Gold Monitoring Thread £ GBP only

[James32]

Just now, Martin1983 said:

£1460 for gold, is anyone tempted? I think we could drop back some amount yet before a big increase 

I'm tempted and purchased, drops further I will go again!

Keeps dropping and I will strategically keep buying. Longterm its going up and getting hung up on the best buying opportunity is likely a wasted opportunity. 

[Paul]

16 minutes ago, James32 said:

I'm tempted and purchased, drops further I will go again!

Keeps dropping and I will strategically keep buying. Longterm its going up and getting hung up on the best buying opportunity is likely a wasted opportunity. 

It too dear to power a Hoover these days James 

[AuricGoldfinger]

Christ what the hells happened 

[Paul]

12 minutes ago, AuricGoldfinger said:

Christ what the hells happened 

W'ah doooooooommmmmmmed 

[Ukbullionfan]

With Boris resigning today in what way would that manipulate the gold price ?

[Stacktastic]

13 hours ago, AuricGoldfinger said:

Christ what the hells happened 

Dollar going up & the commodities & energy space is being dumped for some reason. 
I personally dont think this will last for gold, but who knows? 

I bet a lot of people who were doing paper gold have been selling too. 
Great time to buy - especially silver. 

[SidS]

7 minutes ago, Stacktastic said:

Great time to buy - especially silver. 

Will you stop telling people this! It's going to make it more expensive for me!

[Stacktastic]

3 hours ago, SidS said:

Will you stop telling people this! It's going to make it more expensive for me!

😛 Yeah I think given the amount of paper gold out there, your fine. 

I kind of meant buying the miner stocks - like GDX. 
Im holding out on the gold until it gets back to £320 an SOV. 

Physical silver - certainly. 

I doubt gold will blast off to the moon this year but when the CBDC stuff & potential poverty kicks in physical may get a lot of attention. 
I say May as they have been saying this for decades - most likely the fed will start tapering again at some point.  
Its quite exciting really not know and getting these curve balls, I would be a lot wealthier had I known the last 2 years though. 
10k on etherium, 10k on gamestop, 10k on NVDIA - job done. 

Edited July 7, 2022 by Stacktastic

[Uksilverstackers]

5 minutes ago, Stacktastic said:

6 minutes ago, Stacktastic said:

Im holding out on the gold until it gets back to £320 an ounce. 

Dont think there will be any left to buy at that price 🤪

[Solly]

£1450 now

[James32]

£1453 we are heading for the moon 🤣

[SidS]

£320 per ounce

I'm still waiting for it to fall back to £4 17s per ounce. 😁😉

Then I could buy a quintuple sovereign for its face value.

[Stacktastic]

2 hours ago, SidS said:

£320 per ounce

Sorry I meant £320 a SOV not an ounce
Doubt that will happen unless musk starts mining asteroids - or it can be lab made. 
Very unlikely as it needs a supernova to create it. 😛 

[Paul]

Not much movement or volatility with the GBP £ price of gold today, given our chief liar has resigned been pushed out by hidden hands

Could have expected the £ to devalue against the $ 

Hmmmm wonder what's next 

[AurumArgenti]

Uganda has announced the discovery of 31 million metric tonnes of gold deposits in the country. A spokesperson from the Ministry of Energy and Mineral Development in Uganda, Solomon Muyita, said that these reports are aimed at attracting gold miners and investors.

Did I miss this discussion? Surely this effects supply and future demand somewhat?

Edited July 7, 2022 by AurumArgenti

[RDHC]

22 minutes ago, AurumArgenti said:

Uganda has announced the discovery of 31 million metric tonnes of gold deposits in the country. A spokesperson from the Ministry of Energy and Mineral Development in Uganda, Solomon Muyita, said that these reports are aimed at attracting gold miners and investors.

Did I miss this discussion? Surely this effects supply and future demand somewhat?

Not really. Only an extremely small proportion of Iron ore deposits convert into refined gold. On one estimate, all of Uganda's ore, if it is ever mined and refined, will affect the price by one tenth of one per cent. Probably no need to worry too much.

