Gold rate in Qatar is $1,800 per ounce. But when gold became a legal tender in Qatar last week, the rate of the dollar fell, bringing gold’s value up to $2,400 an ounce.
A Qatar hotel is telling guests to buy gold as it’s now nearly twice the price of the average silver fix.
That makes gold more expensive than a second-hand car.
“We’re adding five to 10 percent on top of silver,” said Francois Godard, director of the Qatar Gold and Commodities Exchange. “It’s like taking four to five cars and putting them into a scrapyard.”
It’s not just Qatar that’s seeing these steep price increases. A professor in Canada and the former head of Goldman Sachs, John Makinson, has been warning that an increase in oil prices could destabilize the global financial system. Last week, gold worth up to a record of $1,700 an ounce.
So where has gold gone so high?
“We had a euphoric phase of gold,” Makinson said in a conference call last week. “But that’s over.”
Makinson blamed this on speculation. “Nobody believes that gold will go down.”
Qatar as a whole ranks 14th among the world’s most valuable gold deposits and could produce 40 tons of gold annually over the next decade or two, according to a report by US-based Geo Ex, the first report to rank the world’s gold producing countries by their projected gold resources over the next decade or two.
Qatar has several large untapped gold deposits in offshore fields in the Gulf of Qatar, estimated at 16-20 million ounces of gold as of June 2013, according to experts.
The same report put China’s gold reserves at 563.36 tons, well ahead of Qatar’s 22.9 tons.
Saudi Arabia and the United Arab Emirates are also in the top 10. Yemen is included in this report as it already produces gold but you can also check the 22krt gold value.
The bitcoin price is hovering around $57,000– $64,500 per bitcoin at the time of writing. It’s not a lot at all, but over a period of 2 years that represents growth of approximately 650% which is more than three times the compounded growth of the US stock market over a 10-year period.
But there is a lot more to be done to reach those numbers and bitcoin has a lot more capital to raise to make that happen.
Currently, there is a total market cap of over $600 Billion USD which is only slightly more than 10% of the value of the bitcoin price at the beginning of April of 2018.
At the beginning of the first quarter of 2016, the bitcoin price was $320, which represented a less than 10% share of the global financial market, but today the global bitcoin market cap is almost three times the initial price in the first quarter of 2016.
The current market cap of bitcoin is exactly (600 Billion USD) and in the first quarter of 2018, we have to increase the value of the bitcoin market to $900 Billion USD.
We have to raise the share of the global financial market in the bitcoin market by 600%, which will be a very challenging task.