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Foreigners aren't buying into South Africa's gold rally
By Robert Brand and Adelaide Changole
Tuesday, July 21, 2020
Not even a record rally can entice foreign investors to South African gold stocks.
With gold prices soaring on the heels of monetary stimulus, shares in producers of the metal are back in favor around the world. But investors are fretting about supply disruptions at South Africa's mines as a result of soaring Covid-19 infections, according to Benguela Global Fund Managers Ltd.
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Non-residents sold a net 2.1 billion rand ($128 million) of the country's gold shares since the beginning of last week through today, even as a Johannesburg index of gold miners climbed more than 6% to the highest on record.
That's more than half of the total outflows from the equity market in that period, more than any other sector, according to JSE Ltd. data. ...
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