THE RAND TAKES A HAMMERING TODAY
It’s not all doom and gloom as the rand reaches new record lows. Investors are now taking advantage and jumping on gold shares While Chinese markets take a knock and further weakening emerging markets, Africa’s Gold mining index is climbing. This is because mining companies’ costs are in the local currency and their revenue is in dollars.
The rand weakened as much as 8.5% against the dollar, earlier today.
on Friday the local currency fell to a fourteen year low.
In China one of South Africa’s biggest trading partners , equities fell the most since 2007.