Uganda’s gold discovery: What it could mean for crypto !!!

[sovie]

I don't think an inflation in gold supply can happen like that just because a new huge mine was found! After all, the ratio of new gold entering circulation is quite low and that's one of the reasons gold can keep volatility under (relative) control!

Despite the fact that usually market defines the flow of things in this regard, meaning that when demand greatly increases, man will find a way of increasing prouction/extraction/manufacturing to satisfy the demand, but in the case of gold, I think that can take consierably more time than we think, so I don't expect that the ration of new gold vs gold in circulation can raise so that price can change by that much.

Gold is expensive. And the discovery of gold can bring in very good opportunities for the government and the people of Uganda.
But as stated above - like the oil producing countries are always in trouble due to invaders I hope Uganda survive this international conspiracy.

[Smack That Ace]

I also saw this news and there was a post about it, but need to know if this is just a one-sided statement by Uganda or if the world gold association has confirmed this information is accurate or not.

In fact, gold and Bitcoin are two assets that we need to hold, let's diversify our portfolio to minimize risk and we will use each asset for each purpose as needed. Both are very good, but if I had to choose one, I would choose Bitcoin.

My article on gold and bitcoin recently: Will you be in favor of Gold or Bitcoin !!


regards

Duke

I hope and wish the Uganda remain safe from outside invaders - if really the goldmines are discovered there.
But if it is choice between gold and bitcoin. .it's a difficult thing. Maybe I would get the gold and sell it and then quickly invest in some local business.

My guess is that if Uganda really does find that gold ore mine, someone is going to come up with an excuse to invade Uganda and extract gold from it illegally, just as oil has been extracted illegally from Middle Eastern countries.

In the case of Uganda owning this gold, I don't know if this will be joy or disaster for them at any time, it is confusing when the world is full of calculation and death just because of money.

[davis196]

Those 300,000 metric tons of gold cannot be extracted at once, so the gold price cannot drop severely.
The gold mining company might decide to mine small amounts of gold in order to keep the scarcity and the high prices.
I'm not sure if the government of Uganda will create a state owned company to mine the gold and there will be a concession to a big western corporation.
Gold isn't inflationary, it's value/price is measured in inflationary fiat money and the fiat money supply will always be greater than the annual gold mining production. Sorry to say that, but I don't expect the gold prices to drop.
What could this news mean to Bitcoin/crypto? They don't mean anything, if you ask me,

[KaliLinux]

I don't think an inflation in gold supply can happen like that just because a new huge mine was found! After all, the ratio of new gold entering circulation is quite low and that's one of the reasons gold can keep volatility under (relative) control!

Despite the fact that usually market defines the flow of things in this regard, meaning that when demand greatly increases, man will find a way of increasing prouction/extraction/manufacturing to satisfy the demand, but in the case of gold, I think that can take consierably more time than we think, so I don't expect that the ration of new gold vs gold in circulation can raise so that price can change by that much.

Gold is expensive. And the discovery of gold can bring in very good opportunities for the government and the people of Uganda.
But as stated above - like the oil producing countries are always in trouble due to invaders I hope Uganda survive this international conspiracy.

I will tell you this for free, sometimes even if the International community doesn't push some conspiracy to invade the country, the local people are a problem to themselves. Take the Northern part of Nigeria for example, Gold deposits are found in that region particularly Zamfara state, today that state is one of the most highly unsecured states in the country and some local community Heads (Chiefs) have been arrested for causing violence on the people because they want the resources for themselves, so, we can see that in some countries, it doesn't have to be the international community but the people themselves. Resources that ought to be a blessing end up being a curse for some.

