Recent reports indicate that China has identified the world’s largest gold resource, expected to exceed 1,000 tonnes and valued at Â¥600 billion (US$83 billion), perhaps signaling forthcoming alterations in the global gold market.
The Gold Bullion Company recently performed a study identifying the nations with the highest gold reserves globally. The study examined the total gold reserves held by each country’s central bank, the valuation of these reserves, the nations with the biggest ETF holdings, the gold production of each country, and the demand for gold jewelry, bars, and coins.
China’s recent discovery in the Wangu gold field in Pingjiang County, central China, has the potential to transform the world gold market, influencing jewelry, investments, and bank reserves.
The Geological Bureau of Hunan Province reports that geologists have identified over 40 gold veins, containing a reserve of 300 tonnes of gold, at a depth of 2,000 meters beneath the Wangu gold field. The bureau estimates that the site’s gold deposit, located at a depth of 3,000 meters, exceeds 1,000 tonnes, with a value of around US$83 billion.
The findings and preliminary investigation indicate that it is the greatest gold deposit ever discovered, exceeding the recent find at the South Deep mine in South Africa, which contains approximately 900 tonnes of ore.
China exhibits the greatest demand for gold jewelry, at 630 tonnes, reflecting a 10% rise compared to the previous year. The Gold Bullion Company asserts that this is not unexpected, given that the nation has the largest singular market for gold globally.
The precious metal has experienced significant growth as a safe-haven investment. According to The Gold Bullion Company, gold jewellery possesses profound cultural importance and is regarded as a symbol of affluence and prosperity, rendering it a sought-after investment.
The demand for gold bars and coins in China surpasses that of any other country. The Gold Bullion Company reports that robust investment demand for gold has therefore increased the popularity of gold bars and coins in China, culminating in 280 tonnes.
Gold bars and coins are seen as tangible assets for investment diversification, increasing their popularity among Chinese investors.
In 2023, China was the top gold producer globally, contributing approximately 10% of total output. The World Gold Council indicates that the government possessed somewhat more than 2,235 tons of gold reserves last year, excluding reserves held by Taiwan, Hong Kong, and other regions for which it asserts administrative control.
The leading gold-producing countries after China are Russia (325 tonnes), Australia (314 tonnes), Canada (195 tonnes), the United States (173 tonnes), Ghana (127 tonnes), Peru (126 tonnes), Indonesia (125 tonnes), Mexico (124 tonnes), and Uzbekistan (111 tonnes).
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