FACTS ABOUT RESOURCE EXPLOITATION IN SOUTH AFRICA.
• $8.9tril worth of Gold, 190 000 tonnes has been mined since the begin of time and is in the world today.
• 50% [$4.45 tril] of this Gold is estimated to come from South Africa.
• At current production levels, unless new reserves are found soon, SA gold reserves are forecast to run out in another 30yrs.
• Gold prices are fixed by the LBMA [London Bullion Market Association] which has five private banks involved in the price fixing as market makers: JP Morgan, HSBC, UBS, Deutsche Bank, Barclays Bank, Scotia Bank and no South African or African Banks.
NOTE: London, Germany and Hong Kong do not produce an ounce of gold. They also are not the biggest buyers of gold but they have three banks in the market makers.
The countries that produce the most gold: China and South Africa, the biggest buyers China and India are not included in the market makers.
• $265bil worth of Platinum, 5100 tonnes exists in the world
• 80% of this platinum comes from South Africa.
• At current production levels, SA platinum is forecast to last another 190yrs.
• Platinum prices are fixed by the LPPM [London Platinum and Paladium Market (Fixing Company Limited)] which has a private cartel of market makers consists of Goldman Sachs, HSBC, BASF and Standard Chartered Bank. Not a single South African or African bank are involved.
The biggest producers of platinum products and palladium are South Africa, Zimbabwe and Russia, while China is the biggest buyer but none are included in the market makers.
• 70% of the world's ferrous metals are traded in the Hong Kong Exchanges and Clearing Limited.