The Krugerrand is one of the most popular and numerous one ounce bullion gold coins in the world and for 2017, celebrates its 50th anniversary. All gold used to manufacture Krugerrand’s is sourced by Rand Refinery. To put that in perspective, South Africa produced over 1,000 metric tonnes of gold all by itself in 1970. Lakeshore Trading is a leading bullion dealer based in Johannesburg, South Africa. The Gold Specialists - Think Long Term. Our silver coin pricing is comparable with local silver bullion bar pricing so in our opinion it makes sense to use an investment vehicle that is more liquid and tradable. The long term trend is continuously downward. African Bullion appreciates that purchasing silver bullion online calls for a high level of trust and are committed to providing superior customer service, an easy online order process and efficient fully insured shipping. According to The Sentry, an investigative and policy group, 95% of the gold mined in east and central Africa reaches Dubai, where it enters international markets. The South African Gold Krugerrand. The Beginning of South Africa’s Modern Gold Coin. The coins are a product of the South African Mint, which is a privately owned mint in South Africa that works with the South African Reserve Bank to produce both the circulation coins in the South African rand currency and the South African Gold Krugerrand. In 1980, smaller denominations of the coin were introduced comprising ½ oz, ¼ oz and 1/10 oz denomination coins. Sibanye Gold is a purely South African focused gold mining company which was spun off from Gold Fields in early 2013, and is now itself a major gold producer, having acquired a number of mines since then[5]. Rand Refinery manufacture the coin blanks, and the South African Mint mints and stamps the bullion coins jointly with Rand Refinery. Nowadays, like a lot of other central banks, the SARB also sometimes places some of its gold holdings in interest-earning gold deposits with “approved counterparties”, which most likely means highly-rated international commercial banks and the Bank for International Settlements. There are also many online dealers that allow you to conveniently buy gold bullion over the Internet. The South African Mint has been supplying coins to South Africa and others for over 100 years. SA Bullion … Johannesburg itself is sometimes referred to as eGoli which means ‘Place of Gold’ in the Zulu language. All orders are shipped with a VAT invoice. These bullion coins all bear the Springbok - the national animal of South Africa. The Bank states that “a very large percentage of these gold reserves are held in the vaults of official sector institutions.” When asked by BullionStar where this gold is actually held, SARB replied “Unfortunately, the SARB cannot divulge that information, hence the reason it stated  ‘mostly held abroad with other official sector institutions‘”. A comprehensive synopsis of Rand refinery’s gold bar range can be found on the Goldbarsworldwide website[19]. The gold Krugerrand coin has been minted since 1967 by The Rand Refinery in South Africa. This product also has a physical delivery option as well as a sell-back option.[44]. The London headquartered Standard bank, which was an ordinary member of the London Bullion Market Association (LBMA), is now called ICBC Standard Bank, and ICBC Standard Bank is now an Ordinary LBMA member. The 1 and 2 Rand coins were the first gold bullion coins produced in South Africa. Much like The … These bullion coins all bear the Springbok - the national animal of South Africa. The current Gold / Silver ratio is 71 : 1 (One ounce of gold will cost you 71 ounces of silver) Many investors believe this ratio will fall to at least 20 : 1 resulting in more upside potential for an investment in silver. The JSE acquired the South African Futures Exchange (SAFEX) in 2001[32]. Krugerrands traded by JSE members are fungible to the extent that a customer cannot direct a JSE member to use specific coins from one transaction in a subsequent transaction (section 15.10.2). D M (PTY) LTD offering fine quality Gold Bullion Bars at Affordable Price. The South African Gold Krugerrand Coin is one of the most trusted and sought after gold bullion coins in our industry. However, it has now dropped to 7th place in annual output behind China, Australia, Russia, USA, Canada and Peru, with 2015 production of only 140 tonnes[50]. The name itself is a compound of Kruger (the former South-African president depicted on the obverse) and rand, the South African unit of currency. The Rand Refinery in South Africa has recently begun to release silver bullion coins with their silver Krugerrand. This is by virtue of South Africa’s significant gold reserves both in the vaults and underground.