Current Gold Price

[BritDownUnder]

Interesting article that. A commodity backed ruble backed by a kleptocratic, secrecy and totally self-interested state. What could possible go wrong?

I can't help but thinking the SCO - Shanghai Cooperation Organisation is looking very like Mackinder's heartland. The main trouble for the heartland is who is in charge of it? That may be the undoing.

[RenewableCandy]

Has anyone noticed the similarity between that Heartland and Gumilyev's 'Eurasia'?
https://www.ft.com/content/ede1e5c6-e0c ... 8a2a889797
(article has literally asked me not to quote from it but it's a rattling good read and I recommend it to anyone who wants to understand where putin is coming from)

[UndercoverElephant]

https://www.tbsnews.net/worldbiz/africa ... usd-452806

Uganda discovers gold deposits worth 12 trillion USD

[Catweazle]

https://www.tbsnews.net/worldbiz/africa ... usd-452806

Uganda discovers gold deposits worth 12 trillion USD

From that link;

Uganda announced that it had discovered 31 million metric tons of gold waiting to be mined in the country after several surveys were conducted.

Call me a sceptic, but that seems like quite a lot of gold considering that all the gold ever mined is around 200,000 tons.

[adam2]

https://www.tbsnews.net/worldbiz/africa ... usd-452806

Uganda discovers gold deposits worth 12 trillion USD

From that link;

Uganda announced that it had discovered 31 million metric tons of gold waiting to be mined in the country after several surveys were conducted.

Call me a sceptic, but that seems like quite a lot of gold considering that all the gold ever mined is around 200,000 tons.

A cynic might suspect that Uganda is a dodgy dictatorship, under which each level of officials and ministers have to FURTHER exaggerate any potential good news, even far beyond plausibility.

Quite a few officials are probably a bit vague about things like the difference between "parts per thousand" and "parts per million" when talking about the alleged concentration of gold in gold bearing ores. Others might be even be unclear as to how many kilos are in a ton.

Be prepared for scams offering investments in Ugandan gold mines.

[UndercoverElephant]

Gold (in sterling) has just set a new all-time record of £1582/oz.

[Mark]

Mining for gold is incredibly destructive for the environment....
Anybody watching Simon Reeves on his tour through S. America....?

7, 8, 9 billion humans are more than the planet can sustain....
If we don't wreck it from fossil fuels, we'll do it by mining for gold....
At the end of the day, it's a shiny metal that can't produce oxygen, food or water.

[UndercoverElephant]

At the end of the day, it's a shiny metal that can't produce oxygen, food or water.

You are ignoring the fact that it has also been the de-facto ultimate safe currency since the start of written human history. Gold has always been a form of money, and it has always retained its value, even through the collapses of civilisations. This is not purely because of human culture, but because of the physical properties of gold (does not corrode, easily divided, limited in supply, unfakeable).

This status of gold cannot be changed, apart from those times when governments have banned private ownership (and that just proves the point -- if it wasn't a rival currency, there would be no need to ban it).

[kenneal - lagger]

Mining for gold is incredibly destructive for the environment....
Anybody watching Simon Reeves on his tour through S. America....?
..............

If they#'re not digging for it in the Aamazon they're digging for it in the Andes!

While population does affect the amount of land used by humans the resources are mostly used by those of us in the west who are relatively rich. We have a far greater impact on the environment than the more numerous poor of the world.

[Stumuz2]

Things going on behind the scenes,

"We have confirmation from the highest sources that Russia and the Shanghai Cooperation Organisation (SCO) are considering using gold for pan-Asian trade settlements, fully replacing dollars"

https://www.goldmoney.com/research/russ ... clarifying

[Stumuz2]

Gold at an all time GBP high. Looks like the Chinese will be backing the yuan with gold.
End of the petrodollar starting? There may be trouble ahead.

[kenneal - lagger]

I'll not be buying any gold for a while by the looks of things then.

[BritDownUnder]

Interesting gold related shenanigans from the most isolated large city in the world.

Perth Mint sold diluted gold to China, got caught, and tried to cover it up

Some take home points.

- The gold was purer than the required 99.99% so they added silver to it to make it exactly 99.99%.
- This extra silver content was not allowed by their biggest customer - The Shanghai Gold exchange - who $9bn of their total $20bn of sales went to.
- China won't allow the gold bars to be returned to Australia as it is illegal in China to export gold

Seems like there could be a scam brewing when China finally returns 'fake' gold bars back to Australia.

China seems to still be on a gold buying splurge.

I have done business with the Perth Mint and their gold seemed kosher but you never really know. I might even do biz in the future the way the banks are going these days.

[kenneal - lagger]

Gold hits new record price in London of nearly £1600 per ounce.

Edit: It's gone up again in the last 10 minutes to £1,601.11.

[UndercoverElephant]

Gold is currently at an all time high with some people predicting this is the start of a bull market.

https://www.fxempire.com/forecasts/arti ... ut-1384453