According to the World Gold Council, India and China were the largest gold consuming countries in 2010, and both nations maintained this status in 2022 with a consumption of 824.9 and 774 metric tons, respectively. Following China and India, are the United States, Saudi Arabia, Germany, Turkey, and Iran.
Besides investors and jewelry consumers, central banks are a major source of gold demand. In fact, in 2022, central banks snapped up gold at the fastest pace since 1967. However, the record gold purchases of 2022 are in stark contrast to the 1990s and early 2000s, when central banks were net sellers of gold.
The three most important gold trading centres are the London OTC market, the US futures market and the Shanghai Gold Exchange (SGE). These markets comprise more than 90% of global trading volumes and are complemented by smaller secondary market centres around the world (both OTC and exchange-traded).
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.
Located in South Africa, the Witwatersrand Basin represents the richest gold field ever discovered. It is estimated the 40% of all of the gold ever mined has come out of the Basin. In 1970, South Africa's output accounted for 79% of the world's gold production.
Either way, there is financial uncertainty. Precious metals are the counterbalance to that uncertainty. Russia, China, Brazil, Egypt, India, Turkey, Qatar, and many other countries are stockpiling gold to overthrow the Dollar and ensure sovereignty.
Indian households have the largest private gold holdings in the world, standing at an estimated 24,000 metric tons. That figure surpasses the combined official gold reserves of the United States, Germany, Italy, France, China and Russia.
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.
Gold production ranked by major countries 2022
China is the largest gold producer in the world.
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.
Such high inflation has left very few options for Turkish citizens that have forced them to buy gold to hedge against inflation.
Examples of primary deposits include those mined at Kalgoorlie in the Super Pit, Granny Smith, St Ives, Norseman and Mount Magnet (WA), Gympie and Ravenswood (Qld), Callie (NT), Stawell (Vic), Cadia (NSW), Henty (Tas) and Challenger (SA). At Olympic Dam (SA) gold occurs and is mined with copper and uranium.
The highest karat of gold is 24K gold. 24 karat gold is 100% pure and doesn't contain any other metals, making it the purest gold available.
Gold and other precious metals have long been considered a smart way to fight inflation. Gold generally holds its value and preserves your purchasing power over the long haul, despite fluctuations in the dollar.
Total stockpiles now sit at about 2,076 tons, after the nation increased reserves by about 120 tons in the five months through March. Central banks have purchased large amounts of gold in the past year to diversify assets, as well as to protect reserves from the impact of a weakening dollar and rampant inflation.
Through it's central bank, the People's Republic of China holds the world's 6th largest central bank gold holdings, with over 1800 tonnes of gold held in its official reserves of the People's Bank of China.
China has recently considerably ramped up its gold imports, in an effort to diversify the People's Bank of China's (PBOC) holdings, as well as reduce their reliance on the US dollar (DXY).
One of gold's primary roles for central banks is to diversify their reserves. The banks are responsible for their nations' currencies, but these can be subject to swings in value depending of the perceived strength or weakness of the underlying economy.
Over half of Chinese gold production is state-owned – the China National Gold Group Corporation alone accounts for 20%. And China keeps the gold it mines – the export of domestic mine production is not allowed.
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.
Johannesburg is also known as the City of Gold, or 'eGoli' because of its beginnings as a gold-mining town, it is known fondly to locals by the shortened 'Joburg', or now more popularly as 'Jozi'."
Bingham Canyon Mine is the biggest mine in the world. It is an open pit mine based in the state of Utah, USA and is known for its copper production. The mine itself is estimated to hold around 19 million tons of copper across the 1900 acres of land.
Your finds
Minerals are the property of the Crown. If you discover gold or other minerals or gemstones on land not covered by a mining tenement, and the ground is Crown land (under the Mining Act 1978), then you are free to keep what you have found (as long as you hold a Miner's Right).