“The best estimates currently available suggest that around 205,238 tonnes of gold has been mined throughout history, of which around two-thirds has been mined since 1950”
China / Japan have the most gold
Still mostly used for Jewelry
76 sats \ 0 replies \ @cryptocoin 20 May 2022
Those are great.
Visual Capitalist also has a great series on gold. It's now 10 years since it was published so some of the numbers are off but still lots of intersting info!
- https://www.visualcapitalist.com/gold-series-history-gold
- https://www.visualcapitalist.com/gold-series-mining-supply--part-2
- https://www.visualcapitalist.com/gold-series-uses-demand-part-3
- https://www.visualcapitalist.com/gold-series-gold-investment-part-4
- https://www.visualcapitalist.com/global-gold-mines-deposits-ranking-2012
They also have a newer post, from 2017.
- http://money.visualcapitalist.com/11-visualizations-gold-cubes/
But even that, from just five years ago. hasn't aged well:
Bitcoin is today $572B, so keeping the 2017 GLD/USD price, because I'm too lazy to look it up, bitcoin's value would equate to 40 of those cubes.
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73 sats \ 0 replies \ @nullama 20 May 2022
Norway, a rich country, doesn't have gold reserves.
They only kept a few historical coins, and decided to sell everything else because:
Here you can see the world production of gold. It's clearly not scarce at all.
And Aker, a big company in Norway, created Seetee, a company focused 100% in Bitcoin. Here's the Shareholder's letter from the CEO of Seetee, it's a great read, it describes how he personally discovered Bitcoin and how he's trying to learn as much as possible and move towards the future with Bitcoin.
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40 sats \ 0 replies \ @zuspotirko 20 May 2022
Gold could fall like a rock any day imo due to asteroid mining.
And that's easier than you might think. All the gold mined on earth fits in a cube with 22m sides - any asteroid could easily double the supply. And the mining process would just be stiring an asteroid slowly to fall into the desert.
But it gets even easier than that: Markets are forward pricing. All it takes is Elon tweeting that he wants to do it and markets will price that in.
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7 sats \ 1 reply \ @Ge 20 May 2022
Gold is just doing what its supposed to do hold its value where as bitcoin is a vessel for bitcoin to traverse both time and space
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0 sats \ 0 replies \ @go OP 20 May 2022
Well said, comrade
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