Recently, the largest gold mine in the history of China was discovered in Shandong Province. It is estimated that the total amount of gold that can be extracted exceeds 550 tons. This is indeed a huge sum of money. However, in my opinion, it is still a drop in the bucket for the world's gold demand. Or to be precise, it has a slight impact on the gold market price. In the long run, the impact is not great.

First of all, the price of gold is controlled by the state and will not rise sharply because of sudden increase in production. At the same time, as a currency circulation tool, gold will play a role in regulating and stabilizing social economy according to social reasons such as national GDP. Therefore, even if the output of gold increases, it will not cause too much fluctuation to the price of gold.

Secondly, gold has become a symbol of economy and status. Women buy gold bracelets and earrings to decorate themselves. They are magnificent, beautiful and generous. Men show their wealth with gold, etc. Even if the demand for gold fluctuates slightly due to a large increase in the short term, in the long run, the impact is still small. Therefore, after the short-term effect, gold will still return to the original price, and may increase demand because of the decrease of the previous price, which will lead to a certain degree of rebound in the short term.

Thirdly, gold symbolizes wealth and auspiciousness, so gold never lacks sales channels. Moreover, gold is preserved, and in many families with economic conditions, there will be gold bars stored. The demand for gold has always been high, so as far as the whole society is concerned, even the largest gold mine in China so far, the long-term gold price fluctuates little.