Openroad, first of all welcome to the forum. It would really be helpful if you city state in your location on your profile. Who knows there may be one of us very near you.
As for the leak. I am not sure which hole you are talking about. There is a "weep" hole on the bottom of the engine just behind where the lower radiator hose connects to the engine crankcase. Is that the hole you're talking about? If so that is a hint that possibly your water pump is ready to fail. A moderately hard job and time consuming to replace but lots of folks here have done it with great success and as a result learned a lot about working on their Goldwing. Does it leak all the time or just overnight while it's sitting there? How much coolant are you seeing in the morning? A few drops? A cup full? Check your engine oil dipstick. Does it look like good clean oil or a milkshake? If it looks like a milk shake it could be a couple of things but most likely a bad water pump.
Do yourself a favor and see if you can do your own post to start the discussions. Title it water leak or something like that. Also pictures are great. We like pictures!
Once again welcome and we hope you enjoy your visits here.
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71 CL350 with Bingham side car
2010 HD Ultraglide Classic Limited
2008 HD Dyna Low Rider
83 KZ1100L1 Shaft
83 KZ550LTD Shaft
Previous bikes: 84 GL1200 STD, 83 KZ550LTD, 83 CB1000, 78 CB400A, 82 CB900F, 79 CB750K, 2001 GL1800, 2000 Dyna Super Glide, 1972 CB350 K4, 1985 GL1200A, 1997 1200 Sportster, 84 GL1200I, 82 Honda CM400E, 81 Suzuki GS650L, 72 Triumph Bonneville 750, 72 Honda CB350, 66(?) Honda 305 Scrambler, 6? Yamaha yz250, 62 650 Matchless (Norton-Villers).