Posted on 07/03/2022 4:50:26 PM PDT by jimwatx
” One of the fallouts from the Neocon War in Ukraine is that Africa is now aligned with Russia - so we’re out of the running there.”
We’re losing favor in South and Central America too. It’s now the Western democracies + Japan against the world in public opinion. They all know the western finance system is a ponzi scheme that generally screws them over, and they will be more than happy to move to a different currency.
Coup at 11.
It’s not a scam, nobody is selling stock in some fly by night mining company, this is under contract already with a Chinese mining company (which has a strategic relationship with the CCP gov). Whether their estimate of the reserves are accurate or not, there’s little doubt there’s a huge amount of gold there.
Only 700 million for Uganda from that haul? I would negotiate for quite a bit more if it was my country
Before I even saw mention of the Chinese mining company, I knew they would get in on the gold. They are smart, and they are the new colonizers.
Inflation of the quantity of gold available for exchange in the world means that the real unit value of gold will FALL in relation to other commodities.
But by running up the whole amount of gold available for trade or exchange, devalues the gold already in circulation.
Gold becomes a fiat currency, just like printing too many dollars.
No doubt the people of Uganda will be cheated out of the bulk of its worth, but the estimates I’ve seen point to it being enough to raise the country to solid middle to upper middle class in terms standard of living across the board.
Not if a major currency was backed gold, that would encourage more countries to hold it. The market price of gold hasn’t been affected by this announcement, it hasn’t gone down as your theory would suggest.
i do not see any movement in gold price (even relative to silver price) that supports the notion that there is an imminent wave of cheap gold becoming available through (viz.) mining in uganda... unless perhaps there were concurrently large deposits of silver discovered somewhere...
Middle Class??? There will be a very few very rich people and the rest is mud huts.
Our politicians are totally out of control and this is all likely to end bad for us no matter how it gets resolved. These crazy expensive wars and all this reckless spending has rendered us financially insolvent to the tune of $30 trillion in unpayable debt. And now with the prospect of a new commodity backed currency about to enter the scene, things ain’t looking good for the West.
$12 trillion?
Supply and demand, mining costs, and future US Dollar inflation, are not factored into that value.
Most experts estimate the existing supply of pure gold is about 200,000 metric tons.
Uganda will add 320,000 tons of pure gold - a supply increase of 160%.
The average cost of mining one ounce of gold is around $800.
Current price of gold is $1811.
The current value of all existing pure gold is about $12.7 trillion.
And, Uganda is going to let China mine their gold for them?
The only people who are going to rich in Uganda are the Chinese and the political and military leadership of Uganda.
Agreed. With Russia lookin like fools attacking Ukraine, I don’t care either way, makes me wonder if they will try to turn to military vs economic power.
I don’t think they can unless they kept weapons off books. The reading I have seen, we appear to have just given most of our anti-amor missiles away. Granted hellfires, TOW … are still in stock.
My point being we could pivot from economic central to military central fairly easy. Russia military can’t stop the USD, can china. Do they want to find out? Is anyone on the globe willing to fight the military and economics of the “west”. Big if on the us military after the questions based on Russia vs Ukraine. If we invade Canada, they have 200 hours to give up. Crazy thoughts. Idk what will happen but Russia just laid an egg.
i wonder who’d be better fighting in the jungle, Asians? or africans...
with no home-field advantage that is
That’s in Kukuana country. Nobody goes there. Even the natives don’t.
“The best estimates currently available suggest that around 205,238 tonnes of gold has been mined throughout history, This more than DOUBLES the world’s gold. Why isn’t the price cut in half.?
The argument use to be there couldn’t be a gold-backed currency because there wasn’t enough gold in existence to make that a feasible proposition. But now with this discovery, maybe there is enough for it to be used as a currency itself, along with certain other commodities like oil and gas. Countries that lack natural resources like most of Europe and Japan will be screwed, the US to a lessor extent.
We got this---->
https://usdebtclock.org
Come on, we have the world's largest debt. Something to be proud of. /S
Yep. See post #4.
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