I came looking for Knuckle and I found GOLD.

About a week ago, Uganda dropped a piece of news that shocked the entire world.
They claimed that their exploration survey team discovered 31 million tonnes of gold ore deposits, which translates to roughly 320,000 tonnes of refined gold.

So, what’s the big deal? To us, the monke brains don’t really register how much of an impact this could have on the gold market. But, if you’re a veteran gold trader, you’re probably already checking the gold price chart. That’s right. A quick Google search will tell you only about 244,000 metric tons of gold have been discovered in the entire human history.

Now before you yell, “Checkmate, gold bug.” I think there might be a few mistakes.

One possibility is it seems like someone from Uganda misplaced a digit or is using the incorrect units. The probability of like 60% of the world’s gold supply concentrated in one small area is very low.

In the crypto world, we know how the increase in the total supply of a shitcoin will cause its price to plummet; look no further than $LUNA in its last days. The announcement of that big chunk of gold should’ve already crashed the gold market since the market always reacts to news quickly. So far, gold has only dropped a few basis points since the news; it should’ve at least plummeted by 50% with news that it will 2x the total supply.

I know Uganda can’t contain their excitement when they found the gold, but why announce it? The obvious thing to do should be to keep quiet and start cashing out the gold slowly.

In light of the above, I think the news is sus.