Africa's largest gold producer grows gold reserves to massive $11.9 billion despite a $1.9 billion loss from a program - Business Insider Africa
Africa's largest gold producer grows gold reserves to massive $11.9 billion despite a $1.9 billion loss from a program - Business Insider Africa
Source: Business Insider Africa
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DW NOTE
South Africa lost $1.9 billion propping up state power utility Eskom, then watched its gold reserves climb $11.9 billion as the metal doubled in rand terms. The central bank didn't mine an extra ounce — the Treasury just bled purchasing power into a broken grid while the hedge sat in the vault appreciating. That's what currency debasement looks like from both sides of the same balance sheet.