In this guide, we discuss the world’s gold resources and reserves.
We outline how much we might have left, if we might run out and when, what might happen if we do, and more.
Summary – The World’s Gold Resources
Uses For Gold Across Society, & Why It’s Important
One of the most common uses for gold across society is jewelry
We list some of the other main uses for gold across society in the guide below
How Much Gold Is Left In The World? – Resources, & Reserves
There’s currently more discovered resources than proven reserves of gold in the world
Some of the largest gold deposits are currently in South Africa
Beyond resources and proven reserves in the ground, there’s also a lot of gold in seawater and on the ocean floor in some parts of the ocean, but as of right now, there’s no economically feasible way to extract this gold in the ocean
Country With The Largest Gold Mine Reserves
Australia currently has the largest gold mine reserves
Country With The Largest Gold Holdings/Stockpile
The US currently has the largest gold holdings/stockpile
Total Global Gold Mine Production
In 2021, global gold mine production was 3000 metric tons
Countries That Produce The Most Gold
China currently produces the most gold from mines
Total Global Gold Demand
In 2021, global gold demand was 4021.4 metric tons
How Much Gold Has Been Mined Throughout History?
In 2022, estimates suggest about 205,238 tonnes of gold has been mined throughout history
What Has Happened To The Gold That Has Been Mined?
One report indicates that of all the gold that has been mined to date, almost all of it is still physically around somewhere
Are We Running Out Of Gold, & Will We Run Out Of Gold In The Future?
It doesn’t appear as though we will run out of gold in the short term.
However, whether gold reserves start getting depleted beyond a critical level in the medium to long term depends on different factors – some of which we list in the guide below.
We also explain how including and excluding gold that is economically feasible to mine, or physically accessible vs gold that isn’t, can be a nuance in answering this question
When Will We Run Out Of Gold? … How Many Years Worth Of Gold Do We Have Left?
We include some estimates as potential (but not definitive) answers to this question in the guide below
We also identify some of the considerations that these estimates may not have taken into account
Something we also point out is how global gold reserves have been relatively stable over the last decade without showing a consistent depreciating trend
Gold Shortages
Different reports have different analysis’ on gold shortages.
We’ve listed a couple of different reports that have differing information on gold shortages in the guide below
What Happens If We Start Running Out Of Gold?
Factors like availability of gold and also the price of gold may start to be impacted more heavily
Managing Gold Resources More Sustainably
We outline some of the ways gold might be managed more sustainably as a resource in the guide below
Uses For Gold Across Society, & Why It’s Important
Gold is used in a range of applications across society.
Some of those uses include:
– Jewelry
This is the main use for gold.
geology.com mentions ‘Today, most of the gold that is newly mined or recycled is used in the manufacture of jewelry. About 78% of the gold consumed each year is used in the manufacture of jewelry’
Also from usgs.gov: ‘[In 2021] Estimated global gold consumption [of gold] was jewelry, 47%; physical bar, 21%; central banks and other institutions, 14%; official coins and medals and imitation coins, 10%; electrical and electronics, 7%; and other, 1%.’
– Finances and investing
There’s a range of financial and investment based uses for gold
As one example, central banks hold gold as a reserve asset for a range of reasons
As another example, individuals, groups, and investors hold gold as a form of wealth preservation (and as a hedge against certain economic and social conditions, such as inflation or a recession)
– Electronics and technology
Gold is used in a range of electronics and technology products
Some of the traits that make gold suitable for this application is that it is inert, has good electrical conductivity, is more malleable than some other metals and easier to work with, and it also resists corrosion and tarnishing.
We’ve previously outlined how a reasonable amount of gold can be found in e-waste
– Medicine and dentistry
Gold has been used across a range of applications in medicine and dentistry, with two examples being gold implants, and also gold compounds (to treat some types or arthritis for example)
– Aerospace
Gold can be used as a shield against radiation and heat from the sun in aerospace travel
Satellites for example may use gold coated sheets as protection from solar heat
Spacesuits may also use thin gold layers
How Much Gold Is Left In The World? – Resources, & Reserves
At present, it appears as though world gold resources are larger than world gold reserves. And, South Africa has some of the largest gold resource deposits in the world.
