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Ryan Bridge: We're all flocking for gold · Early Edition with Ryan Bridge

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  Speaker 1: And have you seen how much gold is worth lately?
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  Speaker 1: Yesterday it hit another new record five thousand US dollars
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  Speaker 1: an ounce that was up sixty percent last year alone.
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  Speaker 1: And if you watch this stuff closer, you'll know it's
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  Speaker 1: not just happened suddenly overnight. It's been building slowly but
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  Speaker 1: surely since basically since Trump took office. Investors looking for
• 0:19
  Speaker 1: safer places to put their money, all that sort of stuff.
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  Speaker 1: People have been worried about the AI bubble bursting, so
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  Speaker 1: they put their money into gold instead of into stocks.
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  Speaker 1: The price skyrockets, But the speed that this is happening,
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  Speaker 1: particularly just recently, is pretty remarkable. You might remember last
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  Speaker 1: year in December I told you about JP Morgan. They
• 0:37
  Speaker 1: were predicting the price would hit five thousand dollars by
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  Speaker 1: quarter four of this year, and it's just hit that
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  Speaker 1: price in quarter one. Goldman Sacks they were saying yesterday
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  Speaker 1: it'll hit five thousand, four hundred by the end of
• 0:51
  Speaker 1: this year. But at this rate, that might be underselling
• 0:53
  Speaker 1: it too, don't you Reckon honestly makes you want to
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  Speaker 1: rip your wedding ring off your airings and flog them.
• 1:00
  Speaker 1: Get them on trade me asap. One thing is for
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  Speaker 1: sure these prices, gold diggers, the prospectors that is not
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  Speaker 1: the sort cargne things about, will be lining up to
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  Speaker 1: get the stuff out of the ground quicker than you
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  Speaker 1: can say fast track. Every time the price goes up,
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  Speaker 1: so too does the value of those projects. The quicker
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  Speaker 1: that they can get up and running in places like
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  Speaker 1: Otago and Yhe which has been given the fast track,
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  Speaker 1: by the way, the better the return for the investors.
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  Speaker 1: There's only around it, you know this, two hundred thousand
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  Speaker 1: tons of gold that's ever been mined, mostly this has
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  Speaker 1: happened since nineteen fifty. It's enough to fill two or
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  Speaker 1: three Olympic sized swimming pools, fascinating a every gold bar
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  Speaker 1: and a vault, every wedding ring, every necklace melted down
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  Speaker 1: doesn't actually amount to that much, does it? And they reckon.
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  Speaker 1: There's about sixty four thousand tons remaining underground that's successible
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  Speaker 1: to mine, and that makes this rare and precious metal,
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  Speaker 1: which will surely become more precious as the world becomes
• 2:00
  Speaker 1: more uncertain. For more from Early Edition with Ryan Bridge,
• 2:05
  Speaker 1: Listen live to News Talks at b from five am weekdays,
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  Speaker 1: or follow the podcast on iHeartRadio.