platinum miner strike was settled another was called so we were well treated by the long platinum/short gold pair-trade in November 24ths "If You Absolutely Have to Have Precious Metals Exposure, Consider Platinum (HSBC)":
 Chart forSPDR Gold Shares (GLD)
This latest strike notice should cause a knee-jerk pop in gold i.e. is not good for the pair-trade, more to come.
PPLT is the ETFS Physical Platinum Shares.
From Reuters via Mineweb:

Gold producers have received notice from the Association of Mineworkers and Construction Union, outlining its intention to strike on Thursday.  
JOHANNESBURG (Reuters) - 
South African gold producers said on Monday they had received notice from the Association of Mineworkers and Construction Union (AMCU) of its intention to strike on Thursday, adding the companies will seek to halt the action in the courts.

The chamber of mines, which represents the industry, said in a statement AMCU members planned to down tools at Sibanye Gold’s Driefontein mine, Harmony Gold’s Kusaselethu and Masimong mines, and at AngloGold Ashanti’s South African operations.
See also last November's "Platinum deficit to widen while prices decouple from gold".