Gold has suddenly become a bit more common

[icepac]

I'm curious if we will still be bombarded by advertisements to buy gold when we now know that 12 trillion dollars worth of gold will be dumped on the market soon.

[MiloMorai]

It has been reported that Putin is mining and buying gold.

[Eagler]

Heard from a gold source recently they expect it to drop to 1680 before heading higher

With interest rates rising,  the dollar is stronger making gold cheaper

Eagler

[zack1234]

I have a set of gold teeth for use when I am in the hood

Or going for a windy walk with my special friend

[Brooke]

I'm curious

Are you talking about the $12B (not T) of Ukrainian gold?  If so, that was already sold.

Even if it weren't, though, that is only about 1/10th of an average day's trading in gold.

[icepac]

It's 12 trillion worth of gold in Uganda.   

They say it may likely contain more gold than currently exists in the hands of mankind.

So this doubling of gold supply would likely have an effect on it's price.

[Eagler]

As the petrol dollar is dying I expect wars to be fought over gold reserves again

Once the dollar has its run and rates are lowered again it will get interesting

Eagler

[DmonSlyr]

It's 12 trillion worth of gold in Uganda.   

They say it may likely contain more gold than currently exists in the hands of mankind.

So this doubling of gold supply would likely have an effect on it's price.

Welp, I guess we better call their leader a terrorist and use propaganda about how evil he is so we can go in there an "stop" him.

[icepac]

China is muscling in which will likely means Uganda will only see 1 percent of the value to their country.

[zack1234]

It's 12 trillion worth of gold in Uganda.   

They say it may likely contain more gold than currently exists in the hands of mankind.

So this doubling of gold supply would likely have an effect on it's price.

Made up gibberish

[Brooke]

It's 12 trillion worth of gold in Uganda.

Someone seems off by a factor of 1000.  Maybe someone messed up their million, billion, trillion usage.

Here's why.

Uganda says that it discovered 31 million tonnes of ore.

Mines do 5 grams of gold per tonne of ore (or 0.16 troy oz per tonne) on average.

31 million tonnes of ore -> 5M toz of gold -> $8 billion of gold

Either that, or they actually discovered 45 *billion* tonnes of ore (not million).  But that strains credibility.  That's the 30 largest mines across the globe all put together in one spot.

[icepac]

318,000 tons of refined gold.

[Brooke]

318,000 tons of refined gold.

Which one of these is claims is wrong.  They can't both be correct.
-- 31 million tonnes of ore
-- 320,128 tonnes of gold

[Brooke]

Best I can tell, this story is as follows.

On June 8, 2022, the President of Uganda, Yoweri Museveni, gave the annual State-of-the-Nation address.  In it, after talking for an hour about things like chicken feed, coffee production, solar-powered water pumps, etc., he said that his ministry of minerals told him the nation has a lot of gold -- "320 million tonnes of gold, confirmed.  Worth 12 point something trillion dollars".
https://youtu.be/HcywijLXwQw?t=4167

Reuters says it checked with Solomon Muyita, spokesperson for the Ministry of Energy and Mineral Development, who said they discovered 31 million tonnes of ore.  And that "Muyita said an estimated 320,158 tonnes of refined gold could be extracted from the 31 million tonnes of ore."
https://www.reuters.com/article/uganda-gold-idUSKBN2NP17M

A realistic estimate would be more like 155 tonnes (5 g per tonne of ore).

Either they found 45 trillion tonnes of ore (seems unlikely), or they are estimating 2000 times the yield of normal gold mining.

I remain skeptical.

[Eagler]

For their sake I hope it is incorrect or we will invent a reason to save them from a new boogie man for some if not all of it..

Eagler