China has just announced a staggering gold discovery in Hunan province, valued at a whopping $83 billion! State-run media reports that prospectors have unearthed an estimated 1,000 tonnes of gold.
A Mountain of Gold
The Hunan Geological Bureau says core drillings revealed visible gold in numerous veins. Over 40 gold veins containing at least 300 tonnes of gold have been identified, extending 2,000 meters below the Wangu gold field in Pingjiang County.
Impact on Global Gold Supply
While it’s tough to pinpoint the exact global gold supply, the US Geological Survey estimates around 244,000 metric tons have been found historically. This new Chinese discovery would add a relatively small, but still significant, 0.123% increase to that total.
Gold’s Rising Price
This discovery comes at a time when gold prices are soaring. Geopolitical instability and ongoing inflation have driven gold prices up by roughly 28% this year, reaching a high of $2,786.91 per ounce on October 30th.
Disclaimer: This information is for general knowledge only and does not constitute investment advice. Always do your own research before making any investment decisions.
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