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Thursday, 4th September 2008 (1729 views)

An industry insider has said gold mines in South Africa have been selling out of the precious metal, it has been claimed.

Reported by Citywire, gold fund manger for Investec Daniel Sacks has spoken of good prospects for the sector.

"I am encouraged by the strength of the physical gold market at the moment" he told the news provider.

He cited a case where Rand Refinery - the world's biggest single smelting and refining outfit - allegedly ran out of stock due to high gold demand.

He added that it was an encouraging sign and that it demonstrated "safe-haven buying" in times of economic fallout.

South African city Johannesburg's alternative name, "Egoli" means city of gold, according to southafrica-travel.net. It adds that the country is among the global leaders in gold production and the region's Western Deep Level mine is one of the deepest in the world at 3900 metres.

 

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