Saudi Arabia is really overwhelmed by the rich, the oil at home has not been pumped yet, and the world's largest gold mine has recently been discovered. Make the already wealthy family even richer.
A few days ago, the Saudi National Mining Company announced the discovery of multiple gold deposits in the southern part of the Mansoura Masala gold mine, stretching for 125 kilometers and with estimated reserves of up to 200 tons. Will this lead to the international gold price**? The impact is not big, although 200 tons is not a small amount for Saudi Arabia, but it is really not ranked in the world. In August 2023, Shandong ** Group discovered the Xiling gold mine with reserves of up to 592 tons in Laizhou, Shandong, nearly three times that of Saudi Arabia. After the news of the Xiling gold mine was released, it did not prevent the international gold price from soaring all the way last year.
In fact, 200 tons is not as high as the annual output of many countries. For example, in 2022, China's ** output will be 372 tons, Russia's output will be 330 tons, and Australia's output will be more than 300 tons. China's ** reserves are more than 2,000 tons, and the reserves of Russia and Australia are more than 8,000 tons. Saudi Arabia's 200 tons are not worth mentioning in front of the three ** major powers. So when Saudi Arabia announced the news, ** did not fall much, it was a high sideways.
Now the global situation is turbulent, the conflict between Russia and Ukraine, the Palestinian-Israeli conflict is still continuing, the Houthis give eye drops to the United States every now and then, disasters such as dead fish in Japan and tsunami are continuous, and there are big suicides and big news in South Korea from time to time. **Highly prized as a safe-haven asset. As of the end of December last year, China's **reserves were as high as 71.87 million ounces, and the central bank has increased in value for 14 consecutive months**. Not only do we buy it, but other central banks also buy it. For example, in the first quarter of 2023, the Central Bank of Egypt bought 44 tons**, accounting for more than half of the world's *** volume. Countries rushed wildly, resulting in a rise of up to 13% last year. In the long run, 80% of the world's reserves have already been mined, and the remaining 20% is only enough to be exploited for a few decades. As the amount of global currency continues to increase, it will continue to appreciate because of its scarcity. After talking about the impact on gold prices, let's continue to talk about Saudi Arabia.
The output value of 200 tons, according to the current output, is about 100 billion yuan, which is a drop in the bucket for Saudi Arabia. In 2021, Saudi Arabia produced 8.9 million barrels per day, with an annual output of about 32.5 billion barrels, with an output value of 186 trillion yuan. The output value of 200 tons of ** is only equivalent to the output value of ** for seven and a half months. Since the output value is not large, why does Saudi Arabia hype it? Economic transformation needs. The world's image of Saudi Arabia is that of an oil-rich nouveau riche, and they want to use this opportunity to show the world that Saudi Arabia has not only oil, but also phosphate, aluminum, gold, silver, lead, zinc, copper and rare earths.
As of 2029, Saudi Arabia has 15 proven gold mines, two silver mines, three copper mines, and four iron mines. The mining sector is part of Saudi Vision 2030. Saudi Arabia is not capable of mining itself, so it needs to use this incident to hype up and attract global mining giants to do things with him. At this point, a boss asked, can't Saudi Arabia engage in industry? Why do you always work the country that your ancestors have beaten down? In fact, since Salman Jr. came to power, Saudi Arabia has been seeking to diversify its economy. For example, the development of steel, aluminum, cement, seawater desalination, photovoltaics, green agriculture, tourism and other non-oil industries. Saudi Arabia has invested billions of dollars in NIO and Gaohe Automobile, hoping that they will build factories in Saudi Arabia to help the princes improve the new energy vehicle industry chain. Although the vision is very good, whether it can be done is another matter, because Saudi Arabia is a country with a lot of rules.
People have to pray five times a day, and supermarkets, shopping malls, restaurants, and factories are all closed during prayer, which seriously affects the efficiency of social operations. Moreover, Saudi Arabia's social welfare is very high, not only providing free medical care and education, but also giving a living allowance of 4,000 yuan per person per month, a marriage subsidy of 100,000, a child subsidy of 50,000, and annual child support for children under the age of 18. The Saudis are lazy and inefficient, and the factories only like to take small orders. Because employees with large orders are tired, they are not willing to do it if they add money. Speaking of this lazy example, the probability of Saudi Arabia being able to develop a manufacturing industry is the same as winning the lottery.
But as the saying goes, lazy people have lazy luck, Saudi Arabia started by selling gemstones, and when the gem blocks were dug up, oil was suddenly discovered, and gold mines were found before the oil was sold. This belongs to God chasing and feeding, it really responds to that sentence, everything is fate, and it is not up to anyone at all.