Only 1% of that is actually gold and it's likely extremely expensive to extract it. Gold hovers closely to its mining costs not necessarily to its scarcity
Hopefully, in times of recession and inflation people flock to precious metals. Were the market to be flooded I wonder if that might counteract gold's usefulness as a hedge.
Muyita said Wagagai, a Chinese company, had set up a mine in Busia in eastern Uganda and was expected to start production this year. Wagagai had invested $200 million, he said, and its mine will have a refining unit.
Only 1% of that is actually gold and it's likely extremely expensive to extract it. Gold hovers closely to its mining costs not necessarily to its scarcity
ah right... " between 8 and 10 grams per tonne as 'high-quality', and 1 to 4 grams per tonne as 'low-quality'."
ok that makes more sense - thank you..
Still plenty of gold and if it were cheap to extract it would affect price but i bet it still costs at least $12-1400/oz to extract
Is that cost based on modern technology or with slave labor?
Western labor and western regulations
Hopefully, in times of recession and inflation people flock to precious metals. Were the market to be flooded I wonder if that might counteract gold's usefulness as a hedge.
I'm sure there's a "catch", but... that's a lot of gold.
I have also heard there is at least 1 trillion dollars worth of gold in the grand canyon.
suffice it to say, gold might not be as "rare" as once thought.
Is gold the new diamonds market?
JINE-UH found it.
“Uganda says”
1% is an unheard of amount of gold. There is no possible way that type of ground has escaped the Banker’s prospectors over the last thousand years.
correct. keep that shit buried, else the entire gold market crashes overnight.
The Bankers keep gold weak to make the dollar and fiat look strong. They would live a crash in the gold market.