[ven7net]

Yes, I also very often heard that Bitcoin is the new gold, but this statement probably means that BTC can become the new digital gold, that is, have a similar value to real gold. As for the real gold of Uganda, it is difficult for me to say something about this, since it is not clear to what extent this information corresponds to reality. But if we assume that this is true, then there is a possibility that someone really needs real gold now. There was information that some countries want to return to the gold standard, and if this happens, then real gold will again be in great demand on the market. Returning to the question of BTC and its similarity with gold, I understand that everything will depend only on the demand for BTC. If demand is high, then Bitcoin can be called the new digital gold, if demand falls, then everything can change. In any case, new gold is considered to be an asset similar in some characteristics to real gold and its history of formation in the world.

[Argoo]

Gold has been mined on our planet for many millennia. But it continues to be of high value. Therefore, I do not think that the discovery of gold ore deposits in Uganda can significantly affect its price. All ore will not immediately turn into gold. This is a slow and labor intensive process. Its infusion into the market will be gradual. In addition, in our age of high technology, the cost of goods that are available in every country and are in civilian circulation is growing. It also serves as a guarantee against the depreciation of gold. After all, for every gram of gold there is a commodity that can be bought for it.
In general, this event in Uganda is unlikely to have any impact on prices in the cryptocurrency market.

[Mahanton]

Gold has been mined on our planet for many millennia. But it continues to be of high value. Therefore, I do not think that the discovery of gold ore deposits in Uganda can significantly affect its price. All ore will not immediately turn into gold. This is a slow and labor intensive process. Its infusion into the market will be gradual. In addition, in our age of high technology, the cost of goods that are available in every country and are in civilian circulation is growing. It also serves as a guarantee against the depreciation of gold. After all, for every gram of gold there is a commodity that can be bought for it.
In general, this event in Uganda is unlikely to have any impact on prices in the cryptocurrency market.

We can say that its been here through ages and i dont know on why people do really keep on tagging gold existence and events circling around which do been attached to bitcoin or crypto as a whole.
Why we cant just let those things to happen and its on independent manner. Even other economic events doesnt really give out significant impact on crypto in most cases but of course we cant really able
to tell precisely on whats happening in behind but those are all probabilities and something that cant really able to know thats why we do really become speculative because we cant able to tell on where the market
would be going basing up with those sentiments that circles around.Discoveries or something wont really mean a thing most of the time.

[boris singer]

Gold is expensive. And the discovery of gold can bring in very good opportunities for the government and the people of Uganda.
But as stated above - like the oil producing countries are always in trouble due to invaders I hope Uganda survive this international conspiracy.

The problem is that even if there are no invaders there, it will still be very dangerous in my opinion because it is impossible for people who have power there to be silent with what they have now. Moreover, with the nature of human greed at this time, it will clearly trigger quite extraordinary upheaval.
When a group of cats is given fresh fish, it is certain that a struggle will occur and the same is true here when people who have power have the opportunity to get as many assets as possible, then anything will be done.

[sovie]

]The problem is that even if there are no invaders there, it will still be very dangerous in my opinion because it is impossible for people who have power there to be silent with what they have now. Moreover, with the nature of human greed at this time, it will clearly trigger quite extraordinary upheaval.
When a group of cats is given fresh fish, it is certain that a struggle will occur and the same is true here when people who have power have the opportunity to get as many assets as possible, then anything will be done.

I agree with the point you have stated. That can be one of the possibilities. With every blessing comes the trouble.
So you never know what is coming a head. I hope the government of Uganda takes good cares of the gold discoveries and will be able to save their country from the foreign conspiracy as well.

[yhiaali3]

The discovery of this huge amount of gold in Uganda will not affect much in the short term, but in the long run we do not know, the main idea is that people look at gold as a precious metal and I do not think they will change their view of gold even if many times these tons are discovered, people will always continue In their pursuit of owning gold in any way, and this will make gold maintain its value regardless of the real quantities that exist on the planet, perhaps in the future millions of tons of gold (whether raw or manufactured and buried since ancient times) will be discovered, but this will not make gold lose its value Because people will keep running hard to own gold.
Therefore, in my opinion, what determines the true value of gold is the extent to which people are interested in it as a precious metal and a store of value, and not in the quantities that exist in reality.

