Peak Gold

[jiffy]

SA gold miners on final deathwatch as scientist finds gold reserves more than 90% less than claimed

The apparent bottom line in a paper published in the South African Journal of Science is that South Africa's gold industry is on final deathwatch, despite claims of massive existing below-ground reserves. Chris Hartnady, research and technical director of Cape Town earth sciences consultancy Umvoto Africa, has found that South Africa's Witwatersrand goldfields are around 95% exhausted, and anticipates that production rates should fall permanently below 100 tonnes a year within the coming decade.

http://mineweb.co.za/mineweb/view/mineweb/en/page34?oid=93062&sn=Detail

So are we heading for a total melt down of all resources:confused:

[rayne]

SA gold miners on final deathwatch as scientist finds gold reserves more than 90% less than claimed

The apparent bottom line in a paper published in the South African Journal of Science is that South Africa's gold industry is on final deathwatch, despite claims of massive existing below-ground reserves. Chris Hartnady, research and technical director of Cape Town earth sciences consultancy Umvoto Africa, has found that South Africa's Witwatersrand goldfields are around 95% exhausted, and anticipates that production rates should fall permanently below 100 tonnes a year within the coming decade.

http://mineweb.co.za/mineweb/view/mineweb/en/page34?oid=93062&sn=Detail

So are we heading for a total melt down of all resources:confused:

Ad this to the story from around a week or so ago 'Gold Supply Runs Out'

http://www.telegraph.co.uk/finance/newsbysector/industry/mining/6546579/Barrick-shuts-hedge-book-as-world-gold-supply-runs-out.html

People on these forums need to get into gold and silver (coininvestdirect.com, weightoncoin.co.uk, www.goldline.co.uk, www.chards.co.uk). Check and compare prices, double-check etc. Anyway, gold is set to really increase very sharply (multiple times what it is now) in the coming future. Silver, which is much more affordable than gold, is likewise to increase sharply (many say at a higher percentage than gold).

People need to get into it, before the fiat, paper currencies totally die out. Otherwise, we'll lose all our financially sovereignty.

[redpill41]

deja vue from a year ago when all the peak oil stories were flying about. Prior to the taking the price from 147 to 33 a barrel.

The same will happen with gold too.

[simplysimon]

The sooner that people realise that these commodities, all gifts of the earth, are no way to value a human life, the sooner we can evolve in to a society that values human achievement above worthless paper or shiny pieces of metal.

Anyone for space exploration?

[leemondo]

deja vue from a year ago when all the peak oil stories were flying about. Prior to the taking the price from 147 to 33 a barrel.

The same will happen with gold too.

Do you think that the gold price is about to fall then?

I am seriously considering investment in gold and/or silver but I am still researching the market before I make my move.

[rollotomaz1]

The sooner that people realise that these commodities, all gifts of the earth, are no way to value a human life, the sooner we can evolve in to a society that values human achievement above worthless paper or shiny pieces of metal.

Anyone for space exploration?

That's right simply, all the gold in all of the banks throughout the world will not save it or the people in it,

On the space exploration thing, who is going to be the first guy outside the V A belts, its definately not going to be me, unlees you want to be well done :D

Much better staying on earth and putting that right first, if we all started learning something usefull we might get somewhere.

[wakeup2nwo]

Do you think that the gold price is about to fall then?

I am seriously considering investment in gold and/or silver but I am still researching the market before I make my move.

golds going to hit over 2,000 before long and maybe continue towards 3-4,000 possibly higher, but its not really the price of gold going up, its the reflection of the price of the US dollar going down! converting money to the euro is a good idea because that's what well be using soon, and if the dollar goes down, other currencies go up!

[leemondo]

golds going to hit over 2,000 before long and maybe continue towards 3-4,000 possibly higher, but its not really the price of gold going up, its the reflection of the price of the US dollar going down! converting money to the euro is a good idea because that's what well be using soon, and if the dollar goes down, other currencies go up!

