Uganda : ,,Deposits Of Gold Worth $12 Trillion"

[piezoe]

If true America about to be headed that way to deliver some "freedom".

And do some more "democracy building".

 

[Cuddles]

isn't this just fake news being peddled on righty pseudonews online tabloids? Reads like Nigerian prince grift on a giant scale.

 

[Statistical Trader]

Nah, the point was regarding these figures (didn't watch video) https://www.reuters.com/article/uganda-gold-idUSKBN2NP17M

Typical high quality deposits contain 10 g/t gold = 10 / 1 000 000 = 0.001%

I.e. the person I discussed with considered the implied purity in the article entirely unrealistic, and is 1000 times above the figure Google claims to be a typical high purity (that's the 0.001% above).

0.001% of 31 million tonnes = 310 tonnes gold

$54.74 million/tonne * 310 tonnes = roughly $17 billion

Do note that 31 million seems different from 320 million in video. If it's indeed 320 million tonnes of ore then the value can be north of $170 billion.

I wasn't saying that you were saying what I was saying!

I was saying that what you were saying is CONSISTENT with what I was saying... Two different paths to get to the same conclusion.

If you watch the video and then do the math, the Ugandan president is NOT claiming to have found 320 M tons of pure gold! (@SunTrader, among others)

From about 0:19-0:40, the Ugandan president says, "320 million tons of gold - gold [inaudible] - worth 12 point something trillion dollars."

If we take the valuation the president places on the gold ($12T) we can see that he does not think there are 320 M tons of pure gold. In fact, he thinks there are roughly 320 K tons of pure gold after refining. This MATCHES what you said. I know you were saying something different.

In this thread, people are talking about how the claim is that they think they've found gold in the same order of magnitude as to all gold currently in existence, but that's obviously not their claim. The president first quotes the UNREFINED amount of gold "stuff" and then quotes the value of that gold. His claim is they have found the equivalent of ~0.1% of all existing gold.

As for the validity of the claim, that's a whole other conversation, but the claim itself is far less outlandish than it appears on first read.