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,
Currency substitution currency substitution happens when a country adopts a foreign currency as its sole legal tender, and ceases to issue the domestic currency. Another effect of a country adopting a foreign currency as its own is that the country gives up all power to vary its exchange rate. There are a small number of countries adopting a foreign currency as legal tender. Full currency substitution has mostly occurred in Latin America, the Caribbean and the Pacific, as many countries in those regions see the United States Dollar as a stable currency compared to the national one. For example, Panama underwent full