Ugandan gold find?

daz378

While perusing tiktok  ..that bastion of informed debate...someone posted  they had found  a large gold deposit ... so what now 22 inch gold chain for a tenner:)

eskbanker

No, after several re-reads, I still can't spot any connection to savings and investments.

If it was perhaps intended as a semi-serious post in the context of gold as an investment then no, there have been no particularly significant changes in the gold price over the three weeks since the find was announced....

daz378

Yes it was  a bit tongue in cheek,.the article claims that 31 tons   of gold as been found...just wondered possible  effect on the market  if true,  

MX5huggy

There’s 170,000 odd tons or is it 2.5m either way 31 extra being drip fed into the market ain’t going to make a difference. https://www.bbc.com/news/magazine-21969100.amp

daz378

Sorry reread it...31 million tonnes ...but I haven't seen it...from a creditable news outlet

daz378

But surely in no ones interest to flood the market

masonic

daz378 said:

But surely in no ones interest to flood the market

Why do you suppose it will be flooded on to the market?

daz378

Yes probably unlikely   even though Uganda s  a poor country, I'd imagine would sell the gold in an economically viable way

Stubod

..is there a prince looking for an investment to help dig it up???....if so ....I'm IN.!!!!....who do I need to give my bank details to ????

InvesterJones

daz378 said:

Yes probably unlikely   even though Uganda s  a poor country, I'd imagine would sell the gold in an economically viable way

Surely the done thing is to announce to the wider market that you're going to sell it all then do so when it's at absolute bottom value

coyrls

daz378 said:

Yes probably unlikely   even though Uganda s  a poor country, I'd imagine would sell the gold in an economically viable way

There's also the small matter of actually mining it.