the man on the streets and gold18 Aug 2020 23:59
Well its on in Turkey, for young and old. When my sons tell me to stash a few bars in a hole in the backyard, it really game on...!
Turkish citizens rushed to buy gold and U.S. dollars last week as their local currency plummeted to new record lows against the U.S. dollar.
Local holdings of hard assets, such as gold and U.S. dollars, jumped by $15 billion in the last three weeks, rising to a record level of nearly $220 billion, Reuters reported last week.
In Oz the unintended consequences of the MANAGEMENT OF THE RESPONSE to the Covid19 virus coninue unabated. Tipped widely now that more will die from the repsonse than from the virus. Such is also the efficency and effectivenes of planning and management, and of course the economic consequences will similarly be dire.
More than 33,000 Australians died of other causes in the three months between January and March – chiefly cancer, influenza, pneumonia, heart disease, dementia and diabetes, according to the Australian Bureau of Statistics. And of course we dont talk about the real pandemic that has been sweeping the world with even greater consequnces, the alcohol virus, but thats all OK...[Almost 6,000 Australians died from alcohol-attributable disease in a single year, about one every 90 minutes, and most think this is conservative]
I do enjoy the rational of the pundits on the price of gold being comfortable at us$2,000, but dont believe a word of it. Global GDP is down, productivity of real things is way down, the marketing of tripe and fake news in questionable ways, is exponentially up..where is the comfort factor?
But now with more rapidly growing disbelief in the ability of governments to govern effectively let alone in a pandemic (and of coure there will be more, so those in the media groups need not worry), s there a wonder that gold has not gone to $5,000 per ounce.
Has anyone tried to raise money to go out into the desert and look for gold where none occurs (greenfields), where there are not old workings...or even very tired old workings at that. Trying to get money from investors? = get blood out of a stone!!
“..., the lack of new major deposits being discovered means that the project pipeline is increasingly short of large, high-quality assets needed to replace ageing major gold mines.”
25 major deposits discovered in the last decade = 154.3 million ounces or only 7% of all gold discovered since 1990.
A major factor responsible for the drastic decline in the last ten years is the budget dedicated to new discoveries, .. and nothing has changed. Exploration technology has not become more effective, risks have increased substantially and experienced boots on the ground have retired, and goodness knwos what is getting tught in the Universites
good luck, gold to us$5,000
the gnome
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