“. With the market leaders, since $300 an oz. The official mint of the Republic of South Africa was established in the late 1800s after gold was discovered near Witwatersrand. In association with The Department of Health and the NHI. The Krugerrand was the first gold coin issued that was targeted to retail gold investors. The highest price of gold ever was on September 6, 2011, when it briefly touched $1 928/oz. The silver Krugerrand coin was first released in 2016, but has quickly become a favorite with bullion investors. Many analysts believe that substantial devaluation or collapse of the Dollar is inevitable. However, this gold in the ground in South Africa is finite, and its rate of extraction has continued to diminish. Anglogold Ashanti, South Africa’s biggest gold mining company, and Gold Fields, the country’s second largest gold producer, are global gold producers with operations across the world. We pride ourselves with 100% delivery success in the tens of thousands of ounces of silver sold. The usage of cookies and the collection of customer information by BullionStar is guided by our. We hate spam email just as much as you do! Africa’s gold mining industry — traditionally dominated by South Africa — has seen a shift in focus with countries such as Ghana, Suda, Mali, and Burkina Faso entering the fray. As South Africa’s 130-year-old industry limps toward its final years, mining investors must look beyond gold for better returns, he said. The bead remaining after cupellation is rolled into a very thin strip called a coronet. The Krugerrand bullion is the most widely traded coin in the world, as it is a trusted bullion coin. The Krugerrand is issued as both a bullion coin, by Rand refinery, and as a proof coin[23], by the South African Mint[24]. The bullion Krugerrand contains 11/12 24 karat gold and 1/12 copper, and comes in four sizes, including 1oz, 1/2oz, 1/4oz and 1/10oz pure gold. Customers are paid out in Rand“[36]. The South African Gold Krugerrand, whose name is derived from “Kruger”, a very popular South African president (1883-1900) and “rand”, which is the currency in South Africa, is one of the first bullion coins made for investment purposes. There are several gold dealers around South Africa, so the location of those dealers will influence your decision if you plan on buying gold in person. What are your thoughts investing in silver bullion coins vs silver bars? In fact, South Africa’s currency, the Rand, was even derived from ‘Witwatersrand‘, at a time when people knew that gold was money. Bullion Gold Buyers is proud to be the largest and most up market mall-based gold recycling specialist in South Africa How It Works Store Locations Bullion Gold Buyers, making a difference to our planet African Bullion represents the Austrian Mint, is a contracted re-seller for both the Rand Refinery and the South African Mint and has distribution agreements with primary dealers of the American and Canadian mints. We would like to take this opportunity to thank all our clients for their support over the past year and wish you and your loved ones a very happy holiday season and a prosperous new year. Online options. What are your thoughts on the investing in silver vs investing in gold debate? Gauteng is derived from the word ‘gauta’ which means gold in the Sotho language, and which in turn is derived from the Afrikaans word ‘goud’, which also means gold. The Johannesburg Stock Exchange (JSE)[28] hosts a secondary trading market for Krugerrands which quotes prices for the coin’s 4 denominations, i.e. IBV Gold is a global gold and silver bullion merchant. By law only the South African Mint is allowed to produce legal tender, but the gold is supplied to them by the Rand Refinery. 1oz 22k Gold South African Krugerrand - Varied Years From £ … According to some sources it was an Australian named George Harrison who made the find. Until 2007, South Africa was, in output terms, the world’s number one gold producer. The Rand Refinery company is privately held, and is owned by the five largest South African gold miners discussed above. Tambo Airport vault http://www.rmb.co.za/globalmarkets/pdfs/KPMG%20Audit.pdf, 44.^ FNB Krugerrand option within Share Builder and Share Investor products http://www.fnb.co.za/share-investing/krugerrands.html, 45.^ Absa Bank http://www.absa.co.za/Absacoza/About-Absa/Absa-Bank/Absa-Overview, 46.^ ABSA NewGold ETF brochure http://etfcib.absa.co.za/Fund%20Documents/NewPlat%20Brochure.pdf, 47.^ ABSA NewGold ETF, gold holdings, see ‘Asset Information’ tab http://etfcib.absa.co.za/Products/Exchange%20Traded%20Funds/Commodities/NewGold/Pages/default.aspx, 48.^ South African Department of Mineral Resources – gold resources http://www.dmr.gov.za/mine-health-a-safety.html, 49.^ “The decreasing importance of gold mining in South Africa”, Statistics South Africa March 2015 http://www.statssa.gov.za/?p=4252, 50.^ USGS http://minerals.usgs.gov/minerals/pubs/commodity/gold/mcs-2016-gold.pdf, 51.^ “Mining: Production and Sales“, Statistics South Africa, December 2015, http://www.statssa.gov.za/publications/P2041/P2041December2015.pdf, 52.