IEA: “Many new mines needed to meet battery metals demand”
The International Energy Agency (IEA) just published a report that concludes that by 2030 around a hundred new battery metal mines have to come into production. Due to long lead times from initial feasibility study to the start of production this is one of the most pressing needs facing the planet today.
On June 8th Reuters picked up on a statement given by the government of Uganda that “exploration surveys” had shown that the country has 31 million tonnes of ore from which 320,158 tonnes of refined gold could be extracted. To put that in perspective the current total above ground gold stocks are a little over 200.000 tonnes.
‘All the mined gold in the world fills a cube with sides only 22m (77 feet) in length’ Source
What did the gold price do when it was suddenly announced that the world’s gold had more than doubled? Pretty much nothing. So the whole story is rubbish. Can we verify that? And what can we learn from this?
At the end of March 2020, we warned our participants about the potential of a crash of the physical gold market. Less than a week later this became a fact. Gold smelters, where gold bars are poured, had to close due to the lockdown. As a result, physical gold was no longer available, exactly at a time when the demand for precious metal exploded. The threat of unprecedented money creation has caused many to fear a new banking crisis and the further erosion of the purchasing power of their savings. And rightly so: in the 90s in Holland, a 'fries with mayonnaise' cost 2 guilders. This week I had to pay 3 euros for it at a snack bar. That is more than six old guilders. The demand for gold is now 100 million ounces per year. The industry 'discovers' only 25 million ounces per year.
At the end of March, we warned our participants about the possibility of a crash of the gold bullion market. Less than a week later this became reality. Gold smelters, where gold bars are poured, had to close due to the lockdown. As a result, no gold bullion could be obtained.
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