And again the next day on the closing priceParticipation must be simple to understand and implement mechanismsGame void Romney McCain among RepublicansNo economy keeps growing at the same pace foreverThey have now several documents available to them42 billion in 2006 either internal growth of 37The banks want at least hand left the home Bank6 consistent with the average forecast and 24This vision was just but well ahead of his timeThe substance of the Constitution is upheldThe physical market for gold and Platinum recalled the speculators on the agenda. Enjoying ample the weakening of the greenback in recent weeks, this pair of financial instruments for hedging against the weak dollar was in a paperless way.
Operators had turned his back on the fundamentals of these two metals to see in them an opportunity to cover themselves against losses of foreign exchange. But Friday, the closure of most of the mines of gold and Platinum in South Africa, second largest producer of the first (15 of the total) and leader of the second (75), following a shortage of electricity has reminded investors that these products are mineral resources.
Soon the news spread around noon Paris time, stakeholders on the New York spot market propelled the ounce of gold at near 924 dollars and that of Platinum to 1.701 $, which is, in both cases, new absolute records. South African gold and of platinum-group-producing companies were brought to close their operations after the public electrician Eskom asked them to minimize their consumption of electricity.
The disaster in South Africa
Eskom, which provides 95 of the electricity in the country, said will not be able to guarantee the supply of energy. In the aftermath, stopped the production of coal by Anglo American. On the other hand, that of BHP Billiton continues. To continue to deliver Eskom, the mining group decided to minimize shipments of coal to its two units of refining of aluminum. Private electricity, bottom mines are at risk of being flooded, pumps in the case. To the seriousness of the situation, the Government declared a State of national emergency.
All this could last for two to four weeks, admitted the electrician. This would represent a serious threat, including the physical market for platinum-group, and gold. In this case, "industry better served are naturally those that have established contracts directly with producers", says Didier Julienne, specialist in platinum-group. "The impact of the shortage of electricity in South Africa the supply of Platinum could last for a few years," has Walter Dewet, analyst at Standard Bank. The reason for electric debacle in South Africa is very low level of reserves of coal, representing 70 of the overall costs of Eskom.
"High risk".
Shipments of coal to power plants have been affected by heavy rains last week. In addition, the efficiency of these plants, old, is notoriously perfectible. Some observers ensure that Eskom thermal coal reserves can cover only five days of activity. And the operation would be aggravated by the fact that the electrician had to turn massively to the cash market to provide coal, which would have put in the uncomfortable position of having to buy the mineral fuel price high about $ 100 per tonne, against about 40 dollars two years ago. In speaking to the spot market, Eskom faces tough competition, little concern for the energy interests of the country.
Professionals predict an average deficit of electricity of the order of 3,000 MW per day in South Africa this year. The electrical system of the country is "very high risk and the stability of the network may have been compromised", stated the electrician Friday afternoon in a news release. Eskom is therefore committed to meet its 138 major industrial customers today to study the situation.