[arwin100]

]The problem is that even if there are no invaders there, it will still be very dangerous in my opinion because it is impossible for people who have power there to be silent with what they have now. Moreover, with the nature of human greed at this time, it will clearly trigger quite extraordinary upheaval.
When a group of cats is given fresh fish, it is certain that a struggle will occur and the same is true here when people who have power have the opportunity to get as many assets as possible, then anything will be done.

I agree with the point you have stated. That can be one of the possibilities. With every blessing comes the trouble.
So you never know what is coming a head. I hope the government of Uganda takes good cares of the gold discoveries and will be able to save their country from the foreign conspiracy as well.

But if corruption will persist because they discover a lot of money in that and they only want to make their pocket full then maybe this discovery cannot help their economy. So hopefully they have decent government which can handle well their new found wealth and let see if they have capabilities to maximize their resource so that their country will get benefit on this gold assets.

[doomloop]

Gold has been mined on our planet for many millennia. But it continues to be of high value. Therefore, I do not think that the discovery of gold ore deposits in Uganda can significantly affect its price. All ore will not immediately turn into gold. This is a slow and labor intensive process. Its infusion into the market will be gradual. In addition, in our age of high technology, the cost of goods that are available in every country and are in civilian circulation is growing. It also serves as a guarantee against the depreciation of gold. After all, for every gram of gold there is a commodity that can be bought for it.
In general, this event in Uganda is unlikely to have any impact on prices in the cryptocurrency market.

If it is as much as it is claimed (it is surely not) then it would of course impact it, if you print dollars and that causes inflation, then when you find gold then it is going to make it less valuable as well, same logic. This is why I believe that the best thing to do right now would be staying away from gold because it looks like gold could drop in value if even half of that is true.

I guess that it is just a fake news though, probably something Uganda government or some people made up to get some attention, and probably even scam someone, or maybe get votes, who know what’s the reason. Gold will stay to be valuable in the long run until we all die, it’s for sure.

[sovie]

But if corruption will persist because they discover a lot of money in that and they only want to make their pocket full then maybe this discovery cannot help their economy. So hopefully they have decent government which can handle well their new found wealth and let see if they have capabilities to maximize their resource so that their country will get benefit on this gold assets.

Along with corruption there comes the politicians and bureaucrats those who can sell the country reservoirs - like what has happened in Iran and how the government of Iran has been toppled over by the authorities of the Iran to hand over the oil reserves to the UK. This is a strange game. And always the corrupt wins.

[Hispo]

People who see Gold as a finite deflationary asset forgets that mining techniques advance and new deposit/ mines can be found.
I would say it is too early to say this will impact price of gold negatively soon, gold (like any natural resource) must be extracted and refined for it to have a significant economic value in the markets.

Only time will tell whether Uganda will welcome mining companies and their infrastructure which is needed to efficiently put those golden bars out the ground, otherwise, those trillions of dollars will likely stay where they are.

[South Park]

Gold has been mined on our planet for many millennia. But it continues to be of high value. Therefore, I do not think that the discovery of gold ore deposits in Uganda can significantly affect its price. All ore will not immediately turn into gold. This is a slow and labor intensive process. Its infusion into the market will be gradual. In addition, in our age of high technology, the cost of goods that are available in every country and are in civilian circulation is growing. It also serves as a guarantee against the depreciation of gold. After all, for every gram of gold there is a commodity that can be bought for it.
In general, this event in Uganda is unlikely to have any impact on prices in the cryptocurrency market.

If it is as much as it is claimed (it is surely not) then it would of course impact it, if you print dollars and that causes inflation, then when you find gold then it is going to make it less valuable as well, same logic. This is why I believe that the best thing to do right now would be staying away from gold because it looks like gold could drop in value if even half of that is true.

I guess that it is just a fake news though, probably something Uganda government or some people made up to get some attention, and probably even scam someone, or maybe get votes, who know what’s the reason. Gold will stay to be valuable in the long run until we all die, it’s for sure.

