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South African Reserve Bank Act, 1989 (Act No. 90 of 1989)

25. Statutory price of gold and Gold Price Adjustment Account



1) All gold of the Bank shall be valued at such price per such mass of fine gold (hereinafter referred to as the statutory price) as may be determined from time to time by the Minister after consultation with the Bank, and that price shall as soon as may be practicable after such determination thereof be published in the Gazette.


2) All gold of the Bank shall be traded for the profit or loss of the Government.


3) The Bank shall establish a Gold Price Adjustment Account in which it shall account for-
a) any profit or loss relating to gold of the Bank as a result of a change in the statutory price;
b) any difference between the statutory price and the price at which the Bank buys or sells gold after due allowance for handling and realization costs.