This bull run is different

A gold price above $580 is a rich nostalgia trip. It takes one back to the early 1980s, when a rand was worth more than a dollar – yes, that’s right, $1,35 compared to the current $0,17.

I seem to recall that the chairman of Nedbank, Frans Cronje, wrote in the 1980 annual report that, in the wake of the second oil crisis in 1979, the world economy had dealt (apartheid) South Africa “a permanently better hand of cards”.

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