Unrest in South Africa to Impact Bullion Supply and Support Gold

Business Insider reported that mine strikes taking place in South Africa are having an impact on gold supply.

As quoted in the market news:

Today, AngloGold, the world’s 3rd largest gold producer, said all of its South African mines have been stopped. Gold Fields lost nearly 32,000 ounces, or metric ton, of output because of strikes at its KDC and Beatrix sites. The Kopanang mine was shut down after a strike last week that began with 5,000 workers, and AngloGold decided to halt all South African operations as most of its 35,000 employees have joined the industrial action.

In addition to the mining strike there is also a transport strike.  More than 20,000 freight transport workers are also on strike, demanding a wage increase of 12%, reports the South African Press Association.  Unions rejected an offer of a staggered increase of 8.5% next March followed by an additional 0.5% in September, SAPA said.

Click here to view the full Business Insider report.