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Krugerrand Connection A a te on Mrica BUYING A PIECE OF APARTHEID: THE KRUGERRAND CONNECTION A "'... The black man had to be taught that he came second and that he belongs to the inferior class that must obey. " Paul Kruger Buying A Piece Of Apartheid: THE KRUGERRAND CONNECTION South Africa's Krugerrand is the world's coin makes it easy for individual investors andthe injury rateon all mineswas 25.37 best-selling gold coin. Nowhere does it sell to gauge the value of their investment at WHOPROFITS FROMSOUTH The South African per 1000workers.1i Black miners had a better than in the United States. The coin any time. That makes the Krugerrand "the AFRICA'S GOLD? Government deathrate of 1.33 per 1000compared to is named for Paul Kruger, an early world's best way to own gold" according Goldsales provides about 50% of South TheSouth African governmentbenefits a 0.56 ratefor their white co-workersin Afrikaner leader who said that "the black to its promoters. Africa's foreign exchange.4-foreign ex greatly from goldproduction andKruger 1982.' Some8,209 workershave died in man had to be taught that he came se change that buys the oil, computers, randsales through taxesand profit shares. South Africa's minesin the lastten + years, cond and that he belongs to the inferior KRUGERRANDS IN THE US airplanes and other material goods South In 1983,$2,070 million, some14% of all andsome 230,000 were injured.i class that must obey." Today buying a Krugerrands are South Africa's largest Africa needs to survive. South Africa is the governmenttax revenues,came from In 1982,when black miners at the gold Krugerrand is a direct way of providing single export item to the US, and the US is world's principal gold producer, with 1983 gold,thus providing the statewith "much fieldswon the right to organizetheir own dollars to South Africa's racist apartheid the largest Krugerrand market worldwide, production at 21.8 million troy ounces or neededfinancial andeconomic stabili independentunion (NationalUnion of regime. accounting for between 30% and 50% of 49.1% of the world's total (excluding the ty.... Therole of goldhas neverbeen Mineworkers) afterbitter struggle, the all sales since 1975.i The Krugerrand, first USSR).Gold exports totalled $9.15 billion morevital" in the wordsof C.T.Fenton, newsmediaheralded the "democratic" WHAT IS A KRUGERRAND? minted in 1967, was introduced into the out of an $18.6 billion figure for all South Chairmanof the Chamberof Mines.8 developmentin SouthAfrica. Yetwhen "More than any other coin, the world US in 1975 when it became legal for indi African exports In 1983, So despite inten 40,000 union minersdeclared a legal Not The Black Miners buys its gold in the form of viduals to own gold here. It hasdone well sive efforts at diversification, South strike in September1984 at the gold Krugerrands."I Although they are legal for its apartheid sponsors. The gold coins Africa's white minority rulers remain Ovea424,539 black minersdig the gold minesaround Johannesburg, the first such WHY PROTESTNOW? tender in South Africa, these coins are accounted for almost a quarter of the value heavily dependent on gold to generate that makesSouth Africa rich,under the strike since1946, the repression was im Sellinggold is vital for the healthof the minted primarily for export to foreign in of all US imports from South Africa in 1983 economic growth and the government directionof 48,389 white miners.In 1982, mediate.Two days after the strike declara SouthAfrican economyand the survival of vestors. The value of the coins isdirectly and 1984. Krugerrand imports in 1983 revenues needed to maintain the repres monthly wagesof blackminers at the gold tion,mine owners called in riot police, the apartheidstate. Bothrely on goldfor sive apparatus of apartheid. minesaveraged $232, compared to resulting as linked to the daily international price of were valued at $450.2 million, and totalled Is in the deathof sevenblack gold foreignexchange. Now, the goldprice gold. Krugerrands are available in four $484.7 million in the first ten months of About 16% of gold produced (3.5 $1,267paid to whites,or lessthan a miners. plunges,any big dropin demandfor the sizes (1. , A, , troyounces of fine 1984. Total US imports from South Africa million troy ounces) is used for making fifth,' Whitewealth and black poverty So,the high priceof goldpaid in New Krugerrand wouldhurt evenmore, cutting gold). The precise content of gold in each during the same two periods were $2.03 Krugerrands. In 1983, 4,683,149 Kruger havebeen the pattern in SouthAfrica ever Yorkand other international gold auction backfurther on what the country cansell billion and $2.18 billion respectively., rands were sold worldwide (in four sizes) sincethe discoveryof gold in the 1860s centersproduces no