Gold up to 4x current price??:eek: Sounds like a sure bet investment. Any sources?

[rayne]

Gold up to 4x current price??:eek: Sounds like a sure bet investment. Any sources?

I'll talk to you on MSN about it. PM me your MSN address.

[rayne]

Also, gold shortage is real. Peak OIL was fake. Gold/silver shortage is real.

Peak Oil being disproven comes from Lyndsey Williams (Energy Non Crisis), that same man said the elite told him that the only thing you can rely on is gold and silver during this economic crisis.

[the loner]

Don't hold your breath on that.

Oil's around $75 now and will only be going up.

Unlike paper money, oil and gold are non-renewable.

The demand keeps growing while the supplies keep dwindling.


deja vue from a year ago when all the peak oil stories were flying about. Prior to the taking the price from 147 to 33 a barrel.

The same will happen with gold too.

[decided]

the sooner that people realise that these commodities, all gifts of the earth, are no way to value a human life, the sooner we can evolve in to a society that values human achievement above worthless paper or shiny pieces of metal.



exactly!

[h2pogo]

i was just reading this..


$5000 Gold "Possible by End-2010" as Central Banks "Debauch Currency", 90% of S.Africa's Gold Reserves Vanish - Tuesday 17th November 2009

The Gold Price slipped from fresh all-time highs versus the US Dollar early in London on Tuesday, retreating 1.3% from last night's new record as world stock markets fell for only the fourth time in 11 November sessions so far.

The Dollar bounced on the forex market and crude oil fell after Federal Reserve chairman Ben Bernanke spoke of a "Strong Dollar" in his annual speech to the Economics Club of New York.

Citing 10% unemployment and weak GDP growth, however, he said the Fed "will calibrate the timing and pace of any future tightening [of interest rates from 0%] to best foster maximum employment and price stability."

Touching $1143.74 an ounce late Monday, gold this morning approached new 9-month highs vs. the Euro and Sterling, and reached its best level against the Japanese Yen since July 2008 at ¥3250 per gram.

"Gold is a more stable store of value, over a five-year view, than all paper currencies except the [Chinese] Renminbi," says Percival Stanion, head of asset allocation at Baring Asset Management, whose flagship product is the £1.5 billion ($2.5bn) Dynamic Asset Allocation fund.

"Sterling is still our least favored currency, even after significant falls in value," Stanion is quoted by FT Advisor.

"The multi-asset portfolios at Barings have recently benefited from the surge in Gold Prices and have now sold out of our exposure to Gold Mining and switched into Gold Bullion," he tells Dow Jones Newswire.

After India said it bought 200 tonnes of gold from the International Monetary Fund last month, the Reserve Bank of Mauritius today said it bought two tonnes from the IMF on Wednesday last week, costing $71.7 million.

"A bit of a pullback would not be particularly surprising," says one London dealer in a client note today.

"[But] over the past two-plus weeks it seems that any retracement in the price of gold has presented a buying opportunity for those who are out of the market and wish they were in, or those who are already in the market and wish they were longer."

Writing at Prudent Bear, "When investors lose trust in conventional currencies, because monetary policy appears set to debauch them, gold is the immediately available safe haven," said Martin Hutchinson late Monday.

"During such periods, gold's former importance as a store of value becomes uppermost in the public mind, and its price becomes a major economic indicator.

"We now appear to be at the beginning of another such period."

Forecasting a spike to $2000 per ounce within six months, "The supply of gold from new mining is around 1 million ounces per year LESS than in 1980 and the supply of speculative capital that could flow into gold is many times greater," Hutchinson notes.

"Hence a $5000 Gold Price is possible (though not certain) if present monetary policy is continued or only modestly modified – and that price could be reached by the end of 2010."

Here in London today, new data showed Consumer Price inflation rising sharply in October, pushing the cost of living higher for the first time in 8 months as strong energ prices fed through to the official measures.

"If we do not tighten policy to some degree [but] keep interest rates at their current low levels, inflation is in danger of moving above the [2.0%] target," said Bank of England policy-maker Andrew Sentance in a speech Monday night.