Even if all of this ends up being a lie I will not be surprised that eventually at some place a lot of gold is found, the extraction of gold on the surface has been going on for thousands of years, however almost all the gold which could be underwater is still there in territory that is untouched, so I will not be surprised if the amount of gold still to be mined was 4x to 5x larger than all the gold ever mined, it will not be easy to access that gold but at some point our technology will improve to the point that extracting it will be possible.

[sovie]

Even if all of this ends up being a lie I will not be surprised that eventually at some place a lot of gold is found, the extraction of gold on the surface has been going on for thousands of years, however almost all the gold which could be underwater is still there in territory that is untouched, so I will not be surprised if the amount of gold still to be mined was 4x to 5x larger than all the gold ever mined, it will not be easy to access that gold but at some point our technology will improve to the point that extracting it will be possible.

I would like to know how Ugenda will save their reserves from international conspiracy.
Have they had strong defence and honest politicians and bureaucrats who would save the nation from international conspiracy and invasion?

[Poker Player]

People who see Gold as a finite deflationary asset forgets that mining techniques advance and new deposit/ mines can be found.
I would say it is too early to say this will impact price of gold negatively soon, gold (like any natural resource) must be extracted and refined for it to have a significant economic value in the markets.

You are correct so far the discovery has had minimal, if any, impact on the price. We will have to see the permits and how the extraction goes, at what speed, but until the gold is brought to market I doubt it will have a significant impact.

With Bitcoin we know, however, that this cannot happen. It wouldn't be impossible either because hypothetically there could be a consensus to increase the 21 million limit, but I think we'll see the elephants fly first.

[FanEagle]

People who see Gold as a finite deflationary asset forgets that mining techniques advance and new deposit/ mines can be found.
I would say it is too early to say this will impact price of gold negatively soon, gold (like any natural resource) must be extracted and refined for it to have a significant economic value in the markets.

You are correct so far the discovery has had minimal, if any, impact on the price. We will have to see the permits and how the extraction goes, at what speed, but until the gold is brought to market I doubt it will have a significant impact.

With Bitcoin we know, however, that this cannot happen. It wouldn't be impossible either because hypothetically there could be a consensus to increase the 21 million limit, but I think we'll see the elephants fly first.

I still think that the whole world believes this to be a fake story. Think about it, if it was actually "that" big, Uganda would be on the way to be world leader in exporting that, get even like a slight bit of a share on that and they would be able to become one of the richest nations in all of Africa suddenly. They are not; because of nobody believes into them.

This doesn't mean that they are lying, it just means that people believe they are lying, but it is big enough to sound silly to be fair. In the end, if all goes well and they start to do it, and they actually do mine that out, then we will see how it will go, and if they are right, some things will change for sure.

[Hispo]

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Whether the world believe is a lie or not does not matter in the long run.
All it takes for Uganda to actually start a giant gold rush is the approvation by some geologist of good international reputation and the government being open to foreign companies to extract the metal in the soil.

If this is proven to be true, the greed of some mining companies and their shareholders is too big for them to ignore the existence of those ore reserves.
Even if it is true that the ore is there, it has no value if it is not extracted to the surface, not sure whether Uganda have the infrastructure to do so alone though, also not sure about the Uganda political position on foreign mining companies.

[og kush420]

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Whether the world believe is a lie or not does not matter in the long run.
All it takes for Uganda to actually start a giant gold rush is the approvation by some geologist of good international reputation and the government being open to foreign companies to extract the metal in the soil.

If this is proven to be true, the greed of some mining companies and their shareholders is too big for them to ignore the existence of those ore reserves.
Even if it is true that the ore is there, it has no value if it is not extracted to the surface, not sure whether Uganda have the infrastructure to do so alone though, also not sure about the Uganda political position on foreign mining companies.

I hope Uganda has a free foreign policy and they are able to secure their gold and their assets unlike Iran.
When Iran had got the oil discovered - there was UK on top of then - than USA joined in.