Haha, I love it when bitcoin is mentioned on www.coinflation.com, which has been one of my favorite websites for years now.
Eh, gold isn't doing too badly. Stocks are entering the sewage system and will probably stay submerged for a while (yay, cheap stocks!!!), but who knows what the metal market is going to do. It's so hard to tell. 2011 was kind of a fluke, much like 1980 and I don't expect we'll get to $50 silver anytime soon. Would be nice, though.
Topic: hmmm is gold done for? - page 2. (Read 1316 times)
Gold fags on suecide watch. Bitcoin not affected.
http://hacktribune.com/china-discovers-470-ton-gold-mine/
>Scientists at the Shandong Provincial No. 3 Institute of Geological and Mineral Survey have located a >mega-sized gold deposit, 2000 meters under the north coastal water near Sanshan Island off Laizhou >city in the Shandong province, with at least 470 tons of reserves. The new-found deposit, the largest >undersea gold mine found in China, is currently valued at over $16.4 billion and is estimated to hold at >least 1,500 tons of gold.
>According to Ding Zhengjiang, the deputy director of the Shandong Provincial No. 3 Institute, the gold >deposit is part of a crablike or belt that lies deep at the sea bottom. The marine ground investigation >took three years, and involved over 120 kilometers of drilling, with 67 sea drilling platforms and about >1,000 drillers and geologists.
Do you guys think there actually artificially suppressing/controlling gold supply?
http://hacktribune.com/china-discovers-470-ton-gold-mine/
>Scientists at the Shandong Provincial No. 3 Institute of Geological and Mineral Survey have located a >mega-sized gold deposit, 2000 meters under the north coastal water near Sanshan Island off Laizhou >city in the Shandong province, with at least 470 tons of reserves. The new-found deposit, the largest >undersea gold mine found in China, is currently valued at over $16.4 billion and is estimated to hold at >least 1,500 tons of gold.
>According to Ding Zhengjiang, the deputy director of the Shandong Provincial No. 3 Institute, the gold >deposit is part of a crablike or belt that lies deep at the sea bottom. The marine ground investigation >took three years, and involved over 120 kilometers of drilling, with 67 sea drilling platforms and about >1,000 drillers and geologists.
Do you guys think there actually artificially suppressing/controlling gold supply?
suda123
1) That gold is too deep under the seafloor to be mined for the foreseeable future. VERY expensive to mine it.
2) 470 tonnes, were that to be true (and we'll have to wait and see) is not that much compared to the 180,000 tonnes or so in stock worldwide. Remember, with gold, what is important is the stock:flow ratio, which is higher for gold than any other commodity. 470 tonnes means zip.
3) Most of the gold to be discovered going forward is likely to be other high-cost-of-production gold.
4) Yes, I would guess there is price suppression, but that is NOT proven, and many knowledgeable gold observers & analysts doubt that suppression is a big deal. What is a big deal is the HUGE amount of "paper gold" (futures, options, "allocated gold" (hah!), the GLD, etc.) vs. the amount of physical gold actually available. Some estimates are that some 280 oz of "paper gold" exist for each oz of physical. A lot of people may be disappointed when they cannot get the gold they thought they "owned" via paper gold. *
* If you can't stand in front of your gold, and defend it with an AR-15, they you don't own it.
-- Ann Barnhardt
I guess it's the same principle as oil. There are countless billions of extra barrels hidden away but it simply doesn't make economic sense to retrieve them.
Gold doesn't do it for me at all but its link to wealth is in our genetic memory. There'll always be a twinkle of desire for it.
Gold doesn't do it for me at all but its link to wealth is in our genetic memory. There'll always be a twinkle of desire for it.
Nope. Don't believe the hype. Gold is not done for. Why do you think that are so many people trying to hold both bitcoin and gold?
THis is not going to affect the gold price. The mining of deep sea gold will require resources = money.
If the price of gold drop significantly, no one will spend their money on mining "cheap" gold- just like bitcoin mining. Therefore, the price of gold must go up in order for the mining to be profitable.
If the price of gold drop significantly, no one will spend their money on mining "cheap" gold- just like bitcoin mining. Therefore, the price of gold must go up in order for the mining to be profitable.
To be honest I would not necessarily be surprised if they are suppressing the gold supply, there's been the same thing with the diamond supply and the deBeurs diamond cartel and everything.
Technically they aren't necessarily suppressing the gold supply, though. If this is a discovery, it just means there might be more gold still left in hard-to-reach places. Or it means there are way more resources than we originally thought located here on earth.
Technically they aren't necessarily suppressing the gold supply, though. If this is a discovery, it just means there might be more gold still left in hard-to-reach places. Or it means there are way more resources than we originally thought located here on earth.
Gold fags on suecide watch. Bitcoin not affected.
http://hacktribune.com/china-discovers-470-ton-gold-mine/
>Scientists at the Shandong Provincial No. 3 Institute of Geological and Mineral Survey have located a >mega-sized gold deposit, 2000 meters under the north coastal water near Sanshan Island off Laizhou >city in the Shandong province, with at least 470 tons of reserves. The new-found deposit, the largest >undersea gold mine found in China, is currently valued at over $16.4 billion and is estimated to hold at >least 1,500 tons of gold.
>According to Ding Zhengjiang, the deputy director of the Shandong Provincial No. 3 Institute, the gold >deposit is part of a crablike or belt that lies deep at the sea bottom. The marine ground investigation >took three years, and involved over 120 kilometers of drilling, with 67 sea drilling platforms and about >1,000 drillers and geologists.
Do you guys think there actually artificially suppressing/controlling gold supply?
http://hacktribune.com/china-discovers-470-ton-gold-mine/
>Scientists at the Shandong Provincial No. 3 Institute of Geological and Mineral Survey have located a >mega-sized gold deposit, 2000 meters under the north coastal water near Sanshan Island off Laizhou >city in the Shandong province, with at least 470 tons of reserves. The new-found deposit, the largest >undersea gold mine found in China, is currently valued at over $16.4 billion and is estimated to hold at >least 1,500 tons of gold.
>According to Ding Zhengjiang, the deputy director of the Shandong Provincial No. 3 Institute, the gold >deposit is part of a crablike or belt that lies deep at the sea bottom. The marine ground investigation >took three years, and involved over 120 kilometers of drilling, with 67 sea drilling platforms and about >1,000 drillers and geologists.
Do you guys think there actually artificially suppressing/controlling gold supply?
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