Gold 2022/23: Still a safe-haven asset

Gold continues to be regarded as a good safe-haven asset for investors during difficult and uncertain times. The World Gold Council contends that 2022 was a textbook example of how gold’s assorted sources of demand and supply can offset one another, “providing gold with its uniquely stable performance as an investment asset”. In South Africa, once the world’s top producer, the country’s mining industry is facing a deteriorating security environment and a crime crisis that is costing the sector as much as R20-billion a year. While there are bright spots and new investment in productive capacity, ever-increasing electricity tariffs, ongoing and worsening loadshedding, and the need for mining houses to decarbonise their operations remain challenges. Creamer Media’s ‘Gold 2022/23’ report delves into these issues, looking for instance at the investments that mining companies are making in renewable energy, labour relations and illegal mining, as well as mergers and acquisitions. It also gives an overview of South Africa’s major gold miners, focusing on their financial and operational performance. Finally, the report reflects on the main issues affecting the industry globally, including supply and demand, pricing, and the responsible production and sourcing of gold. This report is a summary of information published in Engineering News and Mining Weekly, as well as of information available in the public domain over the past 12 months. The report does not purport to provide analysis of market trends.