What about "ancient gold" for which there is no mining record. India and Gulf countries have the "Bulk of ancient gold" I think, "ancient gold" must be 25% of "modern gold". That would be 40,000 Tons of ancient gold.
Ancient gold is already included in the figures I mentioned... and yes, 75% of the world's gold was mined after 1910.
Do you feel utterly idiotic yet? Ancient gold... Like that matters... Who is going to melt King Tut's golden mask? Ancient gold, much of it was made into what are now almost priceless objects. What would a Roman gold coin be worth? Ditto for a Spanish coin from the 1500's? Or how about a French coin from the 1700's? Even US coins, the ones from the 1700's to 1870's are worth a lot. And the common ones from 1880's to 1920's are worth over $1000/oz. So anyway, don't expect to see these melted down at spot, anytime soon. Governments are starting to grab the gold mines again. Chavez and Guinea this past weekend. That will mean folks that were holding mining stock will try to get real metal instead because the risk differential just increased.
thriftybob, you should feel utterly idiotic. You have posted earlier in this thread this "I remember a guy here a few years back that was saying that so much gold would be recovered from the oceans that gold would go to $300. I haven't seen him around lately to ask what went wrong with his theory" Gold price is determined by demand and supply. If "ancient gold" enters world markets, Gold price will crash.
Then I suggest you hold your breath and wait for it to happen. You don't get it, do you? They are printing paper and digital money with absolute wild abandon, and people are starting to realize that this dilutes the value of that paper. Why is there a shortage of gold coins everywhere? The one thing I feel safe saying is that the value of gold will outlive all these paper currencies. "Gold IS money, and nothing else is" - J Pierpont Morgan
There is a true story that in early 1900, British were transporting "Ancient Indian gold" by ship but this ship sank in the vast ocean. Even today nobody knows where the ship sank. This ship has so much "ancient gold" that if it is found today, gold price will crash to rock bottom. I think British are searching for this ship. If you have reliable source in Britain you can confirm this.
That's absolutely COMICAL!! What was that ship that was found a couple years ago? I've seen the coins on ebay, and for 1 oz coins they were wanting $5000 each and GETTING it!! My guess is you are an EW T/A follower and somebody told you this wave and that, that therefore gold goes to 600, like market surfer was duped with, and you are sitting here desperately talking your book. Hey, if you have gold and think it goes lower, why don't you sell it? I'll just SIT on mine a while, thank you very much. And I sure as shit am NOT going to worry about "ancient gold" being found anywhere sufficient to crash gold prices.
I would say Gold is "high-risk investment" because if someday "massive ancient gold" is discovered than Gold price will crash rock bottom without any warning. If you have reliable source in Britain, you can confirm about "missing Indian gold ship" from the British government.