Geologists in northeastern China revealed a 1,000-ton gold deposit, building on a previous find of the same size. This discovery aligns with a surge in gold prices, which have increased by over 20% this year.
China aims for self-sufficiency in gold production, reflected by increased imports alongside this discovery. The newfound deposit spans approximately three kilometers wide and 2.5 kilometers long.
Goldman Sachs predicts continued gold purchases by China over the next few years, potentially raising prices to $3,700 per ounce by year-end, despite some skepticism regarding the deposit’s claims.
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