Category III · Precious metals
Gold.
USD-denominated currency hedge. SA gold tailings deliver manufacturing-style returns with 12–18 month time-to-cash-flow.
Benchmark
LBMA PM auction
Unit
US$ / oz
Current price · 3-mo forward avg
US$ 2,780 / oz
Apr — Jul 2026 (forward 3-mo avg)
USD-denominated currency hedge. SA gold tailings deliver manufacturing-style returns with 12–18 month time-to-cash-flow.
Price · LBMA PM auction
2016 — 2035
Solid line: historical annual averages. Dashed line: forward projections (consensus).
Top 5 producing countries
- 01
China
10%
Largest producer; state-priority sector
- 02
Australia
9%
Western Australia goldfields
- 03
Russia
9%
Polyus, Polymetal — major producers
- 04
United States
5%
Nevada — Carlin Trend
- 05
Canada
5%
Ontario / Quebec belts
Leading companies
- 01
Newmont
World's largest gold producer post-Newcrest merger
- 02
Barrick Gold
Africa + Americas portfolio
- 03
Agnico Eagle Mines
Canada + Finland operations
- 04
AngloGold Ashanti
SA roots; African + Americas operations
- 05
Gold Fields
SA-headquartered; Australia / Ghana / Americas
Of note
- §
South Africa holds an estimated 6+ Bt of historical gold tailings — a stranded liability that retreatment converts into producing mineral inventory.
- §
Tailings retreatment offers ~12–18 month time-to-cash-flow vs 5–7 years for deep-level mining.
- §
Central bank gold buying has hit multi-decade highs (2022–2024), structurally supporting price.
Sources
LBMA, World Gold Council · Chamber of Mines SA. Curated quarterly. Forward projections are consensus indications and are not a guarantee of future prices.