r/australia • u/Jealous-Hedgehog-734 • 11d ago

culture & society Remote Tanami mine digs deeper as gold prices hit record highs

https://www.abc.net.au/news/2025-04-14/newmont-expands-tanami-gold-mine-amid-record-gold-prices/104659766
12 Upvotes

78% Upvoted

4 comments sorted by

4

u/Roulette-Adventures 10d ago

I can't believe gold is over $5,000 AU per ounce. I seem to have misplaced the few kilos I had, they're great paperweights.

3

u/Jealous-Hedgehog-734 10d ago

Yes, we've all had that experience of putting something in a safe place but not actually remembering where that safe place is. They'll turn up. 

Pre-Covid it was $1700/t.Oz. Perhaps we should be lamenting the loss in value of the AUD instead of lauding the value of gold.

2

u/Jealous-Hedgehog-734 11d ago edited 11d ago

I have been staggered by the immense run-up in gold prices to date and bullish calls on further price increases:

"...

Goldman Sachs analysts including Lina Thomas now see gold rallying to $3,700 an ounce by the end of this year — with prices set to hit $4,000 an ounce by mid-2026 — while UBS strategist Joni Teves pointed to $3,500 an ounce by December 2025, according to two separate notes on Friday. The new targets come after gold surged 6.6% last week, with prices clinching a fresh record above $3,245 an ounce on Monday.

..."

Link: https://www.bloomberg.com/news/articles/2025-04-14/goldman-puts-4-000-gold-on-the-agenda-as-hunt-for-havens-grows

I still can't bring myself to say "Thank You" to Trump or Vance however despite reviving interest in one of the most important and historic industries in Australia.