If you haven’t cashed in on the rising price of gold, don’t fret, you can still sell gold Brisbane. The yellow metal seems poised to keep rising. Gold goes through ups and downs but it remains the most successful hedge which is spurred on by risk, uncertainty and monetary policies. There are a couple more facts about gold that make it interesting.
We are running out of gold
Did you know that if all the gold that has ever been mined and refined and cast into a bar, the bar would measure 20 metres and be around 60 ft. wide? At the current price of $1500/ troy ounce which means a ton of gold will be worth at least $48 million. So far, the value of all the gold that has ever been mined exceeds 8 trillion.
Gold reserves will last another decade
The current reserves of gold in the world is a little over 15,000 tones. It is estimated that these reserves would last 12 years. Since the production of gold is constant and exploration has all but stopped, gold reserves are being reduced and since this started to happen new sources have had to be sourced which is why buyers urge you to sell gold Brisbane because gold recycling is an important part of the gold industry value chain.
China makes gold, among other things
The Chinese are known to be able to do pretty much anything, now the country is the biggest consumer and importer of gold.
In 20 years China managed to build up its mining capacity. It has managed to ramp up production from 400 tones back in 2021 to 450 tones three years later. However, China is strict about gold. None of its gold is allowed to be exported and sold out of the country.
America might be turning away from the dollar
There are certain American states that are adopting gold and silver as currency; these include Utah, Texas, Kansas and South Carolina. People and lawmakers in these states are afraid that the greenback will be worthless one day soon.
Gold is used in smart devices mainly because gold is an excellent conductor of electricity. It is rustproof and does not tarnish.
The U.S Federal Bank holds the most gold
The Federal bank in New York holds most of the world’s gold. The vaults are situated 80 feet underground and they contain gold from foreign governments like Britain.
Ethical gold mining
There is a chain of questionable traders and buyers who exist in the shadows. These shadowy figures can be found from as far as the Democratic Republic of Congo. Approximately $600million worth of gold that leaves the Congo. The money is being used to fund militia that terrorizes people. This happens across the globe. The WGC has launched new standards to enforce ethics in the gold mining industry to ensure that the industry does not fund illegal activities. They did this with the diamond trade and hopefully, this will dissuade unscrupulous dealers from profiting from the misery of others.
Gold is still relevant today as it was a couple of years ago
The demand for physical gold has gone up. Mints all over the world are producing a variety of bullion products. The U.S mint sold 147,000 ounces of bullion products. The price for this peak gold has been rising.