"Inflation is now expected to steadily rise," reports CityWire today, "not least because of the inflationary effects of the Bank of England's £200 billion quantitative easing program" – a program receiving unanimous support from BoE executives to date.

"We are going into a Weimar Republic-type of inflation – get used to it," says bond-fund manager Stewart Cowley at Old Mutual Asset Managers.

The Bank of England has now bought UK government bonds equal to 91% of new gilts issued in fiscal-year 2009 to date and more than one quarter of total government spending.

Germany's Weimar Republic monetized 50% of government expenditure between 1921 and 1923, leading to inflation rates above one million per cent per year. (Learn more about Gold & Hyperinflation here...)

On the gold supply-side, meantime, "The suggestion was made at last week's RBC Capital Markets annual Gold Conference that 'peak' production had been reached in the gold market," says Fast Markets' Bullion Weekly.

"More mature markets such as South Africa and Australia will continue to struggle against falling ore grades, rising costs and tighter safety legislation.

Formerly the world's No.1 gold producer, South Africa in fact has only 10% of the gold-in-the-ground officially cited, says Chris Hartnady, research and technical director of Umvoto Africa, an earth-sciences consultancy in Cape Town.

"[Hartnady] has found that South Africa's Witwatersrand goldfields are around 95% exhausted, and anticipates that production rates should fall permanently below 100 tonnes a year within the coming decade," reports Barry Sargeant at MineWeb.

"South African gold is dying – this is not new news," says RBC Capital Markets' Leon Esterhuizen in London, but "It may be dying faster than we currently believe."

Umvoto's Hartnady says South Africa's "residual gold reserves" after accounting for 2007 production fell to just 2948 tonnes – less than three times the all-time record output of 1970, and below 10% of official statistics.

Meantime in the professional market, gold dealing "loco London" – heart of the world's wholesale dealers – rose both by value and volume in October, new data from the London Bullion Market Association showed on Tuesday.

Averaging well over $65.4 billion per day after accounting for the netting effect of the LBMA's data, last month's wholesale volumes – predominantly dealt "unallocated", with a credit account taking the place of physical metal – rose above the 5-year average of $60bn per day.

The average size of each member-to-member deal also rose, but held 25% below the half-decade average at 10,900 ounces, worth some $11.4 million each.

[rayne]

exactly!

Silver is very much important. Without it, we'd be put back to the stone age technology wise. It's essential for important reactions as a catalyst, and as a conductor in electrical goods, among many other things.

For those above reasons, the amount of silver in the world over the past decade to twenty years has dropped very sharply. Silver is becoming increasingly rare, some say it may even become rarer than gold (gold being horded and not destroyed like silver is).

Right now, silver is very much a steal (as is gold). Silver, though, is affordable for just about everyone now, in comparison to gold.

We need these things, like it or not, to survive what's coming. The UK doesn't have enough food production to meet its population, we need to import a lot. When the UK pound falls, exports will dry up and we'll be stuck with huge shortages.

[rollotomaz1]

Don't hold your breath on that.

Oil's around $75 now and will only be going up.

Unlike paper money, oil and gold are non-renewable.

The demand keeps growing while the supplies keep dwindling.

Loner if you haven't seen this film yet I would then you will know what is going on with the paper money route.

http://video.google.com/videoplay?docid=5232639329002339531#

[Ian2day]

I read a report yesterday that the demand for platinum is to increase by 80% this year in China. With a middle calss of 300 million and forecasts of 9% growth in the Chinese economy its hard to see the price of many commodities dropping. With the worlds population set to increase still more and more. The demand for PM's will undoubtedly soar. So if you have any, even a small amount of loose change and are looking at a way to keep financial independance then get some PM's. Of course this soaring price is all a part of quantitive easing to pit fiat currency in circulation also.

[neutrino]

I'm not sure I trust all this buying Gold online thing. I might just go out and buy Gold jewellery from Argos.

