THE KRUGERRAND The Worst Way To Own Gold Michigan Coalition for Human Rights 4800 Woodward Avenue Detroit. Michigan 48201 (313) 832-4400, ext. 148 WBYTARGET TBE KRUGERRAND? he world of gold bullion trading is filled with T handsome coins and medals produced in many parts of the globe. Among these, in addition to the Krugerrand, are coins from Canada, Austria, Mexico A picket line at the First National Monetary Corporation of and the Olympic gold coinage minted in the United Southfield, Michigan, protesting the company's sale of Krugerrond Dealers Invited To Tolk States. Why then are groups and organizations from Krugerrands. The protest was organized by the Michigan The MiChigan Coalition for Human Rights (MCHR) all over the world focusing on the Krugerrand? Coalition for Human Rights. has met individually with close to every major Krugerrand dealer in the metropolitan Detroit area. The Krugerrand is the world's best sefling gold The vast majority of the coin dealers have been very coin. The gold coin is mined, minted and marketed cooperative and receptive to the campaign and by the South African government. The revenue earn­ GOLD MINING IN SOUTH AFRICA many have agreed to the following pledge: ed from the sale of gold and Krugerrands play an in­ tegral part in supporting the South African economy. The labor conditions under which the gold for the • stop advertising and promoting South African In 1983, 50% of South Africa's foreign exchange Krugerrand is mined are appalling. Because of South gold coins. was derived from gold sales ($9.15 billion), while Africa's infamous 'pass laws' and racial restrictions, • encourage customers to buy similar bullion gold 16 % of all gold production in that same year was most of the miners live in huge, barrack-like, coins from Canada, Austria, Mexico and the used to manufacture Krugerrands. company-controlled compounds far from their United States. families. In addition to economic hardship and social • keep Krugerrands "'out-of-sight" by not putting The Krugerrand has been heavily advertised and separation, gold miners also face extremely them in display cases. promoted on a world-wide basis since 1967. That dangerous working conditions. According to the year the South African government first conceived Johannesburg-based publication Financial Mail, be­ the idea of striking coinage to match specific tween 1972-1975 there were nearly 3,000 acciden­ The Alternotive To The Krugerrond weights-that is, exactly one ounce, all the way tal deaths and over 110,000 serious injuries. down to only one-tenth of an ounce. In this way the Most importantly, we must recognize that by pur­ Many of the gold dealers have said that they intrinsic value of each coin could easily be measured chasing a Krugerrand we are making an investment would much prefer to sell the Canadian Maple quite exactly on a daily basis against the official in South Africa. It is investing in a country where the Leaf-the gold coin minted by the Canadian world price of gold. As a result of a multi-million average annual earnings for whites in non-agri­ government. "The Maple Leaf is better for the dollar promotional campaign, since 1977, 30%­ cultural sectors of the economy are $8,033 while the customer" said one dealer. "The Maple Leaf is pure 50% of all Krugerrand sales come from the U.s. In average for Africans is $2,113. It is investing in a gold, the Krugerrand isn't," said another. Other 1983 alone, Krugerrand sales generated $ 1.547 country where white miners often earn up to ten reasons for purchasing the Maple Leaf rather than billion worldwide with $450.2 million from within times that of their black co-workers. It is investing in the Krugerrand which have been mentioned by the United States. Krugerrands make up the largest a country where the government spends $800 per many coin dealers are: single export item from South Africa to the U.S. year on education for each white child and $ 100 per (almost one-fourth of the value of all exports in 1983 year for each black, and further, it is investing in a • Maple Leaf is a prettier coin. and 1984). It is clear, that revenue from the sale of country where one half of the children in the black • Maple Leaf is non-controversial, contrary Krugerrand directly supports the South African reservations die before the age of 5-a death rate 25 to the Krugerrand government. times higher than that of white children. • There may be a ban on the importation of the Krugerrand in the near future. WHAT You CAN Do • Do not buy Krugerrands • If you are buying gold, consider purchasing coins from another country, such as Canada • TeIl your friends, church, or organization about the Krugerrand campaign • CalI your congressman to support legislation to ban the importation of Krugerrands (Bill H.R. 1460/S. 635, co-sponsored by Congressmen Conyers, Crockett and Wolpe as weIl as Senators Levin and Riegle. • Support the coin dealers that have agreed to work with the Michigan Coalition for Human Rights • Help distribute this brochure to any organiza­ tions, churches, etc. with which you are affiliated • Support events organized by anti-apartheid organizations • If you do own a Krugerrand, consider trading it in for a gold coin from another country. KRUGERRAND CAMPAIGN ENDORSERS Dr. Charles G. Adams, President Julie Matuzak, Exec. Direct., N.E. Detroit NAACP Interfaith Ctr. for Racial Justice Rabbi Ernst Conrad, MCHR Board Bishop Irving Mayson Congressman George Crockett Reverend Ruth Mosley, MCHR Bishop Judith Craig, United Board Methodist Church Reverend Dr. Edmund Millet, Congressman John Conyers, Jr. MCHR Board Barbara-Rose Collins, Detroit City New Detroit, Racism Committee Council Naf! Lawyers Guild, Del. Chap. Detroit Area Nuclear Weapons Naf! Conference of Black Lawyers Freeze Dr. Eugene Perrin, Prof. WSU Detroit Urban League Political Education and Action Detroit Human Rights Cooperative Commission Sr. Carol Quigley, IHM Pres. Detroit TransAfrica Reverend Rodney Reinhart, Diane Dietrick, MCHR Board MCHR Board Dr. John Forsyth, MCHR Board Reverend Valmon D. Stotts, Pres. Free South Africa Movement Council of Baptist Pastors Bisl:lOp Thomas Gumbleton Esther K. Shapiro, Director, Morris Gleicher Det. Consumer AlTairs Dept. Leonard Grossman, MCHR Board Reverend Jimmie Sawyer, Groundwork for a Just World United Church of Christ Bishop Reginald Holle, Michigan Marc Stepp, UAW, Vice-President District, American Horace Sheffield, President, Lutheran Church Detroit Assoc. of Black Erma Henderson, Detroit City Organizations (DABO) Council Bishop Walter J. Schoenherr Millie Jeffrey, MCHR Board Alicia Sanchez, MCHR Board Senator Carl Levin Howard L. Simon, Ph.D., MCHR Congressman Sander Levin Board Bishop H. Coleman McGehee, Tom Turner, President, Metro· President MCHR Detroit AFL·CIO Mr. Joe Madison U.S. Peace Council Maryann Mahaffey, Detroit City Reverend James Wadsworth, Council Pres., Interdenominational Michigan Lawyers Against Ministerial Alliance Apartheid Congressman Howard E. Wolpe Mayor Coleman A. Young --- ~----- Non-Profit Org. Michigan Coalition lor Human Rights U.S. Postage 4800 Woodward Avenue PAID Detroit, Michigan 48201 Detroit, MI Permit No. 2941 Address Correction Requested __c_~ ~ _.