SOUNDINGS

A daily reading of the South African investment case

The read, 29 Oct 2026

Fixed Investment (GFCF) as % of GDP D2
13.70%
Bullish
SA–US 10-Year Yield Spread X1c
374bps
Neutral

Commodities X4

Are the prices South Africa sells into firm or falling?

Horizon

Are the prices South Africa sells into firm or falling? X4

Gold USD/oz
$4000$4500$5000$5500$4163Oct 25Jan 26Apr 26Jul 26
Platinum USD/oz
$1500$2000$2500$1690Oct 25Jan 26Apr 26Jul 26
Brent crude USD/bbl
$60$80$100$120$140$123Jan 26Apr 26Jul 26Oct 26
Copper USD/t
$11.0k$12.0k$13.0k$14.0k$15.0k$14.6kJan 26Apr 26Jul 26Oct 26
Manganese USD/dmtu · proxy
$4$5$5$4Oct 25Jan 26Apr 26Jul 26

Five small multiples, one hue, one unit each — never five lines on one plot, where four of the five would be flat against gold. Colour would carry no information here: each panel has exactly one series and its title names it. Manganese is not a benchmark price: there is no liquid exchange price for manganese ore and the assessed prices are paywalled, so this is one producer’s quarterly realized price, standing in.

Table view — Are the prices South Africa sells into firm or falling?
DateGoldPlatinumBrent crudeCopperManganese
29 Oct 2026———$14,560—
28 Oct 2026———$14,676—
27 Oct 2026——$123.1$14,625—
26 Oct 2026——$128.12$14,500—
23 Oct 2026——$128.3$14,415—
22 Oct 2026——$125.39$14,215—
21 Oct 2026——$117.37$14,441—
20 Oct 2026——$115.22$14,540—
19 Oct 2026——$118.82$14,496—
16 Oct 2026——$119.33$14,595—
15 Oct 2026——$126.35$14,539—
14 Oct 2026——$126.55$14,751—
13 Oct 2026——$125.78$14,741—
12 Oct 2026——$129.95$14,822—
9 Oct 2026——$130.03$14,689—
8 Oct 2026——$130.18$14,526—
7 Oct 2026——$126$14,510—
6 Oct 2026——$125.44$14,505—
5 Oct 2026——$125.51$14,430—
2 Oct 2026——$135.51$14,355—
1 Oct 2026——$114.82$14,335—
30 Sept 2026——$115.91$14,487$4.44
29 Sept 2026$4,163.4$1,690.25$113.96$14,475—
28 Sept 2026$4,144.55$1,731.85$119.97$14,545—
25 Sept 2026$4,261.05$1,768.8$116.01$14,740—
24 Sept 2026$4,266.4$1,753.6$120.92$14,765—
23 Sept 2026$4,284.45$1,768.1$117.45$14,735—
22 Sept 2026$4,329.55$1,814.1$114.89$14,797—
21 Sept 2026$4,324.25$1,825.4$116.15$14,788—
18 Sept 2026$4,348.15$1,793.2$119.66$14,529—
17 Sept 2026$4,368.1$1,796.4$121.18$14,401—
16 Sept 2026$4,328.2$1,794.05$127.84$14,227—
15 Sept 2026$4,296.15$1,777.9$130.8$14,045—
14 Sept 2026$4,267.1$1,764$121.25$14,044—
11 Sept 2026$4,386.25$1,806.55$118.06$14,239—
10 Sept 2026$4,365.45$1,810.8$120.98$14,390—
9 Sept 2026$4,414.9$1,891.75$109.51$14,672—
8 Sept 2026$4,399.1$1,848.65$106.12$14,737—
7 Sept 2026$4,402.55$1,815.3$104.47$14,540—
4 Sept 2026$4,415.4$1,796.25$102.24$14,371—
3 Sept 2026$4,467.15$1,806.4$100.52$14,359—
2 Sept 2026$4,382.25$1,748.45$97.59$14,355—
1 Sept 2026$4,353.15$1,767.8$96.02$14,396—
28 Aug 2026$4,562.75$1,883.95$89.75$14,535—
27 Aug 2026$4,568.95$1,821.3$90.18$14,490—
26 Aug 2026$4,631.5$1,856.9$87.77$14,525—
25 Aug 2026$4,615.45$1,835.95$88.24$14,425—
24 Aug 2026$4,663.7$1,891.05$92.71$14,344—
21 Aug 2026$4,582.1$1,888.95$96.92$14,291—
20 Aug 2026$4,482.95$1,810.25$94$14,170—
19 Aug 2026$4,460.7$1,755.4$92.37$14,180—
18 Aug 2026$4,403.5$1,752.6$95.29$14,335—
17 Aug 2026$4,405.8$1,768.2$92.43$14,850—
14 Aug 2026$4,390.7$1,738.55$92.02$14,545—
13 Aug 2026$4,373$1,733.8$92.03$14,285—
12 Aug 2026$4,426.65$1,775.8$92.52$14,376—
11 Aug 2026$4,383.35$1,758.4$93.26$14,425—
10 Aug 2026$4,324.45$1,743.4$92.74$14,290—
7 Aug 2026$4,335.55$1,748.25$87.62$14,240—
6 Aug 2026$4,267.85$1,728.05$89.65$14,455—

Showing the most recent 60 of 276 observations in this window.

unjudged $4,163.40 on 29 September is the last price we hold, thirty days old. The LBMA price file refused every request for a twenty-ninth cycle (HTTP 403 from its Cloudflare front), so 30 September and 1, 2, 5, 6, 7, 8, 9, 12, 13, 14, 15, 16, 19, 20, 21, 22, 23, 26, 27, 28 and 29 October are all missing. An earlier run ruled out our browser-backed fetcher and the Wayback Machine as ways round it. At that last print the price was -3.84% on the week, -8.75% over thirty days and +8.79% over twelve months. Unjudged. The price is old enough that the board shows only its age, and this row describes the last print, not where gold is today. Twenty-two trading days are missing. Your mining index ended those sessions 6.79% lower, but it is not a gold price and we have not used it as one. The fault is in our source, not the market, and fixing it is our job.

Where these numbers come from

SeriesSourceCadenceLatest
Gold PriceLBMA Precious Metal Prices (official)daily · quantitative2026-09-29 · stale
Platinum PriceLBMA/LPPM Platinum PM Price (official)daily · quantitative2026-09-29 · stale
Brent Crude OilFRED keyless CSV — DCOILBRENTEU (EIA Brent Europe spot)daily · quantitative2026-10-27 · current
Copper PriceWestmetall market data table (LME Copper cash settlement)daily · quantitative2026-10-29 · current
Manganese Ore PriceJupiter Mines (JMS.AX) quarterly realized Mn ore price — PROXYquarterly · quantitative2026-09-30 · current