[redpill41]

ok here is the point i am trying to make .

The ptb will only let the gold price go up if it suits them . look what happened bear stearns for being long gold !

http://www.marketoracle.co.uk/Article6724.html

also when you go on and buy one of there gold contracts you are buying a digital transaction not the actual stuff.

[rollotomaz1]

Didn't the gold rush and the drought of the 1930's hit an all time high just before the crash, then after the crash everyone was getting rid of their gold at a much lower price and in step the super rich and hoover it all up.

[neutrino]

ok here is the point i am trying to make .

The ptb will only let the gold price go up if it suits them . look what happened bear stearns for being long gold !

http://www.marketoracle.co.uk/Article6724.html

also when you go on and buy one of there gold contracts you are buying a digital transaction not the actual stuff.

That's why you buy gold bullion bars that actually get sent to you. :rolleyes: Who the hell is stupid enough here to buy Gold bullion and let some vault somewhere hold onto it for you, that would be insanely idiotic.

If you're going to buy gold you buy it so you get the actual piece of metal.

[wakeup2nwo]

Gold up to 4x current price??:eek: Sounds like a sure bet investment. Any sources?


Take a look at all my videos on my youtube channel, the most credible sources with gold are Gerald Celente and Peter Schiff, also max keiser will tell you the same... wakeup2nwo's Channel - YouTube

or just search for these names on youtube and watch there latest videos.. they all have there own youtube channels!

[rollotomaz1]

Take a look at all my videos on my youtube channel, the most credible sources with gold are Gerald Celente and Peter Schiff, also max keiser will tell you the same... http://www.youtube.com/user/wakeup2nwo#p/u

or just search for these names on youtube and watch there latest videos.. they all have there own youtube channels!

Your link is being blocked here in the Uk, she dosn't work for us, do you have a direct tube user name where I can go to ?

[smoke n mirrors]

Your link is being blocked here in the Uk, she dosn't work for us, do you have a direct tube user name where I can go to ?

The link seems to be working for me and I'm in the UK.

.

[wakeup2nwo]

Your link is being blocked here in the Uk, she dosn't work for us, do you have a direct tube user name where I can go to ?

I'm in the UK so it should work! my user name is "wakeup2nwo" same user name as ive got here on David icke forum!

[rollotomaz1]

i'm in the uk so it should work! My user name is "wakeup2nwo" same user name as ive got here on david icke forum!

got it thanks.

Edit:

Has anyone else heard of any more countries taking their gold out of the states lately, doesn't look very promissing all of this,

[jiffy]

There has also been Rumours of fake gold (well the middle bored out) never made a thread as it hasn't been substantiated yet.

Thread wasn't really meant as YEAH lets go buy Gold!! Just how sad it is that we are raping the earth of all it's resources in the name of Capitalism :mad:

[redpill41]

http://beforeitsnews.com/story/0000000000000499

This is potentially chilling news for the gold markets -- word of tungsten filled gold bars coming from the Market Oracle site. As Before It's News has warned, there are many issues with "owning" any gold that is a paper product, as opposed to physical gold and if this story is true, you could see a huge spike in the price of gold in the near future as people scramble to own the real thing. Two issues have come to the forefront, according to Rob Kirby at Kirby Analytics...



1] - irregularities in the publication of the gold ETF - GLD’s bar list from Sept. 25 – Oct.14 where the length of the bar list went from 1,381 pages to under 200 pages and then back up to 800 or so pages.

2] - reports of 400 oz. “good delivery” bricks of gold found gutted and filled with tungsten within the confines of LBMA approved vaults in Hong Kong.



The reason to use tungsten to fill bars, as opposed to say lead or silver is based entirely on Physics and Economics 101. Tungsten, density of 19.35 g/cm3 is a near perfect match for the density of gold at 19.32 g/cm3. A bar of tungsten coated with gold would be very close to the same size and weight as a real solid gold bar. The main reason to use tungsten is the cost, which at $20 per pound is a small fraction of gold's $16,000 per pound. Large 400 ounce cast bars are easiest to fake because they can be cast, but coins would need to be stamped, something difficult to achieve with tungsten owing to its legendary hardness -- it's got a very high melting point and is difficult to work. Gold is soft, malleable and ductile, which is why it has been treasured for millennia. It will be difficult to spot the fake gold bars without sophisticated assaying equipment.

