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Gold Price Expected To Rise Significantly Soon


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The G7 summit yesterday announced a ban on Russian gold exports. Russia produces nearly 10% of global supply. Expectations are that the price will rise notably over the next month or so. Hang onto your yella if ya got any!

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Yep, they did the same with fuel and look where that got us, so if fuel is a good indication Gold price is going to sky rocket.

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according to the BBC it's pretty significant.

Gold exports were worth £12.6bn ($15.4bn) to Russia in 2021

https://www.bbc.com/news/business-61941589

So that's likely around 15.6 billion USD less gold on the international market.  That has to push up the price.

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If gold price goes that much higher making large scale mining profitable in lower grade areas, clubs with significantly good claim holdings are going to really get squeezed in by speculators looking for claimable land- it’s starting to happen in the Springer District of the Randsburg area and in the El Paso Mountains of California right now. I saw a lot of new posts that looked like they were related to a geological drilling survey that someone posted recently in the area, and several were within existing club claims. 

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I started holding all my gold at the end of this winter for the first time in over a decade instead of just selling it at the end of every season.

I'm hoping it does something, but I can't help but feel that someone (read: most of the Western countries on the planet) are conspiring to keep gold down in a time of record global inflation to insure Russian gold doesn't also skyrocket and allow them to fund their war and thus neuter or cancel out all the sanctions the West has put on them.

I'd love to be wrong though. It'll be interesting to see what prices do. If it gets up above $3000 and starts to reflect actual real world economics again, I'm going back prospecting full time again.

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There have been a lot of new mining claims located in the U.S. this year.

Not all these new claims are for gold but there is a gold rush happening right now in this country. Clearly the mining industry sees the price going higher and they plan 7-12 years out in the short term.

These figures are from June 19th.

New_Claims.png.140a23f07578da496b8f113bccddc8b7.png

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40 minutes ago, Luis said:

It will be a long time before that gold, if the surveys are accurate, enters the market.

Gold on surveys and gold in the hand are very different, it takes a long time to mine gold and they aren't even started yet, and once they do start 31 million metric tons will come out of the ground very SLOWLY!

Once they start what they mine in a week or month will be a lot to one person, or even 10 to 100 people, but for the market it will not be a huge amount.

They will be lucky to mine 2 to 3 metric tons in a year's time, if that, once they are up and getting the gold, and it could take a year are two to get too the gold and up to speed.

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The manipulation is endless, all day every day, so who really knows where the price is going.

Gains in slow increments and lots of sideways movement seems how the money masters like to keep it.  Anyway, hope you're on target Aureous.

 

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4 hours ago, WesD said:

Anyway, hope you're on target Aureous.

Me too.... any time that 10% of a popular commodity is taken off the table, it tends to spike the price. The powers have decided that its not that big an issue just yet..... no deviation in $$ so far.... :unsure:

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