Beyond concentrated gold resources and confirmed gold reserves, there’s a lot of gold in the ocean, but this gold
There’s also gold in the ocean – either suspended in the seawater, or on the seafloor in certain parts of the ocean – but there’s currently no economically feasible way to extract this gold
Resources
From usgs.gov:
[The 2004 USGS Mineral Commodities Summary Report indicates that:]
Total world resources of gold are estimated at 100,000 tons, of which 15% to 20% is a byproduct resource.
South Africa has about one-half of all world gold resources, and Brazil and the United States have about 9% each
[In South Africa] The Witwatersrand Basin is one of the largest gold deposits in the world and contains the majority of the country’s gold resources (energycapitalpower.com)
Reserves
[The 2022 USGS Mineral Commodities Summary Report indicates that total global gold reserves are 54,000 metric tons. However, some countries’ reserve data wasn’t available for the total calculation.] (usgs.gov)
Gold In The Ocean – In Seawater, & On The Ocean Floor
In addition to the above resources and reserves of gold, there may also be a lot of gold in the ocean (suspended in seawater, or on the ocean floor in some locations)
According to forbes.com: ‘… there’s millions of pounds of [gold] in the ocean as gold ions’
There is … (undissolved) gold in/on the seafloor. The ocean, however, is deep, meaning that gold deposits are a mile or two underwater. (oceanservice.noaa.gov)
Ocean waters around the world contain about 20 million tons of gold in them [but] Currently, there’s no cost-effective method to remove the gold from seawater and be profitable (forbes.com)
There is enough gold on the seafloor to give every person alive nine pounds, scientists estimate (nationalgeographic.com)
Which Countries Have The Largest Gold Reserves?
Gold mine reserves are different to total gold holdings or stockpiles
Australia currently has the largest gold mine reserves, followed by Russia and South Africa
From usgs.gov:
[The 2022 USGS Mineral Commodities Summary Report indicates that the country with the largest gold mine reserves is Australia with 11,000 metric tons]
[Russia is in third at 6,800, with South Africa in third at 5,000]
[However, some countries’ reserve data wasn’t available for the total calculation.]
Countries With The Largest Gold Holding/Stockpile Reserves
Gold holdings/stockpiles can be held in part by a country’s central bank
The US currently has the largest gold holdings/stockpile of all countries, with Germany in second
From statista.com:
[The country with the largest gold holding reserves in the world as of 2022 is the United States at 8133.54 metric tons]
[The countries with the next largest gold holding reserves after the US are Germany at 3358.52, Italy at 2451.86, France at 2436.49, Russia at 2298.55, China at 1948.32, and Switzerland at 1040.01]
Total Annual Global Gold Production
[The 2022 USGS Mineral Commodities Summary Report indicates that total global gold production from mines was 3000 metric tons] (usgs.gov)
In 2021, worldwide gold mine production was estimated to be slightly less than that in 2020 (usgs.gov)
Countries That Produce The Most Gold
China produces the most gold from mines, followed by Australia, and then Russia
From usgs.gov:
[The 2022 USGS Mineral Commodities Summary Report indicates that the country that produces the most gold from mines is China at 370 metric tons]
[Australia is second at 330, with Russia third at 300]
Total Annual Global Gold Demand
Worldwide gold demand amounted to 4,021.4 metric tons in 2021, an increase from 3,759.6 metric tons in the previous year (statista.com)
From usgs.gov:
In the first 9 months of 2021, global consumption of gold [increased across a range of applications compared to] the first 9 months of 2020
In the first 9 months of 2021 … gold holdings in central banks doubled
How Much Gold Have We Mined Throughout History?
The best estimates currently available [in 2022] suggest that around 205,238 tonnes of gold has been mined throughout history (gold.org)
What Has Happened To The Gold That Has Been Mined?
[Of the estimated] 205,238 tonnes of gold has been mined throughout history … almost all of this metal is still around in one form or another (gold.org)
In addition to the gold stockpiles and holdings that different countries have, individuals and groups also privately own and hold gold.
Are We Running Out Of Gold, & Will We Run Out In The Future?
It doesn’t appear as though we will run out of gold in the short term.
However, gold may start becoming more scarce in the medium to long term if:
– Extractable reserves don’t stay stable year to year (part of this might involve new exploration of deposits, as well as new technology or processes to mine/produce more gold)
– Gold already mined and used above ground isn’t re-used
– Demand for gold dramatically increases with new technology, such as sustainable technology, and other future uses of gold, such as the purchase of gold because of economic conditions like inflation or a recession, or, uncertain social conditions.
