1- China: Each year, China consumes approximately 984 metric tonnes of gold. It imports around two-thirds of the gold it consumes. Gold is utilised in the manufacturing, investment, and jewellery industries.
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.
Gold Jewelry: The most important consumptive use of gold in the world and in the United States is jewelry manufacturing.
India is the second largest gold jewellery consumer in the world. In 2021, India bought 611 tonnes of gold jewellery, second only to China (673 tonnes), but comfortably ahead of all other gold-consuming markets, according to the 'Jewellery Demand and Trade' report released by the World Gold Council on January 19, 2023.
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.
China imported 1,343 tons of gold in 2022, the highest import level since 2018. Total gold imports for the year were up 64% over 2021. China ranks as the world's biggest gold consumer.
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.
Gold prices are set by several banks, an oversight committee, and a panel of internal and external chair members, who calculate the figures based on supply and demand in the gold futures derivative markets and establish averages for both the spot price and the fixed price.
We do know that gold makes up about four parts per billion of the earth's crust. What we don't know, however, is precisely how much gold is still out there. The WGC estimates that there are 54,000 tonnes of “below-ground gold reserves” waiting to be mined.
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.
Other Countries With No Gold Reserves
The other nations that do not hold reserves in gold include Nicaragua, Cameroon, Armenia, Gabon, Turkmenistan, Congo, Chad and Eritrea. Disclaimer: Based on World Gold Council Annual Figures for 2021.
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.
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.
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).
Ownership of minerals
As early as the sixteenth century, the common law has held that all gold and silver, whether situated on public or private land, has been owned by the Crown. This Royal prerogative has also been applied in Australia, by both common law and legislation.
Now, the People's Bank of China holds 2,330 tons of gold in its reserves, according to official data cited by Bloomberg. The gold stockpiling comes amid the country's bid to erode the dollar's global dominance as well as growing economic and geopolitical uneasiness.
Well, it turns out “925 China” is a standard marking on jewelry to denote sterling silver jewelry. If you see “925” or “925 China” stamped on what you thought was your gold jewelry, then the jewelry has 92.5% sterling silver content and is merely gold-plated.
At the end of 2022, China's official gold reserves totaled approximately 2,010 tonnes, which was an increase of about 3.2% from the end of October 2022, when reserves were about 1,948 tonnes. This boost in the last quarter of the year has taken China's gold imports for the whole of 2022 to record levels.
In fact, no one outside of China is quite sure where all that gold is, but the two most likely places are, one, the gold is held in vaults within the People's Bank of China in Beijing or, two, somewhere else under the control of the People's Liberation Army.
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.
Euro Pacific Bank is the most established institution that offers gold-backed debit cards.