Major gold deposites found in Uganda

 7th June 2022

A nation is soon to overtake a dozen countries in terms of 'richness' as the President of Uganda said that huge gold deposits worth 12 trillion USD have been discovered in Alupe in Busia and Karamoja, both in eastern Uganda; Kameleng, Kisita, and Ngugo in Kassanda District in the central region; and, Bushenyi’s Tiira area in western Uganda.

The total gold extracted in the world is around 244,000 metric tons, but this gold discovery is about 320,000 metric tons, meaning it is more gold than was ever discovered.

The extraction process is set to begin soon with refining reaching stages of 5,000 kilograms of gold a day.

Effects: This is set to bring down the prices of gold rapidly. This might increase crypto as the inflationary hedge (gold) against money during inflation might get a hit due to a loss in value.

What this means for you:  As soon as the gold prices decrease, we may start to sell the excess gold we have, and then once the prices stabilize, we can start buying it again. The prices of land in Uganda are pretty low around now. So to set with the development these mines are going to create, land in Uganda is set to rise.  

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