According to these approximate figures, there is still about 20% of the world's gold that needs to be mined. However, this is a moving number. New technologies may make it possible to extract some known reserves, which are currently uneconomical.
The U.S. Geological Survey estimates that, of the world's known gold, roughly 63,000 tons are still in the ground, compared with roughly 206,000 tons that have already been mined. And the world's unmined gold is generally unmined only because it's deeper underground and thus less accessible.
So we've estimated that within 4000m of the surface of Earth's crust there is 35 billion tons of gold. With a remaining 87 billion under the ocean. Only a small portion of that is concentrated enough to mine. Its a big world out there and we've only properly explored small pockets of it.
Source: Office of the Chief Economist. 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.
Australia is estimated to have the largest gold mine reserves worldwide.
Gold production ranked by major countries 2022
China is the largest gold producer in the world.
Completely pure gold isn't practical to use for most purposes, since it's too soft. However, if you're curious, there are some countries that produce gold that's as close to pure as possible. The country with the purest gold in the world is Switzerland, a country known for paying attention to quality.
Your finds
If you find gold or other minerals on a mining tenement where you have have permission to prospect, then these may only be kept with the permission of the mining tenement holder.
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.
The Earth has a limited amount of gold in its crust and experts are estimating that it may be unsustainable to mine gold by 2050. Compared to the nearly 4,000-7,000 year history of humans mining gold, that's barely a blink of an eye.
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).
1st place: Muruntau mine, Uzbekistan
These unusual expanse is due to the nature of the gold deposits, located primarily in concentrated accumulations of quartz rock, so-called veins. The output of the Muruntau mine was over 51 tons in 2010, increased to more than 62 tons by 2020 and 82 tonnes in 2021.
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). Most of that gold has come from just three countries: China, Australia, and South Africa.
Even along highly active fault lines, it could take 100,000 years or more for minable deposits to form. So yes, gold deposits can replenish themselves. Unfortunately, it won't happen during our lifetime.
The Final Frontier for Gold
In our solar system alone, there is an asteroid between Mars and Jupiter named 16 Psyche that scientists believe contains more than 700 quintillion dollars in gold and other precious metals. That's a lot of wedding bands and gold crowns!
Nothing excites a gold prospector more than the chance of finding a big piece of gold. Big gold nuggets are a rare object these days but it is still possible to find a decent size gold nugget in Western Australia.
Cadia Valley or Cadia-Ridgeway Mine
In terms of gold production, the Cadia Valley gold mine officially stands as Australia's biggest mine.
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.
It is illegal to buy or sell bullion bars except at a bank that has a precious metals license (and very few have them)… it is a criminal offense to buy or sell a gold bar from a friend or relative…
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.
If your gold prospecting is a hobby, then you don't have to declare your earnings to us as income. There's some great information on the difference between a business and a hobby on the federal government business website.
The gold price is pretty much the same globally. The cost of gold jewellery in India is generally based on the weight. In Australia and Canada it is based on what the jewellery retailer believes he can get for it including his rent, his labour and other outgoings.
What is the cheapest country to buy gold in? The cheapest country to buy gold in is Hong Kong. The price of gold in Hong Kong is typically lower than the global average. This is because there is a large amount of gold trading activity in Hong Kong and it is one of the leading centers for gold refining and vaulting.
From 1851 to 1896 the Victorian Mines Department reported that a total of 61,034,682 oz (1,898,391 kg) of gold was mined in Victoria. Gold was first discovered in Australia on 15 February 1823, by assistant surveyor James McBrien, at Fish River, between Rydal and Bathurst (in New South Wales).