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IIRC all the gold ever mined on earth would fit into an 75'75'75' cube. That's a small office building.
Most goes to jewelry. Almost 50%. 20% or so is held in private investment. Another 20% in government reserves.
It works out to about 200,000 tonnes. Current estimates are that about 50,000 tonnes are in ground reserves. Unless large new deposits are found there's not much left. And what is left is increasingly difficult and costly to mine.
Yeah all true I think.
I think while it’s more difficult to find gold, it’s not because it’s mostly gone, just that the low hanging fruit is mostly gone. Massive open pit mines of high grade are hard to find now, but there’s plenty of gold you just have to use underground mines or do better more technologically advanced methods to find the big high grade deposits. As the gold price goes up, lots of lower grade deposits become economical.
It's not different than oil. Higher prices validate more costly mining processes.
I went yesterday too. ASEs were between $33-$36 each. Wild.Went to the Coin & Precious Metals show in Manchester yesterday (still going on today). Plenty of physical gold, silver, platinum and collectibles available. Most prices are sky high, though, for the most part. But vendors/buyers are also paying nice premiums for stuff walking in the door. Opportunity to get CASH for as many oz’s of PM’s that a person would want to move, if anyone is so inclined (just saying...).
I can't remember a time when PMs had more macro going for them and so little investment interest at the same time. I do think that the crypto market has distracted/redirected potential investors. IMO that's creating a considerable buying opportunity in PMs which I'm taking advantage of as much as possible.
For gold I always keep and eye on JNUG and NUGT as the volatile ones. GDX and GDXJ plus many others are safer plays for the gold miners. For silver I watch (and have owned) AGQ, SILV, SILJ, SLVP, SLV, and PSLV.What ETFs are you guys holding with respect to gold and silver? Or watching for that matter....?
What ETFs are you guys holding with respect to gold and silver? Or watching for that matter....?
I have GLD that I've been trying to unload at 168.50 for the past week or so... I will check out Sprott gold.I don't own either but for physical metal I like PSLV and PHYS, because they're backed 100% by physical gold, not paper derivatives like SLV and GLD. I wouldn't touch those two.
For miners I own some GDXJ and a lot of SILJ but GDX is also fine, lot of overlap between GDX and GDXJ.
Granted, you won't get rich on dividends alone, but GORO and now FTCO, recently spun-off from GORO, are paying monthly dividends. FTCO starts on 30 April.
Always good to see that little credit in the account each month. GORO is optionable, but the strikes and premiums aren't the best. Hopefully, FTCO will be optionable soon, too.
Wondering what you think of Gold Resources GORO. I got in under 4 but I think it may have room to run. Good share structure, insider ownership, no debt and several exploration possibilities. Plus it should double AU production in 2020. Thanks
I owned this during the 2008 to 2010 period and did very well. Its a well run company with a tight structure. The only issue I see is their reserves and resources are limited. So this is not a takeover type of stock. The stock faces big resistance in the $7s. It is trending well now though. They will need significant exploration success or a big move higher in the sector to run past $7.