Australia is estimated to have the largest gold mine reserves worldwide.
Oceans are the greatest single reservoir of gold at Earth's surface, containing approximately eight times the total quantity of gold mined to date.
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.
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.
An amateur gold digger has found an enormous gold nugget worth 240,000 AUD ($160,000) in Australia. Discovered in the state of Victoria in an area known as the "Golden Triangle," the gold-filled rock weighs 4.6 kilograms (10.1 pounds), with the precious metal making up 2.6 kilograms (5.7 pounds).
Considered by most authorities to be the biggest gold nugget ever found, the Welcome Stranger was found at Moliagul, Victoria, Australia, in 1869 by John Deason and Richard Oates. It weighed gross, over 2,520 troy ounces (78 kg; 173 lb) and returned over 2,284 troy ounces (71.0 kg; 156.6 lb) net.
In Australia this concentration of gold took place in the Earth hundreds of millions of years ago in the eastern states, and thousands of millions of years ago in Western Australia. As well as gold, the fluids can carry other dissolved minerals, such as quartz. This is why gold is often found with quartz.
On February 12, 1851, a prospector discovered flecks of gold in a waterhole near Bathurst, New South Wales (NSW), Australia. Soon, even more gold was discovered in what would become the neighboring state of Victoria. This began the Australian Gold Rush, which had a profound impact on the country's national identity.
While that gold rush saw the extraction of thousands of tonnes of gold from Victorian soil, there is still plenty left. What some have called a "second gold rush" is now under way, as large mining companies and amateur fossickers use modern technology.
Gold reserves - additional information
The United States has the largest gold reserve, with more than 8,000 metric tons of gold. This was more than twice the gold reserves of Germany and more than three times the gold reserves of Italy and France.
The United States holds the largest stockpile of gold reserves in the world by a considerable margin at over 8,100 tons. The U.S. government has almost as many reserves as the next three largest gold-holding countries combined (Germany, Italy, and France).
A 2009 NASA mission—in which a rocket slammed into the moon and a second spacecraft studied the blast—revealed that the lunar surface contains an array of compounds, including gold, silver, and mercury, according to PBS.
Capital Gains Tax on Gold Bullion Australia
You must pay capital gains tax on selling gold Australia (a 28% tax rate) if your gold bullion has a higher value during the sale in comparison to the purchase price. Capital gains taxes typically have a lower rate than your earned income tax.
Being one of the world's leading gold producers, Australia is also estimated to have the largest gold reserves on the planet at more than 10,000 tonnes – almost one-fifth of total resources.
It is thought that approximately 7000 Chinese people came to work at the Araluen gold fields in southern NSW. The Chinese miners often worked in organised groups of 30 to 100 men under the direction of a leader, which resulted in their gold digging efforts being very successful.
Leading markets for gold exports from Australia FY 2022
China was the leading export destination for Australian gold in terms of value.
Australia ranks as the top country with the highest gold reserves at an estimated 10,000 tonnes, followed by Russia with 7,500 tonnes and the US with a distant 3,000 tonnes in gold reserves, according to data by the US Geological Survey.
Make sure you have permission to pan for gold, as no one would be happy to find you trespassing on their land. You'll need to pick up a Miner's Right Permit to do any prospecting in Australia. You can easily apply for one online or at some tourist centres. Then you need to find a good spot to settle down.
As part of Australia's official reserve assets, the Reserve Bank holds an amount of gold.
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).
A two-kilogram gold nugget worth about $130,000 has been found on the outskirts of Victorian gold rush town Ballarat. A prospector, who asked to remain anonymous, found the nugget in an old pasture in June.
Cadia Mine in New South Wales, was the largest gold-producing mine in Australia, producing approximately 764.9 thousand ounces of gold and an estimated 32.5 million metric tons per annum (mmtpa) of Run-of-Mine (ROM) in 2021.
The Great Triangle weighs 36.2kg, and has 32.94kg or 1,059 troy ounces of gold, giving it a metal spot value of $1,888,514.70. The nugget is owned by the Russian state, and is on display as part of the 'Diamond Fund' collection at the Kremlin in Moscow.
It is perfectly legal to sell and buy gold in Australia. You can sell a kilo of gold bars, a wedding ring or an old coin. The Australian government has set guidelines for the sale of precious metals. There is no restriction on the weight or value of precious metal.