Gold, not as rare as you thought

[Darkpriest667]

I'm not going to get into the BTC Gold debate here, but they discovered 31 MILLION tonnes of gold in Uganda, for reference. All the gold that has been mined in the world is 200,000 tonnes.

In 2017 -- It was estimated in 2017 that 190,040 tonnes of gold have been mined throughout history, with an additional 7,000 tonnes being mined in the following two years. Rough estimates put a figure of 54,000 tonnes of gold reserves still remaining below ground that could feasibly be excavated. If correct, these figures give a total of 244,040 tonnes of gold that will ever be available for use on Earth, based on current mining technology.


This doesn't even go into the amount of gold on large asteroids. Scarcity is a thing. If something becomes less scarce and the demand for it is the same it's value goes down. This may make the value of silver skyrocket but the value of gold has to plummet if it isn't highly manipulated (don't worry it is.)

 

[easy rider]

I remember (and I'm not saying it's true), when I was young, hearing that they had sealed a vein of gold so large in Africa it would have made reserves around the world nearly worthless. Maybe it was in Uganda, I can't remember much details.

 

[RoadRunner]

I'm not going to get into the BTC Gold debate here, but they discovered 31 MILLION tonnes of gold in Uganda, for reference. All the gold that has been mined in the world is 200,000 tonnes.

View attachment 370982

In 2017 -- It was estimated in 2017 that 190,040 tonnes of gold have been mined throughout history, with an additional 7,000 tonnes being mined in the following two years. Rough estimates put a figure of 54,000 tonnes of gold reserves still remaining below ground that could feasibly be excavated. If correct, these figures give a total of 244,040 tonnes of gold that will ever be available for use on Earth, based on current mining technology.


This doesn't even go into the amount of gold on large asteroids. Scarcity is a thing. If something becomes less scarce and the demand for it is the same it's value goes down. This may make the value of silver skyrocket but the value of gold has to plummet if it isn't highly manipulated (don't worry it is.)

You say that they discovered 31 MILLION tonnes of gold in Uganda but the article that you cited says " Uganda says exploration results show that it has 31 million tonnes of gold ore".

Gold and gold ore are 2 different things. Did the article say how much gold per ton of ore?

 

[Greenzilla80]

What's the difference between gold and gold ore?

 

[ZX9RCAM]

"Most gold ore now comes from either open pit or underground mines. The ores sometimes contain as little as 5/100 of an ounce of gold per ton of rock."

 

[RoadRunner]

What's the difference between gold and gold ore?

 

[kbaxter60]

What's the difference between gold and gold ore?

I am not a geologist,
but think ingot vs rock.

 

[V-Tach]

The only thing I can think of that is more inflated is ......diamonds..........a total waste of capital buying them....

 

[gll]

The only thing I can think of that is more inflated is ......diamonds..........a total waste of capital buying them....

I can understand why Jews in Nazi Germany would want diamonds for concealibility and transportability, but I sure can't see diamonds for me today...

 

[OutlawStar]

What's the difference between gold and gold ore?

Most of it is bound in ores of gold: On average, 1 gram of gold is present in 1 ton of gold ore. The precious metal is extracted from the rock with chemicals before processing it further.

I'll let you do the math on how much gold is possibly in 3rd world hell holes sending kids and destitute people to dig it up. Gold is somewhat of a byproduct when mining for lithium, nickel, and other metals we use daily but its still 2000lbs of rock to make 1 gram of gold. If you've ever held 1 gram you realize just how insignificant that amount of metal is. Just to put it into perspective, that aluminum tab on a soda or beer can weighs 0.3 grams. Now look at the big holes and folded air in it.

 

[gll]

Folding air is a trick...

 

[kbaxter60]

Folding air is a trick...

Meh. In "Dune", they folded space.

 

[Darkpriest667]

Meh. In "Dune", they folded space.

only with spice

 

[Greenzilla80]

View attachment 370993

How insightful.

 

[stuhoevel]

If they get about 1 gram of gold per 1ton of gold ore then they should get about 34 tons of gold out 31,000,000 tons of gold ore.

Per monex.com today a gram of gold is worth $60.09 or $1,862,790,000.

 

[Darkpriest667]

I've been saying for probably 20 years potable water is going to be the thing. There might be one other planet in the solar system with water (Mars) and SOME comets have ice but they are hard to catch and slow down.

Meanwhile, gold... not that rare. There is an Asteroid, Psyche -- worth 10,000 quadrillion dollars in precious metals (including gold and platinum)

NASA Will Launch ‘Psyche’ Mission To Explore Asteroid Worth More Than The Global Economy

Space agency gives the go-ahead for a 2023 launch after asteroid mission suffers delays and software issues.

www.forbes.com

This isn't new news. We've known about 16 Psyche's possible composition since 2012-2013. Some later data from 2017 shows she's got a lot of non-iron metal in her.

16 Psyche - Wikipedia

en.wikipedia.org

 

[leVieux]

The only thing I can think of that is more inflated is ......diamonds..........a total waste of capital buying them....

B/C deBeers & Antwerp control almost all of the new diamond supplies.

 

[Darkpriest667]

B/C deBeers & Antwerp control almost all of the new diamond supplies.

You know it RAINS diamonds on Saturn, Neptune, and yes even Uranus as well as a few moons. Diamonds are not rare at all and I own NONE.

 

[Steve In Texas]

IF Gold and diamonds are really like all other commodities there is some inherent risk in holding them for value protection. Commodities appear to have followed a remarkable trend over time, they go down in value in real purchasing power terms as new technology drops their acquisition cost. The somewhat well known Simon Ehrlich bet showed this over a shorter period:
https://fee.org/articles/how-julian-simon-won-1-000-bet-with-population-bomb-author-paul-ehrlich/

There is an amazing amount of gold dissolved in seawater, but as of right now, harvesting that is costly in energy terms.

 

[Darkpriest667]

IF Gold and diamonds are really like all other commodities there is some inherent risk in holding them for value protection. Commodities appear to have followed a remarkable trend over time, they go down in value in real purchasing power terms as new technology drops their acquisition cost. The somewhat well known Simon Ehrlich bet showed this over a shorter period:
https://fee.org/articles/how-julian-simon-won-1-000-bet-with-population-bomb-author-paul-ehrlich/

There is an amazing amount of gold dissolved in seawater, but as of right now, harvesting that is costly in energy terms.

I imagine when we really need deuterium from the oceans they'll start filtering the gold out as a byproduct.