The discovery of the «world's largest gold deposit» could completely upset the balance of power in the global political scene. But this is not good news for Donald Trump.
As the British Mirror reports, a Wangu gold deposit in China was discovered last year. It is now estimated with relative certainty that it contains over 1,000 metric tons of gold. It is also worth over $81 billion.
Geologists believe this giant deposit is located in China's central Hunan province. More than 40 distinct gold veins - that is, long openings in the rocks filled with gold - were found there.
A stockpile of 300 tonnes was found at a depth of about 2,000 metres. Which further reinforces the assessment that the total amount of gold could cause huge turmoil for Trump.
Scientists from the Geological Survey of Hunan Province used 3D models. To predict which areas and veins are richest in gold. The deputy director of the agency, Liu Yongjun, revealed that even more gold was discovered during drilling around the main deposit.
To date, the largest known gold deposit in the world is located in South Africa, at the South Deep mine. This deposit contains approximately 929 tonnes of gold. Nevertheless, China is already one of the world's largest gold producers. It holds about 10% of the world's production.
Trade and gold stocks play a huge role in global markets. So this discovery could help China offset the impact of Trump's escalating tariffs. The price of gold soars during periods of global uncertainty. As it is considered a safer investment compared to cash or equities.
In fact, the value of this precious metal soared to a new high this week. Amid the chaos caused by Trump's tariffs. On Wednesday, the price of gold reached £2,540 per ounce.
New «weapon»
The rising value of gold means that this colossal discovery could make China richer and its economy more secure amid global instability.
Trump's unpredictability continues. As this week he proceeded to further increase tariffs, accompanied by the erratic statement that «almost everything is cheaper in the US». In his rant, he claimed that «record» tariff revenues are helping to reduce inflation.
In a post on Truth Social, he said.
«The United States is racking up record numbers of tariffs while the cost of almost all products is falling. Including gasoline, food and almost everything else. Similarly, inflation is down. Promises made, promises kept!»
Source: newsbeast.gr
