And here was me thinking the 22" Concentric X-coil is a massive coil People looking skyward in Central NSW might think they've seen a UFO if they catch a glimpse of the state's newest mining tool. It's an Aerial Electro Magnetic array called the 'X-cite' - and the exciting part is it's finding gold way out west.
From Kitco News. www.kitco.com
Perth Mint sees record demand first-quarter demand for gold bullion
(Kitco News) - Mints worldwide are seeing unprecedented demand for physical bullion, with the Perth Mint the latest to announce record sales for the first quarter of 2021.
In a blog post published Tuesday, the Perth Mint said 130,000 troy ounces of gold and almost 1.6 million troy ounces of silver shipped to clients worldwide in March.
“These figures are 285% higher (gold) and 178% higher (silver) than average monthly sales dating back to 2012,” the mint said in the commentary.
In the first quarter this year, the Perth Mint sold more than 330,000 ounces of gold and more than 4.5 million ounces of silver, said Jordan Eliseo, manager of listed products and investment research at the mint, in the report.
“These figures represent the highest calendar quarter on record for gold and the fourth-highest calendar quarter on record for silver,” he said.
General Manager Minted Products Neil Vance said that the most popular bullion coins at the Perth Mint are the one-ounce Kangaroo coins.
“The market continues to take everything we can make at present,” he said.
The historic demand for gold and silver comes as both precious metals saw sharp declines since the start of the year. The mint noted that gold prices fell 11% and silver prices dropped 9% in the first three months of 2021.
“There have been multiple factors contributing to the sell-off, which has now seen the U.S. dollar gold price pullback by almost 20% since it hit all-time highs in August 2020,” the mint said.
Resilient strength in the U.S. dollar, rising 10-year bond yields, growing competition from cryptocurrencies and record valuation in equity markets are all competing against the gold market, the Perth Mint said.
The strong demand for bullion comes as the Perth Mint continues to battle it out with social media and Reddit users who are encouraging investors to run on the mint and create a physical short squeezing. Reddit users have accused the mint of not having enough physical silver.
The Perth Mint said that it has plenty of supply, but it takes time to refine the metal into its popular products.
“While we just about satisfied demand for gold this month, interest in silver is outstripping our capacity to convert plentiful supplies into finished goods,” said Vance.
The data from the Perth Mint is also in line with global demand trend. Data from the U.S. Mint shows that it sold 412,000 ounces of gold in the first quarter of 2021, its best start since to the year since 1999.
Gold facts/information Quote then add your facts
A cubic centimetre of gold weight 19.3 grams
A cubic inch weight is 10 ounces
Gold is Au and silver is Ag
Atomic n° of gold is 79 (Au79)
Silver is a better conductor of heat and electricity than gold but gold does not oxidize.
Gold is soft, dense, malleable, ductile
Gold is malleable enough for just 1 gram to be hammered into a sheet 1 square meter in size.
The melting point of Gold is 1,064.43°C (1,947.97°F).
100% of gold found naturally is isotope Au-197.
187,000 metric tons historically produced plus current underground reserves of 57,000 metric tons)
gold is “diamagnetic”, meaning that it can be repelled by a magnetic field, but cannot form a permanent magnet.
United States. Tonnes: 8,133.5 in 2020
China. Tonnes: 1,948.3
The first Gold coins appeared around 700 BC.
An ounce can be beaten out to 187 square feet (about 17 square metres)
1870s until World War I the gold standard was the basis for the world’s currencies.
Gold was the international monetary system, it came to an end by the 1970s
Gold occurs mostly in the native state, except with tellurium, selenium, and bismuth.
ADDED by others
Between about 4-27 micrograms per cubic meter: Micrograms of gold in 1 cubic meter of seawater.
1,400,000,000,000,000,000 cubic meters: the total volume in cubic meters of seawater on Earth
5.6x10^18 - 3.78x10^19: Total micrograms of gold in all seawater on Earth
5,600,000,000,000 - 37,800,000,000,000: Total grams of gold in all seawater on Earth
180,044,180,784 - 1,215,298,200,000: Total troy ounces of gold in all seawater on Earth
I'm having a discussion with an engineer friend about gold. I am of the contention that there has been much more gold mined and found than what is reported. Well ... what is my starting report? Let's go with this one as I don't really know how to prove or disprove my assumption. I don't want this to be 'consensus science' which is in vogue right now but I guess without true gold facts there has to be a certain amount of belief in known gold produced each year and reserves in conjunction with industrial and aesthetic uses over all time on earth. I don't really care about how much is left or not mined or in reserves.
I found this statement when I did a Google search:
Between all of the gold sources in the world, current estimates suggest that roughly 2,500 to 3,000 tons of new gold is mined each year. At present, experts believe that the total amount of above ground gold in the world stands at just over 190,000 tons. The source of this statement is Provident Metals. Is this over or under? If this topic has been done please point me to the thread and we can delete this one.
This is the title of a book about producing gold in WA. I've just read a review of the book and think the book would be a good read. It appears now because a company is about to begin production. I don't own any Australian gold stocks but maybe I should.