^ Rand Refinery sourcing of gold http://www.randrefinery.com/services_sourcing.htm, 53.^ “Half of South Africa’s gold mines operating at loss“, Mining.com http://www.mining.com/half-of-south-africas-gold-mines-operating-at-loss-report/. Gold price guide. In fact, it is considered one of the most advanced mints in the world – a title it most … Credit: Erik Stein/Pixabay . In the 1960s the … Gold has intrinsic value and by this definition, provides a hedge against inflation. The gold Krugerrand coin has been minted since 1967 by The Rand Refinery in South Africa. It is interesting to note that geologists estimate that the ratio of silver to gold ratio in the earth’s crust is about 16:1. We will do our best to only share information that is relevant and adds value. A national debt of R3.235 Trillion! The United States national debt stands at over $22.1 Trillion and is growing, a staggering $180 515 per taxpayer. Select desired country in the location dropdown to view bullion available for sale in that country. Especially in 1971, physical gold trading became more vital following the final collapse of the Bretton Woods Agreement and the shutting of the gold window or convertibility of US dollars into physical gold bullion. An investment in a silver bullion coin or a gold bullion coin can be contrasted with an in vestment in AAA rated Lehman Brothers or Bear Stearns bonds. 45 New Bridge Road, Singapore 059398 Singapore The Mint manufactures the proof coins itself. You can change the usage of cookies in your browser. The products include Gold Bar,Gold Ore, Raw Gold Bars, Gold Dust, Diamond Carat, 24 Carat Gold and Gold Bullion 1 KG Bars. Tambo International Airport in Johannesburg with gold bars weighing 73.5 kilograms (162 pounds) in their carry-on luggage. This is due mainly to low … From 2018 - 2019 gold production declined by more than 30%. Unlike other bullion coins, the Krugerrand was given the status of currency or legal tender. The Modern South African Mint. Current State of the Physical Bullion Market In South Africa, ‘Shaky Stock Market’ Predictions, CFO’s Gloomy on Economic Growth and More, Dire Warning about the South African Economy from Magnus Heystek. IBV Gold is a global gold bullion merchant. RMB also markets a Krugerrand saving product offered by FNB, another company in the FirstRand group, where Krugerrands can be purchased for inclusion in a retail customer’s Share Builder and Share Investor savings products, and the Krugerrands are stored at the Rand Refinery storage facility. When silver bullion prices were low, with high production costs, there was no incentive for miners to increase capacity. Contact Direct Bullion Level 1 Devonshire House One Mayfair Place Mayfair London W1J 8AJ Email us info@directbullion.com Call us 0800 055 7050 Founded in 1920 by the Chamber of Mines of South Africa, today Rand Refinery is the largest single-site precious metals smelting and refining facility in the world[13]. Gold Bars are sealed as stipulated by South African Law. Gold Krugerrands are one of the best selling gold coins worldwide, and have been in continuous circulation since 1979, when they were first released. The group operates its services in South Africa, Mauritius, Switzerland and Dubai. January 7, 2021 African's Biggest Gold Mining Company ( For Up To Date Information About The COVID-19 Pandemic in SA visit www.sacoronavirus.co.za ) Home About GFB This decline in gold production continued during 2015[51]. That year, South Africa was proclaimed a republic and launched a new monetary system. Gold’s recent high of $1 675/oz., breached on March 6, 2020, was the precious metal’s highest trading value since February 11, 2013 – a price high of over 7 years. The coin was officially first minted in July 1967, but large-scale production started in 1970. The Rand Refinery in South Africa has recently begun to release silver bullion coins with their silver Krugerrand. Today, Standard Bank offers hedging products on precious metals including gold, is a market maker for Rand cash-settled gold futures on the JSE and issues Exchange Traded Notes on gold, which also trade on the JSE[39]. The Austrian Philharmonic 1 ounce silver bullion coin has “legal tender status” Silver coins are both easier to sell and authenticate, as the weight, measures, and silver content of each coin is well regulated by the Austrian mint. United States Mint (29) Valcambi (26) Credit Suisse (8) Pamp Suisse (80) Austrian Mint (26) Perth Mint (240) Royal Australian Mint (24) Royal Canadian Mint (51) Royal Mint (66) Sunshine Mint (13) Chinese Mint (196) South African Mint (17) New Zealand Mint (66) Mexican Mint (11) Heraeus … Get in Touch . Matte Finish - Single Struck - Intended To Be Touched And Handled - … Read More  The Dutch Central Bank Still Believes in the Gold Standard It’s been 48 years …, "Paper money eventually returns to its intrinsic value: zero" - Voltaire, © Copyright 