This article is about how much gold is in the world. Gold is one of the most precious and sought-after metals in the world. It has been used for centuries as a store of value, a medium of exchange, and a symbol of wealth and power.
How Much Gold is in the World?
According to the World Gold Council, the best estimates suggest that around 208.874 tonnes of gold have been mined throughout history, of which around two-thirds have been mined since 1950. And since gold is virtually indestructible, this means that almost all of this metal is still around in one form or another.
If every single ounce of this gold were placed next to each other, the resulting cube of pure gold would only measure around 22 metres on each side. That's about the height of a six-story building. To put it another way, that's enough gold to fill about three Olympic-sized swimming pools.
Where Exactly is All the Gold?
The World Gold Council breaks down the above-ground stock of gold into four categories: jewellery, bars and coins (including gold-backed ETFs), central banks, and other.
Jewellery accounts for the largest share of gold demand, with about 95.547 tonnes or 46% of the total above-ground stock. India and China are the biggest markets for gold jewellery, consuming more than half of the global demand in 2020.
Bars and coins are the second-largest category, with about 46.517 tonnes or 22% of the total stock. These include physical bars and coins held by investors, as well as gold-backed exchange-traded funds (ETFs) that track the price of gold. ETFs are popular among institutional and retail investors who want exposure to gold without having to store or transport it.
Central banks are the third-largest category, with about 35.715 tonnes or 17% of the total stock. Central banks hold gold as part of their foreign exchange reserves, which they use to manage their currency values and hedge against inflation and financial crises. The United States has the largest official gold holdings in the world, with about 8.133 tonnes or 23% of its total reserves.
Other is the fourth and smallest category, with about 31.096 tonnes or 15% of the total stock. This includes gold used for industrial purposes, such as electronics, dentistry, and aerospace. Gold has unique properties that make it suitable for these applications, such as high conductivity, corrosion resistance, and biocompatibility.
What about the Gold that is Still Underground?
The World Gold Council estimates that there are about 52.000 tonnes of gold reserves left to be mined. These are the known deposits that are economically viable to extract at current prices and technologies. However, this does not mean that there is no more gold to be discovered. Exploration and innovation may lead to new discoveries and methods that could increase the amount of recoverable gold in the future.
The largest gold-producing country in the world is China, which mined about 380 tonnes of gold in 2020. China also has the largest gold reserves in the world, with about 12.000 tonnes or 23% of the total. The second-largest producer and reserve holder is Australia, with about 320 tonnes of production and 10.000 tonnes of reserves in 2020. The third-largest producer and reserve holder is Russia, with about 310 tonnes of production and 9.000 tonnes of reserves in 2020.
Bottom Line
In this article, we have discussed how much gold is in the world. As we continue to mine and consume gold, we may wonder how much longer it will last and what impact it will have on our economy and environment.
