In a move that turned the scales of the global economy โ๏ธ, Uganda ๐บ๐ฌ announced a stunning discovery of more than 31 million metric tons of gold ore ๐ช, which it said could contain pure gold worth $12 trillion ๐ต.
A staggering figure that left investors and mining companies in shock ๐ฒ, and the question began: Are we facing a geological transformation of the century? ๐
If the estimates are correct, Uganda's economy could witness a historic leap ๐ and a transformation into a global gold trading hub ๐.
Global companies have begun to monitor, and the markets are on alert โณ.
But behind this sparkle, mining experts raise critical questions โ
๐ธ Is the discovered gold really extractable in commercially viable quantities?
๐ธ Are we facing accurate numbers or media exaggerations? ๐ข
๐ธ And why haven't major companies moved to explore yet? ๐๏ธ
The answer has not yet been determined...
So either we are facing one of the greatest discoveries of modern times ๐
Or in front of the largest inflation in the history of geological discoveries ๐ง ๐
๐ What happened to gold prices after this discovery?
Despite the buzz surrounding the announcement, global gold prices were not directly affected by the discovery. In June 2022, the price of gold hovered around $1,830 per ounce and continued its gradual rise driven by global inflation and political tensions, not by the Ugandan discovery.
By mid-2025, gold surpassed the $3,300 per ounce mark ๐, but it was not due to the entry of Ugandan gold into the market, rather as a result of global economic factors, the most prominent of which are:
Declining confidence in the dollar ๐ธ
Escalating geopolitical conflicts ๐ฅ
And the increasing demand for gold as a safe haven ๐ก๏ธ
Simply put, Ugandan gold has not yet entered the production phase, making it exciting news, but with no real impact on the market so far ๐ณ๏ธโ๏ธ.
