The discovery of the world’s “biggest” gold deposit could completely shake the balance of power on the political top stage but it won’t be good for Donald Trump. The Wangu gold field in China last year was found to hold more than a staggering 1,000 metric tons of gold – valued at around £61billion.
Geologists believe the supergiant stash could be uncovered in China’s central Hunan province after more than 40 distinct gold veins, which are long and thin openings in rocks filled with gold, were discovered. A reserve of 300 tonnes was uncovered at depths of around 2,000 metres – so the ever increasing load of gold at this deposit could cause huge issues for Trump.
The US President has launched a fierce trade war, with tariffs on China currently sitting at a staggering 145%. China retaliated with a 125% levy on US goods but some people have believed Trump could try to ride out the economic conflict and wait for China to fold because the US is one of its biggest buyers.
This massive gold deposit could help China’s economy skyrocket due to its potentially unbelievable value. Even more gold reserves were discovered at the field at 3,000 metres deep.
Scientists from the Geological Bureau of Hunan Province used 3D modelling to project which areas and veins would have the most gold. The vice head of the Geological Bureau, Liu Yongjun, revealed even more gold was discovered during drills in the areas around the field.
The current biggest known gold field in the world is in South Africa at the South Deep mine, which holds around 929 tonnes of metal. Despite this, China has already been one of the largest producers of gold – accounting for 10% of the world’s output.
Gold trading and reserves contribute hugely to global markets so this discovery could help China with the blow from Trump’s tariff escalation. The value of gold skyrockets during global uncertainties as it is often seen as a safer asset to hold, rather than cash or stocks.
In fact the value of this precious metal soared to a fresh high this week amid Trump’ tariff chaos. The price flew to £2,540 per ounce on Wednesday.
The growing value of gold could mean this huge deposit discovery could make China richer and it’s economy safer during global uncertainty.
Trump’s unpredictability could continue as he doubled down on his tariffs this week with an unhinged claim that “just about everything” was cheaper in the United States. His bizarre rant claimed “record” tariff revenue was helping bring down inflation.
In a Truth Social post, he said: “The United States is taking in RECORD NUMBERS in Tariffs, with the cost of almost all products going down, including gasoline, groceries, and just about everything else. Likewise, INFLATION is down. Promises Made, Promises Kept!”
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