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.
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.
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.
Alluvial deposits in Victoria were formed by weathering and erosion of primary gold mineralisation. The largest alluvial deposits are typically close to major orogenic gold deposits (e.g. Ballarat, Bendigo and Castlemaine).
Cadia Valley Gold has officially remained Australia's most important producer. Newcrest Mining discovered a gold deposit at Cadia Hill and, in the same year, Cadia East was discovered.
Oceans are the greatest single reservoir of gold at Earth's surface, containing approximately eight times the total quantity of gold mined to date.
Leading markets for gold exports from Australia FY 2022
China was the leading export destination for Australian gold in terms of value.
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.
Perfect climate conditions in Australia are responsible for these remarkable stones. Formation of opal goes back millions of years ago when Australia became new continent covered by a vast inland sea with a sedimentary basin.
Mount Whaleback Mine in Western Australia, was the largest mine in Australia, producing approximately 88.8 million metric tons per annum (mmtpa) of Run-of-Mine (ROM) in 2021. The Mount Whaleback Mine is owned by BHP;Mitsui & Co Ltd;Itochu Corp, and is due to operate until 2037.
Weiberg (also spelt Wiberg) was a ship's carpenter aboard the SS Avoca who, in 1877, managed to steal 5,000 gold sovereigns that would be worth millions of dollars today. A history book published in 1964 by Kenneth W Byron called Lost Treasures in Australia and New Zealand described how Weiberg managed the feat.
As part of Australia's official reserve assets, the Reserve Bank holds an amount of gold.
In Australia, gold prospectors have so many opportunities to become very rich. The time spent moving from one location to another, searching for gold with metal detectors, is worth it.
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.
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.
One gram (0.035 ounces) of gold currently costs about 94 AUD ($63). “It's well worth looking for,” said Kamp. “You only need two little bits and there's 200 (Australian) dollars basically.” In 2020, gold diggers in southern Australia found two huge nuggets worth 350,000 AUD ($250,000) in historic goldfields.
Gold prospecting and fossicking opportunities in Australia's Golden Outback draw people from far and wide. To prospect in Western Australia, you require a Miner's Right for each person in your party. This gives you authorisation to prospect on: Unoccupied crown land that is not covered by a granted mining tenement.
The last time gold ran above $2,000 was in April, when it virtually matched the August 2020 record high by getting to $2,078 on COMEX.
Outlook for gold
Gold is likely to face similar dynamics in 2022 to those of 2021. Competing forces will both support and curtail its performance. Consumer demand will likely be supported by the continuing economic recovery, particularly in the major gold-consuming markets of Asia.
Banknotes are legal tender under the Reserve Bank Act 1959 and coins are legal tender under the Currency Act 1965 . The system of money, where the currency of a country is not backed by a physical commodity (e.g. gold) but by a directive from a government that makes it legal, is called a 'Fiat' system.
Gold Bars. This is the form of gold bullion that has the most value. Gold bars can range from 1 ounce to a few kilos. One can get as much value in a gold bar as one can afford.