South African gold shares: Why we’re avoiding them

The gold market and gold shares are widely followed by market commentators and investors, especially in South Africa. Yet their importance is perhaps overstated - while the gold industry is an important employer in South Africa, it has become an increasingly smaller part of our economy, due mainly to an ever-decreasing amount of gold being mined and exported from our deep level mines. In this newsletter, we explain how we view and value gold, and why we do not like gold shares currently.

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