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Published in:
2013 | OriginalPaper | Chapter
Gold Refining in London: The End of the Rainbow, 1919–22
Author : Michele Blagg
Published in: The Global Gold Market and the International Monetary System from the late 19th Century to the Present
Publisher: Palgrave Macmillan UK
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Plans revealed in 1919 for the establishment of a native gold refinery in South Africa marked a turning point in Britain’s relationship with Transvaal gold. Until that time, producers had transported the entire output of raw gold from the Cape to the London refining houses for treatment prior to being sold on the world’s premier gold market. But in June 1922 the new Rand Refinery became fully operational, and raw gold was diverted to the new facility instead. The refining business in London dried up overnight, with a profound and lasting effect on the industry.