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China: Massive Gold Find

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http://www.telegraph.co.uk/money/main.jhtm...4/cngold124.xml

China strikes gold with huge discoveryBy Mark Kleinman, Asia Business Editor

Last Updated: 1:09am BST 24/07/2007
China Goldmines, a London-listed gold prospector, will announce today that it has discovered up to ten times as much of the precious metal at its sites as expected.
News of the discovery by the company, which is quoted on Aim and has a market value of about £25m, is likely to send its shares soaring.

I wonder if this will affect the "fiat" or declared value of the yellow metal?

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http://www.telegraph.co.uk/money/main.jhtm...4/cngold124.xml

China strikes gold with huge discoveryBy Mark Kleinman, Asia Business Editor

Last Updated: 1:09am BST 24/07/2007
China Goldmines, a London-listed gold prospector, will announce today that it has discovered up to ten times as much of the precious metal at its sites as expected.
News of the discovery by the company, which is quoted on Aim and has a market value of about £25m, is likely to send its shares soaring.

I wonder if this will affect the "fiat" or declared value of the yellow metal?

I doubt it, I guess it depends how much they expected to find in the first place. I don't know how much the value of what's in the ground effects the value of the company but if its 1-1 then presumably the company is now worth £250m which is still very small.

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Lots of burnt fingers amongst folk who believe everything a mining company says about its latest find, all this in a country with a billion fledgling investors, whodathunkit ?.

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http://www.telegraph.co.uk/money/main.jhtm...4/cngold124.xml

China strikes gold with huge discoveryBy Mark Kleinman, Asia Business Editor

Last Updated: 1:09am BST 24/07/2007
China Goldmines, a London-listed gold prospector, will announce today that it has discovered up to ten times as much of the precious metal at its sites as expected.
News of the discovery by the company, which is quoted on Aim and has a market value of about £25m, is likely to send its shares soaring.

I wonder if this will affect the "fiat" or declared value of the yellow metal?

Excellent! If true it will make gold cheaper so we can easily buy more of it :)

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http://www.telegraph.co.uk/money/main.jhtm...4/cngold124.xml

China strikes gold with huge discoveryBy Mark Kleinman, Asia Business Editor

Last Updated: 1:09am BST 24/07/2007
China Goldmines, a London-listed gold prospector, will announce today that it has discovered up to ten times as much of the precious metal at its sites as expected.
News of the discovery by the company, which is quoted on Aim and has a market value of about £25m, is likely to send its shares soaring.

I wonder if this will affect the "fiat" or declared value of the yellow metal?

Post deleted.

I thought this was a sovereign institution rather than a real company.

Edited by Far Out Bear

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Be careful,

this story is very thin on detail.

The company may be using this "news" to raise money. Happens often in the Junior Mining sector

Yes - next month the story will be 'Gold find not as good as origionally thought' - once all the institutional investors have dumped all the shares on the public. Classic churn and burn ramp - I speak from bitter experience. Aim is a casino!

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Yes - next month the story will be 'Gold find not as good as origionally thought' - once all the institutional investors have dumped all the shares on the public. Classic churn and burn ramp - I speak from bitter experience. Aim is a casino!

I think you have it right.

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Be careful,

this story is very thin on detail.

The company may be using this "news" to raise money. Happens often in the Junior Mining sector

Indeed. I would not buy any form of mining shares let alone anything in China!

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Indeed. I would not buy any form of mining shares let alone anything in China!

I just dumped one of the mining companies I'd bought into. In at 33, out at 64. Not too shabby.

I'll agree though that AIM is crooked.

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I wonder if this will affect the "fiat" or declared value of the yellow metal?

Fiat, in the context of money, simply means it is backed by government cohersion,

or legal tender laws.

This is not the case for gold, in fact the government establishment

practically coherces people not to use gold as money, or a store of value.

A good reason to hold it in my book.

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