Here's where the story gets fun...



The amount of “salted tungsten” gold bars in question was allegedly between 5,600 and 5,700 – 400 oz – good delivery bars [roughly 60 metric tonnes].

This was apparently all highly orchestrated by an extremely well financed criminal operation.

Within mere hours of this scam being identified – Chinese officials had many of the perpetrators in custody.

And here’s what the Chinese allegedly uncovered:

Roughly 15 years ago – during the Clinton Administration [think Robert Rubin, Sir Alan Greenspan and Lawrence Summers] – between 1.3 and 1.5 million 400 oz tungsten blanks were allegedly manufactured by a very high-end, sophisticated refiner in the USA [more than 16 Thousand metric tonnes]. Subsequently, 640,000 of these tungsten blanks received their gold plating and WERE shipped to Ft. Knox and remain there to this day. I know folks who have copies of the original shipping docs with dates and exact weights of “tungsten” bars shipped to Ft. Knox.

The balance of this 1.3 million – 1.5 million 400 oz tungsten cache was also plated and then allegedly “sold” into the international market.

Apparently, the global market is literally “stuffed full of 400 oz salted bars”.

If the market is stuffed full of 400 oz. salted bars, what are the chances that the GLD ETF has more than their share? Their prospectus contains this legal out...

Gold bars allocated to the Trust in connection with the creation of a Basket may not meet the London Good Delivery Standards and, if a Basket is issued against such gold, the Trust may suffer a loss. Neither the Trustee nor the Custodian independently confirms the fineness of the gold bars allocated to the Trust in connection with the creation of a Basket. The gold bars allocated to the Trust by the Custodian may be different from the reported fineness or weight required by the LBMA’s standards for gold bars delivered in settlement of a gold trade, or the London Good Delivery Standards, the standards required by the Trust. If the Trustee nevertheless issues a Basket against such gold, and if the Custodian fails to satisfy its obligation to credit the Trust the amount of any deficiency, the Trust may suffer a loss.

...it's buyer beware in the gold market, no question. Work with a reputable dealer and own physical coins. Should you intend to take delivery of COMEX 400 ounce bars, send them directly to a trustworthy assay lab to verify you are getting what you paid for. If even half of this turns out to be true, the price of real, physical gold could rocket.

UPDATE: The Central Bank in Ethiopia discovered a fake gold bar problem a couple of years ago, as this article in the Museum of Hoaxes attests.

[merbon]

If this is true, how has it affected the gold price? If it turns out such a considerable amout of the gold i circulation is fake, surley the gold price must drop people must be selling off there gold like mad.

[Ian2day]

If this is true, how has it affected the gold price? If it turns out such a considerable amout of the gold i circulation is fake, surley the gold price must drop people must be selling off there gold like mad.

This is the 400 oz bars. Its a bit like the cat in a box. It exists as both real and doctored pm's. It is only realised at resell time. tptb are busy using inflated gold to pump liquidity into the economy. In other words pump up the price to an artificually high level and then just print off some more fiat in exchange for it all. As well as all of the gold securities that have been issued. Its a giant ponzi bubble all of its own!

[rodin]

If this is true, how has it affected the gold price? If it turns out such a considerable amout of the gold i circulation is fake, surley the gold price must drop people must be selling off there gold like mad.

I hope your second post is more logical

[rodin]

There has also been Rumours of fake gold (well the middle bored out) never made a thread as it hasn't been substantiated yet.

Thread wasn't really meant as YEAH lets go buy Gold!! Just how sad it is that we are raping the earth of all it's resources in the name of Capitalism :mad:

Capitalism and communism come from the same source - the Pharisees, Communism we know about - just look into the Soviet Union. Capitalism is based on usuary leverage.

