Rand Refinery Rand Refinery Rand Refinery (Pty) Limited is the largest integrated single-site precious metals refining and smelting complex in the world. It was established in 1920 to refine gold within South Africa which until that time had been refined in London. Since its inception it has refined nearly 50,000 tonnes of gold. This represents some 30% of all the gold mined in the world since antiquity. It was established in 1920 in Germiston, South Africa, by the Chamber of Mines of South Africa to refine all the gold produced by South Africa's gold mines instead of in London. As of 1919,
Optimum currency area rationale behind the creation of the euro is that the individual countries of Europe do not each form an optimal currency area, but that Europe as a whole does. The creation of the euro is often cited because it provides the most modern and largest-scale case study of an attempt to identify an optimum currency area, and provides a comparative before-and-after model by which to test the principles of the theory. In theory, an optimal currency area could also be smaller than a country. Some economists have argued that the United States, for example, has some regions that do not