Notes:
Gold was sold at a premium above the standard price of R8 495 (4 248 pounds) from 24 July 1919 until Great Britain returned to the Gold Standard on 29 April 1925. The price of gold again increased after South Africa abandoned the Gold Standard on 28 December 1932. The price rose at the end of August 1939 and on30 August 1939, the government anounced its intention of appropriating the proceeds from the sale of gold above 150s (R15) per oz fine.This regulation was later withdrawn, and from 1 January 1940, the price was fixed at 168s (R16.80) per oz fine.

The price increased to 172s 3d (R17.225) per oz fine from 1 January 1945 to 172s 3d (R17.25) per oz fine from 1 Jauary 1946, and to 248s 3d (R24.825) as from 20 September 1949.From 1952, the value per oz fine recorded, represents the average price received by the industry in accordance with dollar/sterling exchange rate fluctuations.

In March 1954, the London Gold Market re-opened and gold producers were paid at average weekly prices relating to the daily London quotations. In March 1968, a 'two-tier' market was established and from 1968 onwards the value an oz fine shown in the table represents revenue received on gold sold at the Reserve Bank's fixed buying price of R25.00 an oz plus revenue received on gold sold on the free market, on local industrial sales and on sales of coins.

On 21 December 1971, the Reserve Bank's fixed buying price was raised to R28.50 an oz, and on 25 October 1972, it was raised to R29,75 an oz. The ratification of the second amendment to the Articles of Agreement of the IMF on 1 April 1978, which abolished the official price of gold, resulted on the 10 April 1978, in the Reserve Bank terminating the existing gold marketing arrangements. Henceforth the Reserve Bank would buy gold outright from the mines at current market prices according to an agreed formula.

In terms of a statement issued by the Governor of the Reserve Bank on the 16 April 1982, it was decided to pay the gold mines in rands for gold supplied to the Bank. As from 5 September 1983, the Reserve Bank paid the South African gold mines in US dollars instead of rands. As with other exporters, the mines were required to sell all the US dollars paid to them to an authorised foreign exchange dealer in South Africa within seven days of receiving payment. As from the same date, gold mines were also permitted to sell in the forward exchange market part of their expected proceeds from the sale of gold for a maximum period of 12 months.

In terms of a statement issued by the Governor of the Reserve Bank on the 29 January 1985, it was decided to pay the gold mines in US dollars for only 50 per cent of the gold sold by them to the Reserve Bank, the balance would be paid in rands. These procedures became effective on 1 January 1985. On 9 December 1985, revised arrangements were made by the Governor of the Reserve Bank whereby it would revert to the gold payment procedures established on the 16 April 1982 and gold mines would be paid in rands for gold supplied to the bank.

As from 30 January 1989, the Reserve Bank would pay the mines for gold delivered to it in US dollars by arranging for these dollars to be credited to a US dollar two-day call account to be opened by each mining house (company) with the Reserve Bank for this purpose. Each mining house would be required to sell its dollar proceeds within the confines of the existing exchange control regulations and instruct the Reserve Bank to credit the US dollar account of the authorised dealer concerned. The value/fine oz does not include the price of gold that has been toll refined.