The World’s Surest Gold Vault

21. September 2011 by Herman Brodie

I saw two seemingly incongruous gold news stories yesterday. The first concerned a massive gold vault in Singapore that is filled to the roof after just one year of operation. It has been besieged by new bullion owners, all ready to pay up to one percent of their holdings each year to keep their metal safe from thieves, earthquakes and plane crashes. Other such vaults are already under construction elsewhere in the world. The second story concerned the world’s third largest gold miner who plans to dig five kilometres below ground to unlock as much as 70 million ounces (2,177 tonnes) of gold. The exploitation will use new technology and risk no lives, but it will nonetheless require that 136,000,000 tonnes of rock be brought to the surface.[1]Am I the only one who can see the logic in selling the gold buried in the rock directly to investors, but then simply leaving it right where it is?

Follow UnwontedCandour on Twitter

[1] This assumes an extraction rate of 16 grams per tonne, which is twice as efficient as the current technology.

Share to Facebook
Share to Google Plus

Related Posts:

vposted on 21. September 2011 at 9:25 am

Recieve new post updates: Entries (RSS)
Recieve follow up comments updates: RSS 2.0

No comments yet. You should be kind and add one!

Leave a Comment