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Largest Ever Chinese Gold Reserve Found But There's Just One Problem
Largest Ever Chinese Gold Reserve Found But There's Just One Problem
Written by Nathan McDonald (Click for Original)
Gold is an incredibly rare, valuable and thus highly sought after asset. This is just as true today, despite what Western mainstream media would have you believe, as it has been for thousands of years.
When you pick up a solid gold bar for the first time in your life (an experience I recommend to all) you come to the true realization that "this is money". Not the phony fiat nonsense that governments around the world have manipulated the masses into saving their life's wealth; not some IOU that they tell you will "one day" have value.
The Chinese government and its people know this more than just about any other country in the world, perhaps only rivaled by Russia and India. Because of this fact, they are now the worlds largest producer of gold and one of the largest "official" holders of the yellow metal.
This connection to gold runs deep within the Chinese population and there is a strong desire to continue on with this trend. The only problem with this fact goes back to my opening paragraph, gold is rare.
Not only is gold incredibly rare, but it is becoming increasingly more difficult to find new reserves. To make matters worse, much of the easy to mine gold has already been discovered and mined, leading exploration companies to search for the king of metals in locations where the ore is becoming increasingly difficult to extract.
One such search has hit the motherload. The Shandong Provincial No. 3 Institute of Geological and Mineral Survey on Monday announced that they have discovered the largest ever Chinese gold deposit.
The only problem? It's 2000 meters undersea. This discovery which is located in Laizhou, eastern ?China’s Shandong province, is estimated to contain 470.47 tonnes of gold. This amount is truly staggering and equates to approximately $16 billion US dollars, based on current gold prices.
The magnitude of a project to acquire this gold should not be overlooked. Yes, offshore mining technology has come a long way, but the cost to achieve the end results may make the venture utterly unprofitable at current market prices.
Yet the true takeaway from this story is the fact that companies are having to venture further and further into completely undesirable locations to find new reserves and should point out the fact that eventually prices WILL make these ventures profitable.
The reality is, the world isn't creating anymore gold. As the global economy continues down this path of uncertainty there will be one asset that the world will turn to in its hour of need more than any other- the king of metals, gold.
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Or bigfoot. He hangs around NoCal and they used to have a lot of gold there.
I agree with knukles.
Let's just wait with this discussion till after pensions and bank depositis have been confiscated, people storm parliaments and hang bankers.
Just fair.
people storm parliaments and hang bankers.
Don't tease me.
bingo
$5,000 per ounce that mining operation becomes very attractive.
Unless $5000 buys you a loaf of bread.
alphahammer did you graduate Harvard? Inquiring minds want to know.
Just parroting his broker.
Big deal, just about everybody's positions in gold are underwater these days.
If LoP annoys me with his "The dollar-cost-average of my gold is <$300" one more effin time...
I'm gonna have to 'unfriend' him. ;-)
You dig too much...and you just might find the Goa'uld.
There's a few ounces of gold just 20m underground in Fort Knox. That's not much but it comes with a huge cache of Tungsten.
hmmmm...East China Sea Gold
I see a new Discovery Channel hit coming. It would be pretty bad-ass to see them down there mining it somehow w/ crazy-ass robots and subs and shit like that.
Time to send in the Christine Rose! The Pomrenke's will have that dredged up in one season.
Read the article.
It's an ore deposit, not a placer.
Yes, I read the article. I didn't feel the need to put a /sarc tag on my comment because of the ridiculous premise of a backhoe dredger working 2000 meters below the ocean surface.
The gold is 2,000 meters underwater?
Let me guess:
World's worst boating accident?...
Hey, China, just drill a tunnel from the shore to that spot under the sea!
If the Brits can drill the Chunnel, you can too.
How do you say "Drill, baby, drill!" in Chinese? You just know that Palin says it at least 2x/week. No E.D. allowed in her house. ;-)
“It would be pretty bad-ass to see them down there mining it somehow w/ crazy-ass robots and subs and shit like that. “
They will darn well do it.
And at $ 16B it’s no big deal in today’s economy considering the Federal Reserve Note financial oppression that is being conducted.
But in the economy of the future, after the FRN has run its course and is not worth navel lint, then that 470 tons will be a really big deal.
Note I did not refer to the value of the gold in dollars.
That’s because the FRN is not really a dollar as defined in the Constitution, it’s just a piece of paper that represents the promise of unscrupulous bankers.
@manthong: Exactly. There is a huge difference between an actual physical ounce of gold (known as money) and a promise to pay in gold (also known as money.) Most people have no experience with an ounce of gold simply because it is too valuable to use for such a piddling purpose as individual transaction. Lacking this experience, and with almost everyone calling both gold and paper promises "money," it's no wonder so many are easily taken advantage of by banksters.
so fighting with aliens living deep under sea to get the motherload, awesome!
There is a chinaman who can get the whole Ocean in his mouth. I read a book about him once.
I remember that!!! You've released an image that was buried deep in my mind 42 years ago:
http://3.bp.blogspot.com/-T81GPXO0UT0/U0GSy0l_XHI/AAAAAAAABKM/aGpEZtZ1wzk/s1600/P1010762.JPG