China finds gold reserves worth $83 billion in Hunan province

[pmbug]

China has found gold reserves worth 600 billion yuan ($82.9 billion) in central Hunan province, state outlet Xinhua news said on Thursday.
...
Hunan Academy of Geology found more than 40 gold ore veins at a depth of more than 2,000 meters in Pingjiang county, with a total of 300.2 tons of gold resources discovered in the core exploration area and a highest grade of 138 grams per metric ton, Xinhua said.

The group forecast that there were more than 1,000 tons of gold reserves at a depth of over 3,000 meters, according to Xinhua.

Gold reserves generally refer to the economically extractable part of a resource.
...

https://www.reuters.com/markets/commodities/china-finds-83-billion-worth-gold-reserves-hunan-2024-11-21/

That's a lot of gold (if true).

 

[Peter89]

Gold/Silver ratio is going to crater : )
This is bullish news for silver

 

[foolsgold]

China Discovers World's Largest Gold Deposit Worth $83 Billion | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

Chinese scientists have uncovered a "supergiant" deposit of high-quality gold ore hidden near some of the country's existing gold mines. The vast reserve, which could be the largest single reservoir of the valuable metal left anywhere on Earth, could end up being the largest known deposit of the precious metal anywhere in the world, and is worth more than $80 billion.

As LiveScience reports, the new deposit was uncovered at the Wangu gold field in the northeast of Hunan province, representatives from the Geological Bureau of Hunan Province (GBHP) told Chinese state media on Nov. 20. Workers detected more than 40 gold veins, which contained around 330 tons (300 metric tons) of gold down to a depth of 6,600 feet (2,000 meters). However, using 3D computer models, mining experts have predicted that there could be up to 1,100 tons (1,000 metric tons) of gold — roughly eight times heavier than the Statute of Liberty — hidden at depths of up to 9,800 feet (3,000 m).

If true, the entire deposit is likely worth around 600 billion yuan ($83 billion), GBHP officials said.

 

[Fatrat]

These stories pop up from time to time, never seem to pan out or have any real effect.

 

[nickndfl]

Just as good as the Chinese Rolex I bought in Time Square.