$12 Trillion Gold Discovery Will Cement Bitcoin’s Global Reserve Status
Global gold supply could double. What does this mean for gold and Bitcoin?
Uganda’s President recently announced that multiple geological surveys have discovered 31 million metric tons of gold ore.
These deposits would be worth $12 trillion and would increase the global gold supply by more than 2.5x (~260% increase).
The total amount of above-ground gold is currently ~200,000 tons. The Ugandan discovery alone is estimated at 320,000 tons of gold after refinement, bringing the total gold supply up to ~520,000 tons.
The Ugandan government has already licensed Wagagai gold mining company, a Chinese firm, to start mining the gold deposits in Busia district.
If true, this discovery will change the world
While the US dollar is often touted as the global reserve asset, every government on Earth has an enormous stockpile of gold for a reason.
Gold serves as the true reserve asset for every major government on Earth.
The US, China, Russia, Japan, Germany, UK, Italy, France, and every other industrialized nation holds TONS (literally) of gold in their vaults.
