One of the biggest miners’ unions in South Africa is demanding doubled wages. The threat is for a massive strike like the one that had a big impact on platinum supply last year. Some gold bugs are hopeful this would boost the price of gold. Maybe even just the threat could give us a nice tailwind.

Not so fast.

Remember that while South Africa is the world’s top platinum producer, it lost that status for gold years ago.

More important is that platinum is consumed as an industrial metal. Most of the gold ever mined is still within easy reach and in purified form, as bullion or jewelry. The potential supply of “recycled” gold is practically infinite, compared to the market. This makes mine supply a less important factor in the price of gold than it is for any other metal.

For gold, it’s all about demand. That’s why we call it a “fear barometer.” As long as fear and chaos abound in global markets, demand will keep gold in high demand—and prices up.

Place your bets accordingly.