The Truth About Buying Gold Bullion
All the gold ever mined on earth still exists in one form or another, albeit some on the bottom of the sea floor in a sunken Spanish treasure galleon, 167,000 metric lots With gold manufacturing up only 4 % from 2011 to 2,600 metric lots of gold mined world wide the overall quantity of gold available across the globe is not growing as quick as the demand for it. The United States of America reports to have almost 8,133 lots and 1,054 lots of gold for China is growing its gold bullion holdings to 1,200 heaps. If China invested its currency holdings in gold bullion it might get 65,000 tons of gold. This would increase the need for gold and considerably increase gold prices. This would increase the pressure to buy gold bullion and once China ramps up its purchasing their would soon be no gold bullion for sale.
The World’s Gold Bullion Goose
The world’s most golden goose is found 40 miles north of Johannesburg in South Africa. The mine is still active and accounts for 35 % of all the gold mined in history. The company that owns the mine asserts they have to process 3 tonnes of ore just to fine tune one ounce of .9999 fine gold. In California, open pit mines are the standard. One of the world’s biggest dump trucks can hold 100 tons of gold ore. After processing a dump truck full, they average 2.5 ounces, Seems like it is simply not enough to even cover the cost of the diesel fuel. But still people continue buying gold bullion and gold bullion coins in ignorant bliss of the worsening situation.
How much Gold Exists?
How much gold exists on the planet Earth? Well according to most geological experts there is sufficient to fill 2 Olympic swimming pools or about 167,000 tons that amounts to 35273 ounces per ton times 167,000 amounts to 5,890,591,000 or 5.9 billion ounces of gold which is inadequate for one ounce for each child, man and woman in the world. This is why gold bullion prices are so high and why the price will continue to rise as more and more investors turn to gold.
History Of Gold Mining
About 89 % of gold ever mined during the 5000 years of recorded human history happened from 1849 to 2014. In 1849 gold was discovered east of Sacramento along the American Riverat a popular place called Sutter’s Mill. A lot of geologists state there appears surface area gold and this can be discovered.
How Much Gold Is Left To Mine?
The United States Geological Society approximates only 51,000 tons of gold is left to mine in the ground on plant Earth. 20 million tons of gold are believed to be dissolved in sea water. Scientists have not yet found the means to extract the gold from the sea water effectively enough to cover the high expenses that would be incurred even with gold at $1700 per ounce. If all the gold was secured from the ocean water, this would produce gold for each man, woman and child to have just over 8 pounds of gold per person across the world. Is it really worth damaging the world’s seas simply to recover the gold?