El Salvador Discovers $3 Trillion in Gold, $131 Billion Worth, President Bukele Eyes Mining Repeal

Dec 9, 2024, 04:16 PM

El Salvador has announced the discovery of up to $3 trillion worth of unmined gold, according to President Nayib Bukele. This significant find, which translates to approximately 50 million ounces of gold valued at around $131 billion at current prices, has sparked discussions about the country's future economic strategies. The government is considering repealing a mining ban to facilitate extraction operations. The announcement follows a similar discovery in China, where $83 billion in gold was reportedly found the previous week. The potential for these gold reserves has led to debates on whether El Salvador should hold the gold or convert it into Bitcoin, reflecting the nation's ongoing interest in cryptocurrency investments.