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Peter Burnes: Enough gold for 600 years

"The World Gold Council says there is about 208,874 metric tonnes of gold already above ground, [largely] sitting in vaults, doing absolutely nothing except making bankers feel warm and fuzzy."

 

Excerpt from a letter to the editor of the Union newspaper by Peter Burnes, Grass Valley

April 21, 2023


The World Gold Council says there is about 208,874 metric tonnes of gold already above ground, most of it sitting in vaults, doing absolutely nothing except making bankers feel warm and fuzzy. The same source indicates that the annual demand for gold for actual technological use has hovered around 330 metric tonnes per year over the last decade.


Based on this authoritative data, there is already enough gold lying around for over 600 years of technology ‘need’ for gold. Someone please tell me why we need to dig up more gold? And if you own gold as an investment, wouldn’t it be logical to be an absolute opponent of all gold mining?


There is no need for any more gold mining anywhere, least of all here in Grass Valley.


Peter Burnes, Grass Valley

 

Read the rest of the article online at The Union.

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