[Paul]

32 minutes ago, AurumArgenti said:

Uganda has announced the discovery of 31 million metric tonnes of gold deposits in the country. A spokesperson from the Ministry of Energy and Mineral Development in Uganda, Solomon Muyita, said that these reports are aimed at attracting gold miners and investors.

Did I miss this discussion? Surely this effects supply and future demand somewhat?

[Paul]

https://www.youtube.com/results?search_query=fonejacker+george+agdgdgwngo

If you fancy a blast from the past  

@Xander @stefffana @James32 @EdwardTeach @Darr3nG @LemmyMcGregor

[RDHC]

20 minutes ago, RDHC said:

Not really. Only an extremely small proportion of Iron ore deposits convert into refined gold. On one estimate, all of Uganda's ore, if it is ever mined and refined, will affect the price by one tenth of one per cent. Probably no need to worry too much.

Whoops! Sorry, should have written 'gold ore deposits', not 'iron ore', but the reaiity of gold mining remains the same - a lot of expense and effort for an apparently small return.

[Zhorro]

1 hour ago, AurumArgenti said:

Uganda has announced the discovery of 31 million metric tonnes of gold deposits in the country. A spokesperson from the Ministry of Energy and Mineral Development in Uganda, Solomon Muyita, said that these reports are aimed at attracting gold miners and investors.

Did I miss this discussion? Surely this effects supply and future demand somewhat?

 

On 02/07/2022 at 17:38, RDHC said:

Apparently it is 31 million metric tons of gold ore, not refined gold, and the average mine produces at best 8 grams of refined gold per metric ton of ore, so, on one estimate Uganda's gold ore (not yet mined of course) would increase the world total of refined gold by one tenth of one percent. Perhaps we can all relax.

It was discussed at the weekend in the Gold Monitoring $ US Only thread.

If the discovery was true it would double the amount of gold in existence.  However @RDHC considered it was gold ore not refined gold (see above quote).

[StackerBritt]

4 minutes ago, Zhorro said:

 

It was discussed at the weekend in the Gold Monitoring $ US Only thread.

If the discovery was true it would double the amount of gold in existence.  However @RDHC considered it was gold ore not refined gold (see above quote).

Yeah I read somewhere that it was ore and that it works out about 300,000 tonnes when refined

[SidS]

12 minutes ago, StackerBritt said:

Yeah I read somewhere that it was ore and that it works out about 300,000 tonnes when refined

If this is true, it seems @James32 has a new target.

You'll have to get Gordon Brown to be your PM broker, he'll get you another good deal no doubt.

Edited July 7, 2022 by SidS

[Paul]

4 minutes ago, SidS said:

If this is true, it seems @James32 has a new target.

You'll have to get Gordon Brown to be your PM broker, he'll get you another good deal no doubt.

@James32

[RDHC]

18 minutes ago, StackerBritt said:

Yeah I read somewhere that it was ore and that it works out about 300,000 tonnes when refined

I seem to recall that my source stated that a good target for a productive mine would be 8 grams per metric tonne of unrefined ore, less if the mine were not so productive. So, 31 million metric tonnes of ore might yield 248 million grams, which is 248 tonnes, if I have the maths correct. That's a useful amount of gold but it does not square with 300 thousand tonnes.  However, I would advise anybody to check my figures.

[StackerBritt]

10 minutes ago, RDHC said:

I seem to recall that my source stated that a good target for a productive mine would be 8 grams per metric tonne of unrefined ore, less if the mine were not so productive. So, 31 million metric tonnes of ore might yield 248 million grams, which is 248 tonnes, if I have the maths correct. That's a useful amount of gold but it does not square with 300 thousand tonnes.  However, I would advise anybody to check my figures.

This is my source- no idea how reliable it is but 8g per tonne doesn’t sound a lot.

https://energycapitalpower.com/uganda-discovers-31m-tons-of-gold-ore/