Gold hits all time high, boosting Australian miners

The gold within this pile of rocks is worth hundreds of millions of dollars, and it’s becoming more valuable. With prices near record highs, the timing couldn’t be better to open Australia’s newest gold mine. I’d like to say we planned it that way, but we’ll certainly take it. The spot price hit a record high of more than 2200 U.S. dollars an ounce this month, which is more than 3300 Australian dollars. Speculation about when central banks will start cutting interest rates has driven much of the recent price growth. Gold thrives on uncertainty. So trying to understand the rate of the rate changes, interest rate changes in the US versus inflation and whether cutting in rates is going to outpace the the hopefully you know pulling back an inflation or not. That was always going to be a real game changer for potentially for the gold price. Bellevue poured its first gold from here in October 2023. Back then the price was about 1900 U.S. dollars an ounce. It’s still ramping up but hopes to produce about 200,000 ounces of gold from here. Every year more than 300 tonnes of gold was mined in Australia in 2023, worth about 32 billion Australian dollars. And as global conflicts continue, demand for our gold is tipped to increase worldwide. Inflation is looking like it’s starting to dissipate. You’re getting talk of reduction in interest rates, which makes gold much more attractive, so it’s all adding to a higher gold price. As the price of Spot gold increases on the global market, so too does the value of this 14K gold bar. At today’s prices, it’s worth about a million U.S. dollars. If gold price just stays where it is now, then we’re in a fantastic spot. If there’s upside from here, then it’s, you know, it’s just gravy on top. Thank you. So much gravy that’s served on a gold shovel.