2020 African Bullion | Returns Policy | Terms and Conditions | Privacy Policy| Live Spot Pricing | Risk Deal. The South African Mint is the official sovereign mint for the country of South Africa. As one of the world’s leading gold and precious metal dealers, we understand the importance of quality, convenience and wealth security. Standard Bank Group also held a 60% shareholding in London-based and Standard Bank Plc until February 2015, at which point it sold this shareholding to ICBC[fn. Rand Refinery is one of the most famous gold refineries in the world. The promotion of physical gold bullion was considered vital to South Africa’s gold industry. Gold Krugerrands as an Investment. Even though the 1 oz Krugerrand gold coin is 22 karat gold or 0.9167 fine, it contains exactly 1 oz of pure gold since the actual coin weighs 1.090869 ozs, with the residual metal comprising copper. The refinery is located in Germiston, to the east of the Johannesburg metropolis. The vehicle selected to help drive gold demand was the 1 oz Gold Krugerrand Coin. Buy coins issued by the Rand Refinery in South Africa, including the famous gold Krugerrand coin. South Africa; Gold Purity; 916.7; Speak to an expert If you have any questions please ask, one of our many advisers will be on hand to help you every step of the way. All Gold Bars are Fine Gold 999,9 and all Silver Bars are Fine Silver 99,9. What is your take on the current state of mining politics in South Africa? Silver-Sphere evolved from a hobby and love for precious metals (especially low premium bullion coins, rounds, and bars), to one of the most trusted names on the precious metals market in South Africa. Krugerrand coins are legal tender in South Africa. All of this information helps to explain why Rand Refinery has been importing gold from other countries since 2004[12]. WELCOME TO IBV GOLD SOUTH AFRICA GLOBAL GOLD AND SILVER BULLION MERCHANT. Many of the locations in this area have hidden – and not so hidden clues – referring to gold. The Krugerrand was the worlds first troy ounce-denominated gold bullion coin. 1/4oz 22k Gold South African Krugerrand - Varied Years From £ 407.42 View. Local Gold and Silver Dealers in South Africa: 1. : 201217896Z The JSE oversees trading in Krugerrands in a similar way to equity (common stock) trading, and Section 15.10 of the “JSE Equity Rules” specifically addresses the dealing procedures for Krugerrands[30]. In its investment gold bar range, Rand Refinery produces a number of cast bars including the good delivery 400 oz bar, a 100 oz bar, a 1 kilogram bar (in various purities), a 100 gram bar, and 5 and 10 tolas bars (in various purities)[17]. JSE gold futures were originally listed on the JSE’s SAFEX platform. While gold investment-grade coins are now, seemingly, a dime-a-dozen for buyers, there was a time when the Gold Krugerrand was the only choice when buying gold coins for private investment. The 1 and 2 Rand coins were the first gold bullion coins produced in South Africa. Why Buy South African Gold Krugerrands? No gold bullion coin in the world has a richer history than the South African Gold Krugerrand. African Bullion is an authorised dealer with the South African Mint. Our online shop pricing is "live" and always reflect the current silver spot prices and R/$ exchange rates, allowing you to ‘lock in’ your bullion price when you are ready to place your order regardless of the time or day of the week. The Modern South African Mint. The South African Mint exclusively issues and markets proof Krugerrands. Historically (between 1925 and 1997), the SARB bought nearly all newly mined South African gold production within one month of production, and then sold on this gold, as it saw fit, to other buyers. Since the time the metal was first discovered in the Transvaal by Alec "Wheelbarrow" Patterson in 1873, the international ebb and flow of gold's fortunes figured directly in the fortunes of South Africa itself. The 1 ounce Krugerrand, or Kruger as it is often called, is arguably the most famous investment gold coin in the world[22], and there are now more than 60 million Krugerrands in circulation globally. In 1997, the South African gold mining companies successfully negotiated with the Ministry of Finance to be able to sell their gold output independently of the SARB, provided that the SARB had granted the necessary exemptions from Exchange Control Regulations[34]. Krugerrands are available in both bullion and proof forms, and are very popular with investors and collectors. One of the mint’s most widely recognized products is the South African Gold Krugerrand coin. We maintain a large silver bullion inventory in South Africa so can ensure that even large bullion orders can be shipped as soon as client funds clear. As one of the world’s leading gold and precious metal dealers, we understand the importance of quality, convenience and wealth security. South Africa has