Welcome to the Crystallex HUB on AGORACOM

Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

Free
Message: Alf Fields: $6,000.00\ounce gold

Re: Alf Fields: $6,000.00\ounce gold

posted on Dec 28, 2008 01:36PM

if people start using gold as a medium of exchange. Show me articles in this regard.

Just look at the daily turnover of gold on the LBMA and you will see that world wide people and governments do use gold as a medium of exchange. The LBMA turns over around 1/4 to 1/3 of the total annual world wide production of gold EVERY DAY!

Of course Venezuela is very small potatoes in terms of annual gold production, and even if Hugo could double the annual production, twice of very little is still very little.

Sanz reported that their current annual production was 4.2 tonnes which is only 135,000 ounces. Even if they could double it to his projected 8.2 tonnes it is still only 263,000 ounces. That's less than most decent mid tier miners produce.

From memory Brisas was designed for 450,000 oz annually and Las Cristinas 360,000 so together they would add around 25 tonnes to Sanz's current miserable 4.2 tonnes an increase of over 5 times the current production.

Hugo like to talk about tonnes of gold and then mixes in kilogram of daily production and occasionally refers to millions of ounces, knowing full well that his local audience has no concept of the units or values or what constitutes "a lot of gold" and "doubling" production sounds like a huge increase.

Share
New Message
Please login to post a reply