Gold That Is Economically Feasible To Mine, & Physically Accessible vs Gold That Isn’t
What should also be mentioned is that some gold is physically accessible and economically feasible to extract, whilst other gold isn’t.
There’s also the consideration that some gold is concentrated in larger deposits and easier and more profitable to extract, whilst other gold is scattered over large areas in trace amounts.
When taking into consideration gold that is very expensive to extract, or scattered in trace amounts, there may be so much of this gold that we may never run out.
But, there’s a difference between economically viable gold reserves, and those that aren’t, and also gold resources that can be physically accessed/mined, and those that can’t.
forbes.com provides an illustration of this:
The world will never run out of gold; there’s millions of pounds of it in the ocean as gold ions.
However, at the price it takes to increase the supply through electrolysis, assuming energy is about as costly in the future as it is now (a generous assumption, considering that this questions foresees total reliance upon solar power), would prevent most people from being able to afford it for jewelry or ornamentation and probably price out a significant amount of its use in electronics and catalysis.
westcoastplacer.com provides another illustration:
… within 4000m of the surface of Earth’s crust there is 35 billion tons of gold … With a remaining 87 billion under the ocean.
Only a small portion of that is concentrated enough to mine … [and we’ve only explored small pockets of the earth so far]
Why We Might Never Run Out Of Some Mined Resources
We put together this guide which explains why we might never run out of some resources:
We Might Never Run Out Of Mined Resources (Minerals, Metals, Fossil Fuels etc) – Here’s Why
One of the general points we make is that once easily/cheaply extractable deposits of resources like gold are exhausted, gold may simply become more expensive as new extraction activities become more costly.
When Will We Run Out Of Gold? … How Many Years Worth Of Gold Do We Have Left?
Estimates that attempt to answer this question are estimates only, and not definitive
But, there might be around 20 years of of extractable gold reserves left according to some estimations
Other estimates indicate that gold mining may reach the point of being economically unsustainable by 2050, and that without large advances in mining technology or huge reserves being discovered, large scale gold mining likely won’t continue past 2075
However, those estimations may not take into consideration existing gold resources being converted to proven resources
They may also not consider recovering and re-using gold above ground that’s already been mined
So, there may be far more than 20 years of gold left
This may especially be the case if gold reserves continue to stay stable year to year like they currently are
Years Of Extractable Gold Left Below Ground
Various reports from bbc.com, learnaboutgold.com and visualcapitalist.com indicate that there’s anywhere between 52,000 to 55,000 tons of gold left to mine.
Based on a global mine production total of 3000 tons a year, this equates to around 18 years worth of gold left to mine at current production rates.
Another report indicates that ‘… the World has about 20 years of gold reserves that can still be mined’ (tavex.fi)
From providentmetals.com:
Based on known reserves, estimates suggest that gold mining could reach the point of being economically unsustainable by 2050, though new vein discoveries will likely push that date back somewhat.
New technologies may also make it possible to extract some known reserves that aren’t currently economical to access, but it is unlikely that large-scale gold mining will continue past 2075 without either huge mining technology advances or the discovery of currently unknown massive gold deposits.
Gold Reserves Have Been Consistent Year To Year Recently
statista.com has a chart showing annual global gold reserves from 2010 to 2021, and it shows gold reserves as being reasonably stable year to year
What this might suggest is that discovered gold resources and deposits are being explored, and converted to proven reserves.
As long as this trend continues, extractable gold reserves may not be depleted beyond a certain level
Gold Above Ground
In addition to the extractable gold left below ground, we previously mentioned there’s 205,238 tonnes of gold we’ve already extracted that is above ground, and it conceivable most of it can be re-used.
Potential Difficulty In Obtaining Accurate Gold & Silver Resource Estimates
Gold and silver reserves and holdings are not always reported accurately. Some of the potential reasons for this are:
– Gold above ground can be tracked in terms of mine production to date, but, once gold is in use, it can be harder to track.
– Smaller mines in developing nations often don’t report their mined gold and silver
Has There Been A Gold Shortage Recently? And, What Are Some Reasons For Gold Shortages?
Different reports have different answers to these questions, and the answer can change depending on the year.
One report from kitco.com indicated that there was a physical shortage of silver and gold products early in 2021 due to increased demand and inability of mints to keep up with this demand.
However, sunshineprofits.com has published some information that suggests that there is no supply shortage.
