Two common questions asked about gold are: How much gold has been mined in the world and are we running out of gold? There is only so much of the precious metal available, and it could become increasingly more difficult to come by in the future. Get the answers to these questions and more in this episode of Market Insights with Coy Wells.
How Much Gold Is in the World? – Video Transcription
Coy Wells: 00:00
How much gold is really left in the world? Before we get into that, let’s talk about what’s been mined and how much is really sitting above the ground. According to most experts, the amount of gold mined sits at around an estimated a 190,000 tons since the era of the Egyptians, and can fill roughly 3.27 Olympic size swimming pools. Current mining projections are sitting annually at around 2,500 to 3000 tons worldwide, and the majority of that 190,000 tons has been produced out of the Witwatersrand Basin of South Africa, discovered around 1886. The concern for most experts is not the fact that we will run out of gold, but the fact that we don’t have the resources or the current technology to get the remaining reserves out of the Earth’s crust. This has led to the exploration of strip mining, taking new technology and equipment to re-mine the existing soil that has already been processed.
Coy Wells: 00:57
If you encompass this with the decline in new gold mines being discovered globally, and the rapidly growing population worldwide, it leaves us with the notion that as time goes on, gold will continue to be more valuable with the baseline of economics of supply and demand in full swing. Check in on us on Thursday and we’ll be going into more detail on how much gold is left in the world. To get more information on this topic, you can get U.S. Money Reserve’s latest report, Gold 101. It has a lot of really good, detailed information on gold and wealth protection. To get a copy, click on the link below or call the number on your screen. If you like the information today, please like and share this video, and if you’re watching us from YouTube, please subscribe so you don’t miss a single episode. I’m U.S. Money Reserve’s Coy Wells, and as always, thank you for watching Market Insights.