benefitsfor the black andthus thegoods it canpay to import. generating $1.55 billion.7 transformedthe country from a forgotten workerswho mine it. Goldhas financed "stability" for South colonialbackwater into a centerfor for Africa-a stability characterizedby ex The Mine Owners eign investmentand economic develop HOWTHE KRUGERRANDGOES traordinary wealthand privilege for a TO MARKET eel The Chamber of Mines of South Africa, ment.It wasthe goldmines' demand for white minority andinjustice andpoverty the national association of mine owners, cheapblack labor that laid thebasis for Intergold,the international marketing for the majority of SouthAfricans. Stabili directs the production of gold. The Cham the racismand social and economic in armof the Chamberof Minesof South ty for the current SouthAfrican govern ber sells its gold bullion to the government equality later codifiedunder the laws of Africa,is responsiblefor worldKrugerrand ment meansthe continuation of theapar for export. Krugerrands, however, are apartheid.Africans were forcibly drivenoff salesthrough its morethan twelvebranch theidsystem, defined as criminal and minted by the government and then their landsand forced into the labor esaround the world (the USoffices are abhorrentby mostcountries of the world. returned to the Chamber of Mines. The market by taxes.Most black miners today basedin NewYork and Los Angeles). In Stability for thecurrent regimemeans a Chamber sells the coins worldwide are forcedto migrate to hugecompany the US,Intergold distributes Krugerrands highly unstablelife for the majority of through its subsidiary, the International compoundsfar from their families.Black to a small network of firms who, in turn, South Africans,one defined by the vio Gold Corporation (Intergold). Earnings minerslive under"pass laws" that direct supplythe coin to a vast arrayof banks, lenceof poverty,illness, illiteracy, repres from the coin sales go directly back to the andregulate the flow of their labor,pre brokeragefirms and retailcoin andjewelry sion anddiscrimination. Chamber and so to the mine owners. venting themfrom seekingwork freely. dealersnationwide. The company also Blackminers are prevented by law from operatesa "Krugerrand Information Ser TAKINGACTION occupyinghighly skilledand highly paid vice" with a toll-freenumber which will Therevenues from Krugerrand salesIn jobs suchas blasting. Evencompensation supplylistings of "your nearestKruger the USdirectly support the apartheid for occupationaldisability is determinedby randdealer" anywhere in the US. regimeof SouthAfrica. Blockingthe sale race.A white minerwho contracts tuber USpromotion of Krugerrandsis handled of Krugerrandscould make the US the culosis,for example,is eligible for a lump by the NewYork firm of DoyleDane Bern poorestmarket for the coin in the world. sum paymentof $6,858. A blackminer bachthrough a multi-million dollar ad It is unlikely that SouthAfrica wouldeasi with the samedisease receives only $823. campaign.Advertisements for the coin ap ly findalternative marketsfor its gold Totalcompensation paid to white miners pearin majornewspapers, national jour either as bullion or asa coin. European wasdouble that paidto blackseven nals,even "filmads" on airliners. Rubins countries suchas Holland are alreadyin thoughblacks outnumber whites10 to 1 tein,Wolfson & Co.of NYare Intergold's volvedin lively boycott campaigns. at themines.10 publicrelations agents in theUS. In the USin recentyears, local cam Safetyand health conditions at the Although mostgold coins soldcurrently paignsto protest Krugerrand saleshave minesin SouthAfrica are among the areKrugerrands, there are alternatives. scoredsuccesses. Coalitions of church worstin theworld. In 1982,only oneper Coinssuch as the CanadianMaple Leaf, groups,community organizers,political sonwas responsible for theoccupational anda Mexicancoin, areavailable from activists, humanrights advocatesand stu safetyof some700,000 working on the other gold-producingcountries other than dent groups,among others, have won im mines.l In 1983,831 minerswere killed, apartheidSouth Africa. portant victories. Footnotes Among recent developments: 9 In 1983, the U.S. House of Represen 1. Promotional pamphlet, International * In ongoing Free South Africa Movement tatives passed a bill calling for a ban on Gold Corporation, 1980. 2. Business Week, January 17, 1983. demonstrations, groups in many cities are sales of Krugerrands. The bill died for lack 3. Trade Information Service, US Bureau targeting Deak-Perera, and other Kruger of Senate support, but has been intro of the Census, phone interview, rand distributors. After some weeks of duced again, in 1985. December 6, 1984. picketing, outlets in Pittsburgh and Min 4. 1983 figures, The Citizen, neapolis agreed to discontinue
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