Capitalism has nothing to do with a true free market - for that to work you need honest money.

Needless to say the same lot control resources - Rothschild and co our Royals are really crypto Rothschilds look @ the chins

[rodin]

It would be interesting to investigate who is behind the cash for gold push

[jiffy]

It would be interesting to investigate who is behind the cash for gold push

Funny just what I was thinking;)

[merbon]

I hope your second post is more logical

Yes, that is a just hope. I think my brain might have been working on overtime (read: coffee) yesterday. I see now that the situation is not as dramatic as I first thought. A shame though, I could have used some conspiracy related drama today.

[merbon]

"It would be interesting to investigate who is behind the cash for gold (http://www.postalgold.com/) push"

Isn't that quite obvious? Some capitalist who is taking advantage of the high gold price and people's (current) bad financial status.

[binkbonk]

deja vue from a year ago when all the peak oil stories were flying about. Prior to the taking the price from 147 to 33 a barrel.

The same will happen with gold too.Yup!

[sofa king]

too bad for SA.

Luckily, Canada contines to find more and more gold deposits (high grade) on an almost daily basis. Its also much closer to the surface than SA gold including a number of ore deposits reachable via open pit mining

Problem is, Canada just can't get it out the ground fast enough because the economic meltdown tightened up small cap investment from venture capital firms and junior mining companies.

There is also huge diamond reserves in northern Canada (deBeers has a mine in Arctic Canada). Couple that with oil fields as large as Saudi Arabias and Canada looks to be the country to invest in for commodities and raw materials.

[Ian2day]

too bad for SA.

Luckily, Canada contines to find more and more gold deposits (high grade) on an almost daily basis. Its also much closer to the surface than SA gold including a number of ore deposits reachable via open pit mining

Problem is, Canada just can't get it out the ground fast enough because the economic meltdown tightened up small cap investment from venture capital firms and junior mining companies.

There is also huge diamond reserves in northern Canada (deBeers has a mine in Arctic Canada). Couple that with oil fields as large as Saudi Arabias and Canada looks to be the country to invest in for commodities and raw materials.

Ice road truckers!

[sofa king]

Ice road truckers!



haha.

can you imagine that job? travelling at 40kmh/25mph for 8 hours?

[dreamweaver]

On the space exploration thing, who is going to be the first guy outside the V A belts, its definately not going to be me, unlees you want to be well done :D

Oh, knock it off, I don't know how anyone can find the "VA belts were too dangerous to cross" argument remotely convincing if they've done the maths on exposure levels (works out at equivalent to a chest X-ray) and remember that they're belts, not spheres (i.e. can be navigated around). Of all the "Apollo hoax" arguments, that is one of the most easily rebuttable. Very good analysis of it here: http://www.wwheaton.com/waw/mad/mad19.html

Moving back on topic, gold is currently dipping in value. Just how far it will dip and for how long depends on whether the gold supply truly has peaked or the market manipulators are artificially lowering the price to fill their boots before the gold price goes mental.

My guess is the latter but everyone should make their own decision on the risks.

[sofa king]

Moving back on topic, gold is currently dipping in value. Just how far it will dip and for how long depends on whether the gold supply truly has peaked or the market manipulators are artificially lowering the price to fill their boots before the gold price goes mental.

.



a big part of the rise in gold has been the depression of the USD.

the USD saw a mild up-tick last week which accounts for the slight dip in gold.

however, dont expect the USD to regain significantly in the next 6 months.

[merbon]

a big part of the rise in gold has been the depression of the USD.

the USD saw a mild up-tick last week which accounts for the slight dip in gold.

however, dont expect the USD to regain significantly in the next 6 months.

True, a contrario the previous conspiratorial poster.

The USD won't recover considerably (http://www.fx360.com/?aid=5769) during the next year I think. So keep owning your gold, and if you do want to sell it, sell gold (http://www.postalgold.com/) when the dip is over.