How Much Gold is There in the World?

With all the talk that is always raging about gold and the value or lack thereof in buying gold, I thought it would be interesting to look up some basic facts about gold.

We all know that gold is mined and doesn’t grow on trees. Each year, new gold is mined and is added to the stock of gold. Of course, gold is held by a variety of people and institutions. Many people hold it in the form of coins and jewelry, but central banks and the International Monetary Fund also hold large amounts of gold, even though there are no countries on the gold standard at the present time.

According to estimates on the website of the World Gold Council, the total amount of gold ever produced is between 140,000 and 160,000 tonnes. They estimate that almost 2/3 of that total has been mined since 1950.

Each metric tonne weighs 1000 kilogram. That is equivalent to 32,150 ounces.

To put into a visual perspective, if all the gold ever produced in the world was in one place, it would fill a cube of approximately 62 feet on each side.

The United States has the largest amount of gold reserves in the world with an estimated 8,139 tonnes of gold in its possession. Germany and the IMF then follow in terms of estimated gold reserves.

China recently declared its intention of building up its gold reserves in the next 10 years hoping to build its reserves to over 10,000 tonnes in the next 10 years.

The Indian central bank, The Reserve Bank Of India, also recently bought 200 tonnes of gold from the IMF.

However, the amount of gold held worldwide by individuals exceeds the amount held by governments and institutions like the IMF. Of the 140,000 to 160,000 tonnes of gold ever produced, it is estimated that about 100,000 of these tonnes are held by individuals.

So, if we know how much gold has been produced in the world, how much of this precious metal still lies below the earth’s surface waiting to be mined?

According to estimates from the Metals Economics Group, the major gold producers reported reserves of about 22,000 tonnes at the end of 2005. This would represent approximately 14 years of production at 2005 rates.

Source by Ricardo Smith

How Much Gold is There in the World?