Regardless, providing an answer about gold shortages can involve a much deeper analysis which we won’t go into in this guide.
What Happens If We Run Out Of Gold?
Running out of any resource may impact things such as:
– The availability of that resource for the key things we use it for across society.
Specifically for gold, the use of gold in applications like jewelry might be affected significantly
– The price of that resource as it becomes more scarce, and consequently, the affordability of the things we use that resource for
The price of resources increasing as reserves are depleted is something we mentioned in our guide about why we may not run out of mined resources anytime soon.
Is Gold A Renewable Resource?
Gold is not renewable because it’s finite, and we use it at rates that are higher than the rate it forms in nature.
However, there’s several ways already mined and used gold can be recovered and re-used. So, gold can be reasonably circular in some ways.
Managing Gold Resources More Sustainably
There might be a range of ways to manage gold more sustainably, including but not limited to:
– Reducing consumption and demand for gold
– Re-using gold
– Recycling gold (gold can be recovered, melted down, re-formed, and used in new products)
– Substituting gold where possible
These options and others might place less of a burden on extracting new gold in the future.
Recovering & Recycling Gold
Based on the data below, there might be more potential to recycle more gold in the future
However, there might be tradeoffs associated with this, such as recovering and recycling gold requiring time and cost investments that may not necessarily always be profitable
How Much Gold Is Currently Recycled?
… recycled gold accounted for 28 percent of the total global gold supply of 4,633 metric tons in 2020; 90 percent of that recycled gold comes from discarded jewelry and the rest from a growing mountain of electronic waste such as cellphones and laptops (nytimes.com)
Potential For Increasing The Recycling Rate Of Gold In The Future
We’ve previously outlined how a reasonable amount of gold can be found in e-waste, and how the recycling rate (and therefore recovery rates of gold) might have a lot of room for improvements compared to the currently low rates (of around 20%).
We’ve also discussed how we might recycle metals like gold better in the future in this guide as well.
Substitutes For Gold
usgs.gov notes several direct metal substitutes for gold, and also identifies that gold alloys can be used to lower the gold content in for certain applications (such as electrical and electronic products and in jewelry), whilst also maintaining certain standards
Sources
1. https://www.usgs.gov/centers/national-minerals-information-center/mineral-commodity-summaries (accessing the 2022 USGS ‘Mineral Commodities Summary Report’)
2. https://geology.com/minerals/gold/uses-of-gold.shtml
3. https://www.usgs.gov/centers/national-minerals-information-center/mineral-commodity-summaries (accessing the 2004 USGS ‘Mineral Commodities Summary Report’)
4. https://www.statista.com/statistics/267998/countries-with-the-largest-gold-reserves/
5. https://www.gold.org/goldhub/data/how-much-gold
6. https://www.nytimes.com/2021/04/23/fashion/jewelry-recycled-gold.html
7. https://www.statista.com/statistics/267360/gold-demand-worldwide-since-2002/
8. https://www.bbc.com/news/business-54230737
9. https://learnaboutgold.com/blog/how-much-gold-is-in-the-world/
10. https://www.visualcapitalist.com/chart-how-much-gold-is-in-the-world/
11. https://tavex.fi/en/how-much-gold-is-there-left-to-mine-and-what-happens-if-gold-runs-out/
12. https://www.statista.com/statistics/1125421/world-mine-reserves-of-gold/
13. https://www.providentmetals.com/knowledge-center/precious-metals-resources/global-gold-supply-predictions.html
14. https://www.forbes.com/sites/quora/2017/12/29/is-the-planet-really-in-danger-of-running-out-of-resources/?sh=3b4cdc17188d
15. http://www.westcoastplacer.com/how-much-gold-is-left-on-earth/
16. https://energycapitalpower.com/top-10-gold-mines-in-south-africa-by-proven-mineral-reserves/
17. https://oceanservice.noaa.gov/facts/gold.html
18. https://www.forbes.com/sites/trevornace/2017/09/15/771-trillion-worth-gold-hidden-ocean/?sh=7ca26af923d3
19. https://www.nationalgeographic.com/history/article/deep-sea-mining-five-facts
20. https://www.kitco.com/news/2021-12-01/Gold-price-at-10k-silver-at-500-due-to-a-decade-of-shortage-says-Goehring-Rozencwajg.html
21. https://www.sunshineprofits.com/gold-silver/dictionary/gold-shortage/
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