Estimates for gold mined worldwide to date are in the region of 165,000 tonnes. By comparison, only about 190,000 tonnes of gold have been mined, and estimates vary considerably. We estimate that there are 3.5 billion tonnes of gold at a depth of 4,000 meters below the surface.
The World Gold’s Council estimates that a total of 19,040 tonnes will be mined in 2019 , but other independent estimates vary by up to 20%. The total value of these mines exceeds the $7.5 trillion valuation used in the 2017 WGC estimate.
Gold Vancouver bullion is one of the world’s rarest elements that only 0.001% (0.006 parts per million) of the Earth’s crust are used. For most of history, the nation’s “gold’s reserves were considered their most important financial asset and a major prize in wars. Gold is mined today for jewelry, ingots, and gold’s markets and has been in circulation for thousands of years.
According to data published
By the World Gold’s Council (WGC) earlier this month, the production of global gold mines in 2020 stood at 34,781 tonnes (12.27 million ounces) for the second consecutive year after steadily rising in recent years. Gold’s mine production in 2019 was 3,531 tonnes, 1% lower than in 2018, according to the WGC.
Seventeen tonnes more gold were mined in 2018 than the previous year, and the goldfields discovered in 2017 contained an estimated 780 tonnes of gold. Total gold’s production worldwide in 2018 was 3,505 tonnes, of which 54,000 tonnes were reserves. For the record, China admitted producing 4,637 tonnes of gold in 2016.
Tonnes of gold (6.4 billion troy ounces) are valuable and indestructible, and most gold has been mined and used in one form or another. About two-thirds of 190,000 to 200,000 tons of gold’s in the soil have been mined since the 1950s, the first third in millennia before.
As things Gold stand
We not only know that gold’s exists in the earth’s crust. But that a sufficiently large part has been found to be mined. We also know that a large part of the world’s gold’s reserves are inaccessible or. At least at the moment, unsuitable for gold’s extraction. Current scientific theories assume that the core contains enough. Gold’s to cover the earth’s surface with a 4-meter thick layer of pure gold’.
The recent global production rate of 3,100 tonnes per year is estimated to mean. That all recoverable gold ‘s reserves will be exhausted (at least those that can be recoverable at a reasonable cost). In less than 20 years. New technologies make it possible to extract known reserves. That are currently not economically accessible, but large-scale gold’s mining is unlikely. To continue beyond 2075 unless huge advances in mining technology and the discovery of unknown massive gold’s deposits make progress. Gold’s supplies here on earth are running out. And we will have to develop sophisticated mining techniques if we are to reverse this trend.
When gold’s reserves are depleted, it will become more difficult to find new gold’s deposits. And production costs will increase over time, affecting the profitability of the world’s gold’s miners.
Experts currently estimate that the total amount of gold above ground worldwide is around 190,000 tonnes. No one knows for sure how to calculate the total gold’s currently being mined. But the best guess is that there are around 19,040 tons of gold mines in history.