extracted the most gold of any nation on earth, and it has also refined the largest amount of gold on the planet at the famous Rand Refinery. Armed groups and criminal networks benefit from the trade, The Sentry says. By using our website, you accept that cookies are used. Major companies such as Newmont Goldcorp, Kinross Gold, AngloGold Ashanti, Barrick Gold and Gold Fields are active in the region, alongside controversial artisanal miners, … We guarantee the authenticity of all of our legal tender bullion products. ABSA Bank[45], a wholly owned subsidiary of Barclays, offers a physically-backed gold Exchange Traded Fund (ETF) called NewGold[46]. This programme is part of the South African Reserve Bank Act, 1989 (Act No. As its 2012 annual report states: “We are also currently exporting to China about a third of that country’s gold imports and have begun investing time and effort into developing relationships with the Chinese in terms of selling our products and sourcing material for refining“[1]. Why should I Invest in Gold and Silver Bullion, Sign up to our Newsletters and Specials Alerts. In the 1960s the Gold Krugerrand Coin was developed by the Chamber of Mines of South Africa, the South African Reserve Bank, and the South Africa Mint. Buy coins issued by the Rand Refinery in South Africa, including the famous gold Krugerrand coin. Silver-sphere Trading (Pty) Ltd is a Johannesburg based on-line silver and gold bullion supplier founded in 2013 by me, Dr Zoltan Erdey. The vehicle selected to help drive gold demand was the 1 oz Gold Krugerrand Coin. Rand Refinery also operates a precious metals and gemstones vault and transportation operation adjacent to Johannesburg’s “OR Tambo International Airport” which was opened on behalf of gold and gemstones producers, and which helps serve Rand Refinery’s international customer base[20]. The UN says that conflict gold provides the largest source of revenue to armed groups in the eastern DRC. By January 2015, South Africa was producing a staggering 87% less gold than it had produced in January 1980 (coincidentally, the month of the highest ever inflation-adjusted gold price). South Africa PCGS 2017 1oz Gold South African Krugerrand MS70 From £ 3,000.00 View. Is VAT levied on the purchase of bullion coins? As of February 2016, NewGold held approximately 930,000 ozs of gold [47]. This dissolves Ag but not … We maintain a large silver bullion inventory in South Africa so can ensure that even large bullion orders can be shipped as soon as client funds clear. The Rand Refinery also produce the gold Krugerrand, which is the most popular gold coin … Since we are not tax experts, Bullion Exchanges strongly advises you to cross check with a tax professional before making any precious metals investments in South Africa. READ MORE Mining in Africa and beyond: Tracking the great gold rush. South Africa is famed for having huge deposits of gold and diamond. Gold Fields Limited was formed in 1998 through a merger between Gold Fields of South Africa and Gencor. A must read article for every South African. However, since 1997, the SARB states that it “still monitors the gold market closely since its opinion in respect of the gold market is still required and valued“[35]. Eligible coins “are purchased for their gold content at the prevailing gold price. Cam Group Mines Ltd. is the leading wholesale suppliers and exporter of Gold in South Africa which provides the best collection of products to its clients. The price of gold in South Africa is also heavily impacted by the fluctuating Rand / Dollar exchange rate. The link must be target="_blank" without re="nofollow". The gold in the basin was 'discovered' in March 1886. Chinese bank ICBC holds a 20% shareholding in the overall Standard Bank Group. South Africa’s gold production continues to fall through the present time. For over 120 years this mint has struck master quality coins from circulating coins to commemorative bullion coins. The Krugerrand was the first gold coin issued that was targeted to retail gold investors. Current year and backyear gold Krugerrands are available, as well as … As JSE gold futures prices are quoted in ZAR, they take into account the ZAR/USD forward exchange rates. Read More Most CFO’s Believe an Economic Slowdown is Coming While many …, In this article Magnus Heystek voices his concerns about South Africa’s ever increasing national debt. Earlier, in 1998, Anglogold Limited was created through the consolidation of the various gold operations of Anglo-American Corporation of South Africa Ltd[6]. The South African Reserve Bank (SARB) holds a respectable 125.2 tonnes of gold in its official reserves (just over 4 million troy ounces)[33]. Simply stated, it is the cheapest available gold bullion product on the South African market. The South African Mint has been supplying coins to South Africa and others for over 100 years. Gold price quotes in