Trays of newly cast gold bars at the Polish mint, also known as Mennica Polska SA, in Warsaw, Poland, on Thursday, Feb. 12, 2026. Polands central bank, the worlds biggest reported buyer of gold, is boosting purchases by another 150 tons as it braces for more of the geopolitical instability that has driven prices to record highs. Photographer: Damian Lemanski/Bloomberg
Gold share rally turns into dead cat bounce
Does this mean it’s safe to enter the water again?
Gold has been in retreat in the last three weeks over higher inflation and interest rate fears, with the spot price falling nearly 7% since the beginning of September.
That has dragged JSE gold shares 20-40% lower – raising the question whether the rout is over, or whether it is safe to re-enter the water again.
The Writer's Room is a curated by Ciaran Ryan, who has written on South African affairs for Sunday Times, Mail & Guardian, Financial Mail, Finweek, Noseweek, The Daily Telegraph, Forbes, USA Today, Acts Online and Lewrockwell.com, among others. In between he manages a gold mining operation in Ghana, and previously worked in Congo. Most of his time is spent in the lovely city of Joburg.
