Kitco News published an article yesterday stating that gold had touched a record high in overnight trading against the Australian dollar, peaking at $2,922.36 before dropping a bit to around $2,885 per ounce for an 8% increase so far this year. In a historical sense, Aussies have never had to pay so much for an ounce of gold. While it may cost Australians more to get their hands on gold, it's actually good for their economy overall.
Why is that? Well, it's because Australia is the second biggest producer of gold, after China and Russia coming in third, with USA and Canada in 4th and 5th place. Australia's miners are reaping huge rewards with gold's price increase in the last week since a new banking crisis erupted in the USA last week that started a rush towards the popular 'safe haven'. High gold prices continue to drive production in Australia's mining sector.
In 2022, Australia produced about 313 tons or 10 million ounces of gold, valued at some $26 billion. Most of the gold is exported and is an important contributor to the country's total foreign exchange earnings. 2022 production was just half a percent less than the year before.
The record high price of gold in Aussie dollars is not the only milestone making the news in the last day or two. Zero Hedge reports that worldwide cocaine production has hit a record 'high' as new trafficking hubs emerge. A new U.N. report says that cocaine production has reached unprecedented levels after bouncing back following the Covid lockdowns.
It's gotten so bad that cocaine is even washing up on beaches. ABC news reported on February 28 that 859 kilos of bags of cocaine washed on a French beach in the town of Reville on the Contentin Peninsula. This seems to be happening much more frequently.
31 kilos of cocaine wash up on Alabama shore.
More than 110 pounds of suspected cocaine wash up on Texas beach.
$1.3M in cocaine wash up on Florida beach.
Ghost boat with 1,400 pounds of cocaine wash up on Marshall Islands beach.
Anyways, going back to gold, it's on a tear this morning. We'll probably see another record 'high' in Aussie dollars vs. gold and another and another in coming days, weeks and months.
Consider investing in gold and silver. Gold is at or near record highs against so many currencies. Is yours one of them?
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