Learned from the conference of Shandong land and resources department, in the past 2009, Shandong Province got a major breakthrough in deep prospecting and the newly found gold reserves reached by 229.60 tons.
According to estimates made by professionals, the potential economic value of the 229.60 tons of gold is about 57 billion Yuan.
The director of Shandong Provincial Land and Natural Resources Xu jingyan said that, in 2009 Shandong Province has invested more than 900 million Yuan of funds in exploration and completed more than 1 million meters of drilling. The newly found mineral resources of gold is 229.60 tons, coal ore for 11.27 tons and iron ore for 11.64 tons.
On April 3, according to the Shanghai Gold Exchange’s conservative calculation, the price of the gold is 247 Yuan/ gram, the 229.60 tons of gold reserves could bring more than 57 billion Yuan for Shandong Province.
It is said that the newly found 229.60 tons of gold reserves in Shandong Province are mainly distributed in Jiao Jia Cheng belt, the total reserves are larger than two large-scale gold.
In 2009, the international gold future was in a wave of bull market, the price of gold future was once break through 1000 dollars. Some analysts believe that the recent inflation caused by the Greek crisis will spread across all Europe. Meanwhile, in order to boost the economy, the British government will still carry out loose monetary policy in short terms. Dollar and gold will continue to play the role of safe-haven and the possibility of both of them being strong is very large in the year of 2010.
Gold futures on the international market are much favored which no doubt shows that the 2009 newly found 229.6 tons of gold reserves will be more valuable.