The leading gold mining countries China, Australia, Russia, and Canada are respectively the largest producers of gold in the world, as of 2022.
China. With the production of 330 Metric Tons (MT), China is the world's largest producer of gold and is maintaining its position for more than a decade.
Australia and Russia hold the largest reserves of gold
Australia and Russia hold a large share of the world's gold mine reserves, accounting for 8,400 metric tons and 6,800 metric tons, respectively. Worldwide, the production of gold reached an estimated 3,100 metric tons in 2022.
Currently, the world's largest source of gold is located in the Witwatersrand basin. This area in South Africa has provided a large amount of the world's gold. It is also believed that there is still about 40% of the basin that has yet to be mined and still holds much more gold.
Australia is estimated to have the world's largest gold reserves, with 9,500 tonnes or 17 per cent of the total world estimated gold reserves of 57,000 tonnes. Geoscience Australia estimates that 60 per cent of Australia's gold reserves are in Western Australia.
There are both open-cut and underground gold mines in Australia but most of Australia's gold production comes from open-cut mines.
In 2019, the world's two largest gold miners—Barrick Gold and Newmont Corporation—announced a historic joint venture combining their operations in Nevada. The resulting joint corporation, Nevada Gold Mines, is now the world's largest gold mining complex with six mines churning out over 3.3 million ounces annually.
Where is All the Gold? The World Gold Council estimates that miners have historically extracted a total of 201,296 tonnes of gold, leaving another 53,000 tonnes left in identified underground reserves.
According to GlobalData, Australia is the world's second-largest producer of gold in 2022, with output up by 9% on 2021. Over the five years to 2021, production from Australia increased by a CAGR of 0.85% and is expected to drop by a CAGR of 1.01% between 2022 and 2026.
Some of the veins produce up to one quarter of an ounce of gold per ton of rock. What makes Dahlonega gold so different from other gold found around the world is the purity. Dahlonega has the purest gold in the world, which is 98.7 percent pure.
Johannesburg, also known as Jo'burg or Jozi, is the largest city in South Africa and is known as the Gold Capital of the World. In 1886, gold was discovered in the Witwatersrand region of South Africa, which led to a gold rush in the area.
The Chinese market (SGE & SHFE)
The largest purely physical spot exchange in the world is the Shanghai Gold Exchange. Established in 2002 under close oversight of the People's Bank of China, SGE has enjoyed a rapid rise to prominence that has mirrored China's growing importance in the gold market.
About 244,000 metric tons of gold has been discovered to date (187,000 metric tons historically produced plus current underground reserves of 57,000 metric tons).
The short answer to the questions posed in this article title is: Yes! gold traces have indeed been identified within the lunar soil. Back in October 2009, NASA conducted a mission called LCROSS, which involved crashing a booster rocket into the Moon at nearly 6,000 miles per hour.
If the world runs out of gold to mine, there are a few likely consequences. The first is that the price of gold will likely start to rise significantly due to simple supply and demand unless demand for the metal drops precipitously.
Officially known as the Fimiston open pit mine, the Super Pit gold mine in Western Australia is the country's largest mine in terms of scale, covering 3.5km by 1.5km on the surface, and currently undergoing expansion work to extend to a depth of 700m.
The biggest gold producer in Australia is the mining company Newcrest Mining Limited ($NCM), which is headquartered in Melbourne. Other major gold producers in the country include Evolution Mining ($EVN) and Northern Star Resources ($NST).
The Boddington gold mine is a gold and copper mine located 13 km (8.1 mi) northwest of Boddington, Western Australia. Officially reopened on 3 February 2010, the mine has now become Australia's largest gold mine, eclipsing the Super Pit.
The main destination of Gold exports from Australia are: China ($5.86B), Hong Kong ($2.33B), Singapore ($1.95B), India ($1.42B), and Switzerland ($1.33B). The fastest growing export markets for Gold of Australia between 2020 and 2021 were China ($4.73B), India ($1.14B), and Hong Kong ($1.03B).
Australian Gold is owned by New Sunshine, LLC, the leading manufacturer of tanning and skincare products in the United States. Founded in central Indiana 26 years ago, the company was purchased by MH Equity Investors in 2006.
Kalgoorlie, Western Australia
Around three quarters of gold mined in Australia is in this area and the 'golden mile' was once considered the richest square mile of land on earth.
Physical gold, commonly known as gold bullion, is available to buy from registered dealers throughout Australia. However, it is important you do your research and have secure ways to store your bullion. If you want to add exposure to gold in your own portfolio, there are ways to invest without buying gold physically.