How Much Gold Is in the World?
The question of how much gold exists in the world is multifaceted, touching on historical production, current reserves, and the potential for future discoveries. It’s not a simple number, but rather a dynamic figure influenced by mining activities, geological factors, and even the vastness of the oceans. The most accurate estimate places the total amount of gold discovered to date at approximately 244,000 metric tons. This figure is composed of roughly 187,000 metric tons historically produced, plus about 57,000 metric tons of current underground reserves. However, this number represents the gold that has been discovered and is reasonably accessible. The total amount of gold, including what remains undiscovered deep within the Earth’s crust and the vast oceans, is a far more speculative, and substantially larger number. What we do know is that gold makes up about four parts per billion of the earth’s crust.
Historical Gold Mining and Current Reserves
Of the gold discovered, a significant portion has been mined throughout history. The best estimates suggest that around 208,874 metric tons of gold has been extracted, with approximately two-thirds of that amount being mined since 1950. It’s crucial to note that gold is virtually indestructible, meaning that almost all of the gold ever mined still exists today, albeit in various forms, such as jewelry, industrial components, and central bank reserves.
The discrepancy between gold mined and gold discovered accounts for the 57,000 metric tons of gold currently classified as underground reserves. These are known deposits that are economically viable to mine with current technology. As technology advances, and if prices rise, these reserves may expand, and new reserves may be discovered. The fact that gold is also present on the moon, and deep within the ocean, means that accessible gold figures could change dramatically in the future.
Gold Distribution Across the World
The distribution of gold is uneven, with certain countries holding significant reserves. The United States Federal Reserve is the largest holder of gold reserves worldwide, primarily due to its historical role in the gold standard. Its gold reserves are estimated to be around 8,133 metric tons. Other countries with substantial gold reserves include Germany (3,355 metric tons), Italy (2,452 metric tons), France (2,437 metric tons), Russia (2,299 metric tons), and China (1,948 metric tons).
These figures pertain to national gold reserves held within central banks. In addition to these publicly held reserves, a considerable amount of gold exists in private hands, used for investment purposes or as jewelry.
Formation of Gold and Its Location
Gold isn’t made on Earth; instead, it originates from supernovas and enters the Earth’s core during planet formation. It’s also located in the Earth’s crust through a process called hydrothermal processes, which occur when hot fluids move through rocks and deposit minerals. These fluids, often enriched with gold, deposit it in veins or cracks. Gold can also be found in the ocean as well as in marine sediments and metamorphic rock, particularly in orogenic gold deposits, lying between 1,200 and 4,500 meters deep. It’s this vast scope and inaccessible location that makes the “true” amount of gold difficult to pin down.
Unmined Gold
Estimates suggest that approximately 54,000 tonnes of “below-ground gold reserves” are waiting to be mined. This indicates that while a significant amount of gold has been extracted, a considerable portion is still locked within the Earth’s crust. There is also a vast amount of gold in the ocean, estimated to be around 20 million tons, although extracting it is not yet economically viable.
The Future of Gold
The potential for gold to run out is a debated topic. One view suggests that reserves of some elements, including gold, could be exhausted by 2050. However, other sources suggest that the remaining gold could last longer, as technological advancements could enhance our ability to mine deeper, refine gold from more complex ores, and even extract it from the sea, although no economically viable method to do this exists today. The demand for gold is unlikely to decline rapidly, due to its resistance to inflation and status as a reliable store of value, making it a desired asset during economic instability.
Frequently Asked Questions (FAQs)
1. How much gold is in the human body?
An adult human body weighing 70 kg contains about 0.2 milligrams of gold. This trace amount helps maintain joints and facilitates the transmittal of electrical signals throughout the body.
2. Is there any gold on the moon?
Yes, NASA missions have revealed that the lunar surface contains various compounds, including gold, silver, and mercury. However, the concentration and potential for economic extraction is unknown.
3. What is the largest gold nugget ever found?
The Welcome Stranger is the largest gold nugget ever discovered. However, the largest single gold specimen ever found is the Holtermann ‘Nugget’. While more gold was contained in the Holtermann, the Welcome Stranger was a single, intact nugget.
4. Is it possible to make gold artificially?
No, it is impossible to make gold artificially through chemical reactions. Chemical reactions only affect the electrons of an atom, leaving the nucleus unchanged. The production of gold would require changes to the nucleus, which requires a nuclear reaction that is currently not economically viable.
5. How much is 1 ton of pure gold worth?
The value of one tonne of gold varies with the market. In 2022, it was priced between approximately $52,000,000 and $65,000,000, highlighting the fluctuations in gold’s value.
6. Why does Italy have so much gold?
Italy accumulated large gold reserves after World War II. As an exporting nation, Italy attracted foreign currency, which was partly used to purchase gold, in line with the Bretton Woods agreements.
7. Why is gold always valuable?
Gold is valuable because it is rare, does not corrode or deteriorate, and has a sufficient supply to maintain economic circulation. Also, unlike fiat money, there is a finite amount of gold, which helps maintain its value.
8. Is diamond more valuable than gold?
The value of diamonds is complex. While diamonds can hold their value over time, gold is considered a more secure investment because of its resistance to inflation.
9. What is more valuable than gold?
Rhodium is currently considered the most valuable metal. It is part of the platinum group and used in jewelry and industrial applications.
10. What is the purest gold ever found?
The purest gold ever produced was refined by the Perth Mint in 1957, with a fineness of 999.999 (six nines fine). Currently, the purest type of gold is produced with a fineness of 999.99 (five nines fine).
11. What is the rarest gold ever found?
The Ram’s Horn, discovered in 1887, is the largest sample of wire gold yet found and is considered exceptionally rare.
12. Do abandoned gold mines still have gold?
Abandoned gold mines often still contain gold. Mines may have been shut down due to economic policies, not because the gold was exhausted.
13. What happens if you find gold in the ground?
If you find gold, mineral rights determine who can mine and sell it. These rights may belong to you as a landowner or to a third party.
14. What will happen when gold runs out?
If gold supplies diminish, the price of gold will likely increase due to supply and demand dynamics. Also, demand may decline as other metals may gain more valuable due to supply shortages, or be discovered with superior properties.
15. What type of soil is gold found in?
Gold is found in silt and clay soils in higher concentrations than in sand, due to processes during soil formation.