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Wait. Why did China suddenly start producing so much? Did they suddenly discover a major deposit? Or did they just not care to mine gold at scale previously?
by ijidak 2y ago
Wait. Why did China suddenly start producing so much?
Did they suddenly discover a major deposit?
Or did they just not care to mine gold at scale previously?
- krunck 2y agoMy guess: They are eager to establish gold reserves to back their currency for when the USD falters.
- fuzzfactor 2y agoThey weren't even on the map until they got involved financially with places like the USA. They're still Communists but gold never did them any good until they dabbled in Free Enterprise. Now after all these years greed has a well-worn path to accumulation. I would imagine lots of deposits have been untapped until recent decades.
- yorwba 2y agoThe trajectory is quite similar to that of Australia, which has a note saying "low-grade operations became profitable due to rising gold prices." Probably the same story for the rest of the world except South Africa, which seems to be the only major gold producer that has reduced production since then.