Huge gold discoveries

[JohnA1]

I remember a couple of years ago a crypto friend was educating me how gold would lose its value as Elon Musk was planning to mine an asteroid made of gold.

Never mind the computer grafix about anything space-related, never mind the whole concept of mining heavenly bodies that is completely untested/unproven, never mind Elon yapping about stuff and then making U-turns, never mind that the existence of the so-called asteroid was questionable at best (NASA backed the claim up for what it's worth)

He was convinced that the PMs were not even physical bitcoin, more like an embarassment of boomers (he's 10 years younger and hip)

Then I remember the vast gold reserves announced in Uganda last summer, from the Mass Media no less (Associated Press eh). Trillions and trillions apparently. Sure thing.

Now there is silence.

Crickets🤔

Could these have been part of the unspoken campaign to deter PM ownership and keep prices low?

[CollectForFun]

1 hour ago, JohnA1 said:

Could these have been part of the unspoken campaign to deter PM ownership and keep prices low?

Absolutely but you have successfully seen through all of that so should buy as much as you can while those campaigners still manage to keep prices low!

(sorry, couldn't resist...)

[LawrenceChard]

3 hours ago, JohnA1 said:

I remember a couple of years ago a crypto friend was educating me how gold would lose its value

Thanks.

I needed a laugh!

😎

[Jake0111]

Did he see the crypto downfall coming? 

 

[JohnA1]

eeerm...not exactly

 

[ShineyMagpie]

In theory yes if a sudden huge amount of gold was found, refined and flooded the market you would expect a drop in spot price. But that has as yet happened, in fact they are trying to "re-mine" old sites as machinery has become more effective and efficient. Where as the costs of new mining has become increasingly more expensive.

[pricha]

It's funny how the West can find , produce and flood the market with trillions of new dollars,  Euros and pounds and yet it seems perfectly acceptable.  But don't people realise that's actually more Dollars, euros and pounds chasing less gold  😆 so far from gold getting cheaper it's going to get more expensive. So any new gold found will just soak up the newly printed currency.  

[JohnA1]

It was a rhetorical question.

The real question is whether others have smelled this rat, or other similar disinformation that is meant to make people decide to sell PMs they've got and certainly deter from 'investing' in them (as if they are investments!)

Can the Powers that Be turn out to be so cunning? They are certainly ruthless, judging from what they've been doing for 'health' reasons in the last couple of years..

[Bogart]

Does nobody believe there are asteroids made of gold just waiting to arrive here?🤪

[JohnA1]

Some crypto dudes do, yes..😆

 

..or that Elon will go and mine them. That's another good one I've heard.

In any case, the implication is that holding yellow stuff is for losers😁

Edited January 24, 2023 by JohnA1

[Bigmarc]

I wonder if Elon owns more gold than crypto? 

The guy can easily dump the crypto market also.