{"id":33770,"date":"2018-04-26T09:26:19","date_gmt":"2018-04-26T14:26:19","guid":{"rendered":"http:\/\/olduvai.ca\/?p=33770"},"modified":"2018-04-26T09:26:26","modified_gmt":"2018-04-26T14:26:26","slug":"the-coming-boom-in-gold-prices","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=33770","title":{"rendered":"The coming boom in gold prices. . ."},"content":{"rendered":"
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The coming boom in gold prices. . .<\/a>\u00a0<\/span><\/h3>\n
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In June 1884, a local farmer named Jan Gerritt Bantjes discovered gold on his property in a quiet corner of the South African Republic.<\/p>\n

Though no one had any idea at the time, Bantjes\u2019 farm was located on a vast geological formation known as the Witwatersrand Basin\u2026 which just happens to contain the world\u2019s largest known gold reserves.<\/p>\n

Within a few months, other local farmers started discovering gold\u2026 kicking off a full-fledged gold rush.<\/p>\n

Just over a decade later, South Africa became the largest gold producer in the world\u2026 and the city of Johannesburg grew from absolutely nothing to a thriving boomtown.<\/p>\n

This area is singlehandedly responsible for 40% of all the gold discovered in human history \u2013 some 2 billion ounces (or $2.6 trillion of wealth at today\u2019s gold price).<\/p>\n

And while the Witwatersrand Basin is still being mined to this day, it\u2019s not as active as it used to be.<\/p>\n

Gold production in Witwatersrand peaked in 1970, when miners pulled a whopping 1,000 metric tons of gold out of the ground.<\/p>\n

A few decades later in 2016, the same area produced just 166 tonnes\u2013 a decline of 83%<\/strong>.<\/p>\n

That\u2019s not unusual in the natural resource business.<\/p>\n

Whereas it takes nature hundreds of millions of years to deposit minerals deep in the earth\u2019s crust, human beings only require a few decades to pull most of it out.<\/p>\n

This creates the constant need for mining companies to explore for more and more major discoveries.<\/p>\n

Problem is\u2013 that\u2019s not happening. Mining companies aren\u2019t finding anymore vast deposits.<\/p>\n

According to Pierre Lassonde, founder of the gold royalty giant Franco-Nevada and former head of Newmont Mining\u2013<\/p>\n

If you look back to the 70s, 80s and 90s, in every one of those decades, the industry found at least one 50+ million-ounce gold deposit, at least ten 30+ million ounce deposits, and countless 5 to 10 million ounce deposits.<\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The coming boom in gold prices. . .\u00a0 In June 1884, a local farmer named Jan Gerritt Bantjes discovered gold on his property in a quiet corner of the South African Republic. Though no one had any idea at the time, Bantjes\u2019 farm was located on a vast geological formation known as the Witwatersrand Basin\u2026 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[374,3622,681,7312,7313],"class_list":["post-33770","post","type-post","status-publish","format-standard","hentry","category-economics","tag-gold","tag-gold-price","tag-resources","tag-simon-black","tag-sovereign-man"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/33770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33770"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/33770\/revisions"}],"predecessor-version":[{"id":33772,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/33770\/revisions\/33772"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}