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Bossybabe

Gold Found In Australia

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BBC News 24 business news 1630 hours.

Yes folks a new gold rush in Australia is on the cards. Does this mean that the price of gold will drop through the floor because of over supply ? Should I sell my bangles ?

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Looks like mining company BHP Billiton have struck gold. Shares up today on the back of rumours. Also Rio Tinto shares well up on the back of it. How would a very large amount of new gold affect the price of gold ? Would it be fed into the market gently to minimise effect ? Lots of gold experts on this site who may know the answers

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Looks like mining company BHP Billiton have struck gold. Shares up today on the back of rumours. Also Rio Tinto shares well up on the back of it. How would a very large amount of new gold affect the price of gold ? Would it be fed into the market gently to minimise effect ? Lots of gold experts on this site who may know the answers

The rumours are only for a 50% resource upgrade for the Olympic Dam project. The supply won't hit for ages; it may reduce the price a bit in the short term if the upgrade is well over 50%.

I sold my BHP shares a couple of months ago :( - but they're only up 6% or so.... It'll be interesting when they announce the upgrade amount (think on wednesday)

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The rumours are only for a 50% resource upgrade for the Olympic Dam project. The supply won't hit for ages; it may reduce the price a bit in the short term if the upgrade is well over 50%.

I sold my BHP shares a couple of months ago :( - but they're only up 6% or so.... It'll be interesting when they announce the upgrade amount (think on wednesday)

Many thanks LI . Might be interesting times ahead for gold speculators

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Looks like mining company BHP Billiton have struck gold. Shares up today on the back of rumours. Also Rio Tinto shares well up on the back of it. How would a very large amount of new gold affect the price of gold ? Would it be fed into the market gently to minimise effect ? Lots of gold experts on this site who may know the answers

So who owns the rights? BHP or Rio? Can't be both can it?

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Great! Please excuse me while I go and buy a pan, shovel and air ticket. :rolleyes:

You may be right. There is money to be made from kangeroo poo. i think they use it on the bottom of surf boards. good luck.

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BBC News 24 business news 1630 hours.

Yes folks a new gold rush in Australia is on the cards. Does this mean that the price of gold will drop through the floor because of over supply ? Should I sell my bangles ?

Nope gold is still on course to hit the moon.

If you read the article properly you will see it is going to take years to extract.

Add to that the fact you could triple above ground gold, if there was a real flight to safety (which there will be) gold would still hit the moon.

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BBC News 24 business news 1630 hours.

Yes folks a new gold rush in Australia is on the cards. Does this mean that the price of gold will drop through the floor because of over supply ? Should I sell my bangles ?

Sure it could happen. All it will take is for the world to find a new cheap and abundant source of energy to replace oil, because extracting gold from the ground is not easy or cost-free. (certainly not compared to running a money-printing press) It takes a LOT of energy, and i don't think solar is gonna cut it right now..even in Australia! ;)

If they find anything, let me know. Until then I'll keep meself blinged up, yeah..

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You have to be a bit careful about these types of stories, if you cast your mind back to just before the last US election there were all sorts of stories and a massive spam email campaign about 1 trillion dollars of oil that was supposedly under Colorado, conveniently the oil price dropped just before the election. Never heard anything about that since the election, so it seems to me that that was just a psi-ops campaign to manipulate the markets to win the election.

A lot of that kind of stuff is done, here's a story from Asia Times from a few days ago about how they should manipulate commodity prices lower and increase interest rates to destroy Russia, just like was done with the Soviet Union:

http://www.atimes.com/atimes/Central_Asia/II19Ag01.html

Unfortunately for that Machiavellian monster Russia has thought of this problem and taken steps to guard against exactly this scenario.

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Sure it could happen. All it will take is for the world to find a new cheap and abundant source of energy to replace oil, because extracting gold from the ground is not easy or cost-free. (certainly not compared to running a money-printing press) It takes a LOT of energy, and i don't think solar is gonna cut it right now..even in Australia! ;)

If they find anything, let me know. Until then I'll keep meself blinged up, yeah..

good on yer, blue - I will too!

:P

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