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Gold supply dilution ahead as China uncovers an $87 billion reserve – What’s next?
The post Gold supply dilution ahead as China uncovers an $87 billion reserve – What’s next? appeared on BitcoinEthereumNews.com. Hunan Academy of Geology discovered what could be more than 1,000 tons of gold reserves in China, which could dilute the precious metal world’s supply by over $87 billion, leading to questions on its financial impacts. The group found 40 gold ore veins, resulting in 300 tons of gold discovered in the core exploration area. Chinese geologists forecast over 1,000 tons of gold reserves in the underground, as Reuters reported according to Xinhua news. Notably, these estimated reserves were worth nearly $83 billion, or 600 billion yuan, by Reuter’s reporting time on Thursday. As of this writing, gold’s price has surged to over $87 million per ton, resulting in $87.67 billion reserve. Experts consider all the potentially extractable amounts as “gold reserves.” Currently, the U.S. Geological Survey reports approximately 244,000 metric tons of gold discovered worldwide. Gold price per gram in USD. Source: Gold Avenue / Finbold Gold price analysis amid potential supply dilution With that, finance experts have signaled a potential supply dilution for the yellow metal as these reserves enter the markets. While the extraction will happen gradually, preventing any massive price crashes, these recently discovered reserves in China can still affect previous gold price forecasts. Essentially, the 1,000 potential tons of gold would increase the precious metal’s supply by approximately 0.41%. This is a significant increase for a commodity mostly used as a financial hedge and for speculative purposes. Interestingly, there is still a lower supply increase than the annual inflation of Bitcoin (BTC), currently at around 0.82%. Bitcoin’s supply inflation comes from the coin’s issuance from mining, generating an average of 450 BTC daily since April 2024. CFDs on Gold (US$/OZ) one-hour price chart. Source: TradingView / Finbold / Vinicius Barbosa This explains why the commodity’s CFDs continued surging last week despite the recent discovery of…
The post Gold supply dilution ahead as China uncovers an $87 billion reserve – What’s next? appeared on BitcoinEthereumNews.com.
Hunan Academy of Geology discovered what could be more than 1,000 tons of gold reserves in China, which could dilute the precious metal world’s supply by over $87 billion, leading to questions on its financial impacts. The group found 40 gold ore veins, resulting in 300 tons of gold discovered in the core exploration area. Chinese geologists forecast over 1,000 tons of gold reserves in the underground, as Reuters reported according to Xinhua news. Notably, these estimated reserves were worth nearly $83 billion, or 600 billion yuan, by Reuter’s reporting time on Thursday. As of this writing, gold’s price has surged to over $87 million per ton, resulting in $87.67 billion reserve. Experts consider all the potentially extractable amounts as “gold reserves.” Currently, the U.S. Geological Survey reports approximately 244,000 metric tons of gold discovered worldwide. Gold price per gram in USD. Source: Gold Avenue / Finbold Gold price analysis amid potential supply dilution With that, finance experts have signaled a potential supply dilution for the yellow metal as these reserves enter the markets. While the extraction will happen gradually, preventing any massive price crashes, these recently discovered reserves in China can still affect previous gold price forecasts. Essentially, the 1,000 potential tons of gold would increase the precious metal’s supply by approximately 0.41%. This is a significant increase for a commodity mostly used as a financial hedge and for speculative purposes. Interestingly, there is still a lower supply increase than the annual inflation of Bitcoin (BTC), currently at around 0.82%. Bitcoin’s supply inflation comes from the coin’s issuance from mining, generating an average of 450 BTC daily since April 2024. CFDs on Gold (US$/OZ) one-hour price chart. Source: TradingView / Finbold / Vinicius Barbosa This explains why the commodity’s CFDs continued surging last week despite the recent discovery of…
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