How Much Gold is Left in the World?
Thu, Sep 27, 2012
Is There Still Gold Left In The World
The answer will surprise anyone who’s heard someone proclaim that “peak gold” over the last few years.
Consider there is currently 165,000 tons (or 5.3 billion ounces) of gold in the world.
According to our research on which country has the world’s largest gold reserves, about 1/6th of the world’s gold reserves are in the hands of governments and central banks.
The vast majority of the world’s gold is in private hands. Most gold is in the form of jewelry, stored in massive bank vaults, or hidden away in any place a gold investor could think to hide it.
Either way you look at it, that’s a lot of gold in the world in many different forms.
But as for how much gold is left in the world,as per Contrarian Insights there’s a lot. There’s so much in fact there is no way the world is about to run out of gold anytime soon.
A recent research report by Natural Resource Holdings looked at every known gold deposit in the world that contains at least one million ounces of gold.
The research found there were a total of 439 known gold deposits in the world.
Those deposits contained just over three billion ounces of gold. That’s 60% more gold than has been mined in the last 5000 years or so.
Total world gold production is running at more than 80 million ounces per year. So at current mining rates the world would not run out of gold until 2049. And that’s assuming there are no gold discoveries in the next 37 years.
Heck, the three largest known gold deposits which are not being mined would provide more than enough gold for years to come. Together they contain well over 200 million ounces of gold. In all the Pebble (Alaska), KSM (Canada), and Natalka (Russia) deposits 230.2 million ounces of gold.
Furthermore, keep in mind all of these gold deposits are just those which have been discovered to date.
With gold at $1700 an ounce and the fundamentals in place for gold to much higher in the years to come, there’s going to be a lot more gold discovered.
And the deposits tracked in this survey are just those estimated to hold more than one million ounces of gold. There are thousands of smaller gold deposits and surely many more which will be discovered in the years ahead as more money is spent searching for them and geological exploration technology improves.
So how much gold is left in the world?
The easy answer: more than enough. There are three billion ounces of gold yet to be mined and a few more billion ounces yet to be discovered.
Buy gold because the price is demand is going up and the Gold Price fundamentals will push it much higher, not because supply is shrinking.
Executive Editor, Contrarian Insights
The Group of Big Investors in United States.
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