Serbia: Discovery of a giant gold mine of great importance
This discovery helps Serbia enhance its leading position in the Balkan region in terms of gold reserves.
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Illustration photo: Getty |
According to RT on January 20, Serbian Minister of Mining and Energy Dubravka Dedovic Negre just announced that the country has just discovered a giant gold mine and preliminary technical test results show that the gold content here is up to 93%.
Minister Negre stressed that the discovery could be of great importance for the country's economy, especially for Eastern Serbia, and that the project is at the analysis stage, requiring further studies to verify the reserves.
Earlier, Serbian President Aleksandar Vucic said the country has significantly increased its gold reserves over the past two years.
According to the latest data from the World Gold Council, Serbia's gold reserves are 38.1 tonnes, making it the top Balkan economy in terms of gold reserves and 54th in the world.
Gold prices have been on an upward trend since early November 2021 amid market turmoil. In December 2022, Juerg Kiener, CEO and chief investment officer at Swiss Asia Capital, told CNBC that the bullion bullion trend was set to repeat itself in late 2022. Current market conditions are very similar to those of 2001 and 2008.
In 2001, the gold market did not just increase by 20% or 30%, but increased a lot. In 2008, gold increased from 600 USD to 1,800 USD in a short period of time.
As for 2023, according to Eric Strand, manager of the Au Ag ESG Gold Mining ETF (which includes 25 gold mining companies), 2023 will bring an all-time high for gold. A “new bull market” will begin, with prices exceeding $2,100 an ounce. Gold will end 2023 at least 20% higher.
