South Africa's 2006 Gold Output Lowest In 84 Years

Gold traded about $3 higher for most of trade in Asia and London and found over $5 gains in early New York trade before it fell to as low as $650.50 in late morning trade, but it then rallied back higher into the close and ended near its high with a gain of 0.66%. Silver rose above $13.10 in London before it fell throughout most of trade in New York to as low as $12.90 at one point, but it then rebounded higher in afternoon trade and ended with a gain of 0.31%.

READ: Gold timers' despair by Mark Hulbert from Marketwatch

Throughout this recent consolidation period, there has been a stronger than usual correlation between the S&P 500 and the HUI. (Though since gold's peak, the S&P 500 has slightly outperformed the HUI). Any weakness in the stock market (as evidenced by last week) has led to weakness in the HUI.

Also, according to Business Day, gold production last year hit its lowest level since the 1922 strike, continuing a long-term decline that started after production peaked in 1971, according to Chamber of Mines figures released yesterday. And, this was despite the chamber's latest annual report, published last year, saying South Africa was the largest gold-mining country in the world in 2005, accounting for 11.8% of global supply.

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