Queensland Gold

[mn90403]

 

High prices have brought attention back to any closed gold mine!

Record high gold prices prompt revival of outback Queensland mines - ABC News

https://www.abc.net.au/news/2025-06-01/queensland-gold-mining-market-price-drives-outback-boom/105352146 

[Wild Bill]

Interesting analysis on cycles by an Australian geologist. 

 

[Norvic]

University of Queensland Sustainable Minerals Institute director Rick Valenta said the last time gold prices were close to 2025's numbers was in the 1980s, at $3,400 per troy ounce

Above quote from https://www.abc.net.au/news/2025-06-01/queensland-gold-mining-market-price-drives-outback-boom/105352146       What???? $3400 in the 80s.... Not in the 80s I experienced..... did go up to almost $1000 AU briefly and that was lovely as $5000 AU is now but not $3400. 

[Wild Bill]

I think the article meant Inflation adjusted.  It’s the derivatives market that sets the price of gold.  Influenced by the physical gold market and global gold production.  It’s what’s referred to as “paper gold” because it’s leveraged.  It’s leveraged at 133 to 1 at Comex on Wall Street at the moment and it fluctuates.  In other words, for every ounce of gold in the Comex vaults, there are 133 paper (receipts) on that one Troy ounce.  I know… it’s strange and it even creates a false supply in a supply/demand market, suppressing the price.  

[Wild Bill]

Here is an explanation for the spot price mechanism, both silver and gold are listed.  Use an inflation adjustment calculator for that 1980s short term spike price in either Australian or U.S. dollars. 

[Norvic]

12 hours ago, Wild Bill said:

I think the article meant Inflation adjusted.

I thought that firstly but on rereading the per troy ounce quote left no doubt what the writer was on about or simply perhaps what is more likely reported out of context by the journalist. Whatever... the article illustrates the sudden interest in gold that occurred in the 80s and now in 25, tis "hide behind trees time" again for us detectorsaruses.