ounce, gram, kilo, pennyweight, tola and tael in South African Rand. There are also JSE rules covering delivery of Krugerrands between members (15.10.4 – 15.10.6), as well as record keeping and safekeeping (15.10.7 – 15.10.9) of the coins. On the obverse side is the left-profile portrait of Paul Kruger, the first democratically elected leader of the South African Republic in 1883. The South African Mint is the official maker of the South African rand and Krugerrand coins, on behalf of the South African Reserve Bank. Contact Direct Bullion Level 1 Devonshire House One Mayfair Place Mayfair London W1J 8AJ Email us info@directbullion.com Call us 0800 055 … The South African Mint occupied its present location in Centurion in the year 1992. Stocks and bonds have been sold off as panicked investors exit over leveraged investments and flee to what they perceive to be the safety of cash. South African police are investigating a possible international gold smuggling syndicate after three suspects were arrested at O.R. In August 2009, the CME Group granted a license to the JSE to list gold futures based on the CME’s commodity derivatives products. South African Gold Krugerrand: The oldest gold bullion coin in the world, the Gold Krugerrand debuted in 1967 with a 1 oz gold coin. There is no default risk when you invest silver bullion and gold bullion coins. Gold Bullion Platinum/Palladium Bullion Significant US Patterns ... South Africa (17) Other (1) SHOW MORE. As one of the world’s leading gold and precious metal dealers, we understand the importance of quality, convenience and wealth security. Since we are not tax experts, Bullion Exchanges strongly advises you to cross check with a tax professional before making any precious metals investments in South Africa. African Bullion is a Rand Refinery contracted re-seller of the South African gold and silver Krugerrand. It didn't take long for South Africa to become a world leader in gold production. Gold charts, Gold fixes, Gold performance and ratios. South Africa's official Coronavirus (Covid-19) online news and information portal. The Krugerrand was first minted in 1967. Rand Merchant Bank (RMB), part of the FirstRand Group, is a market maker for gold futures on the JSE [40], and also offers a Krugerrand Custodial Certificate product which trades on the JSE in the ETF sector[41]. The refinery also produces a range of smaller customisable minted gold bars[18]. South African Gold Krugerrand: The oldest gold bullion coin in the world, the Gold Krugerrand debuted in 1967 with a 1 oz gold coin. As South Africa’s 130-year-old industry limps toward its final years, mining investors must look beyond gold for better returns, he said. With trading offices in Switzerland, London, Dubai and South Africa, we provide our customers with a choice of purchase at his/her preferred destination. IBV Gold is a global gold bullion merchant. Weight (grams): 31.10 Pure silver content (grams): 31.10348 Fineness: 999.0 Dimensions: 37mm Diameter x 3.2mm Thick. Harmony, South Africa’s third largest gold producer, has operations in Papua New guinea as well as South Africa[4]. Shipments can be tracked from our warehouse right to your doorstep for peace of mind. Anglogold Ashanti arose from a merger completed in 2004 between Anglogold Limited of South Africa and Ashanti Goldfields of Ghana. These 1 oz coins are known by many to be a solid investment, while also being a popular collector’s item. WELCOME TO IBV GOLD SOUTH AFRICA GLOBAL GOLD AND SILVER BULLION MERCHANT . Through its history, the SA Mint cultivated a worldwide reputation for its high-quality products. Gold bullion. Furthermore, the country’s showcase gold coin, the Krugerrand, is a leading contender for being the world’s most famous gold coin. South Africa; Gold Purity; 916.7; Speak to an expert If you have any questions please ask, one of our many advisers will be on hand to help you every step of the way. JSE members trading Krugerrands on behalf of customers issue contract notes to their customers (section 15.10.3), just like in JSE equities trading. The LBMA initiative is welcomed by Joanne … | ID - 2451481 90 of 1989). The gold or silver must be sampled while it is still molten. Bars and Medallions come in various shapes and sizes. The price of gold in South Africa is also heavily impacted by the fluctuating Rand / Dollar exchange rate. Rand Refinery is also notable in being one of the five referees that comprise the LBMA Good Delivery System panel along with precious metals refiners Argor-Heraeus, Metalor and PAMP from Switzerland and Tanaka Kikinzoku Kogyo from Japan[15]. The largest contemporary South African headquartered gold mining companies are Anglogold Ashanti[2], Gold Fields[3], Harmony, and Sibanye Gold. Some liken him to a folk hero, ready to sacrifice anything for his people. SA Bullion | 551 followers on LinkedIn. SAFEX was founded in 1990, originally as an Agricultural futures exchange.