61 Uganda has announced that it has struck a deposit of 31 million tonnes of gold ore, with extractable pure gold estimated to gross 320,000 tonnes. (www.thecitizen.co.tz) posted 2 years ago by penisse 2 years ago by penisse +62 / -1 52 comments share 52 comments share save hide report block hide replies
that much.. will it lower the price of gold?
A lot. Back in the eighties, they said all the gold on Earth could be kept in a 17m high cube. These 320000 tons are a 25m high cube.
Sources: https://www.traditionaloven.com/metal/gold-converter.html And https://www.calculatorsoup.com/calculators/algebra/cuberoots.php.
Gold value just got lowered by 3 quarters as 25^3 = 3 x 17^3 …
Excuse me but I am kind of stupid with math.
17m high cube but what are the dimensions of the (a) cube. Is it one cubic meter?
A cube would be entirely equal on all sides
Stupid me. Now I understand.
If it is a cube 17m high, then the width and length are also 17m.
Okay, wow I can't believe I did not see that.
It will take decades or possibly centuries to mine it. There is going to be very little immediate effect.
Immediate like "In our lifetimes"