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According to the World Gold Council, around 212,582 tonnes of gold are mined worldwide as of December 2024.
Of all countries, the U.S. has the largest gold reserves in the world, with over 8,000 tonnes as of 2023.
Although there’s no exact estimate on the total amount of gold, how much remains unmined, the value of gold continues to rise.
Key Insights
According to the World Gold Council, there is a total of 212,582 tonnes of gold mined in the world as of December 2024.
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According to Goldman Sachs analyst Eugene King, it would take two decades to mine all the gold in the world.
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A study estimates there’s one gram of gold in every 100M metric tons of ocean water.
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The U.S. has the largest gold reserve in the world valued at $687,729 million as of December 2024.
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The gold costs around $2,600, as of December 2024, which is a 27.2% annual increase from 2023.
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How Much Gold Is On Earth?
Currently, around 212,582 tonnes of gold exist worldwide, according to the World Gold Council. Since the 1950s, two-thirds of gold has been mined and distributed for various uses.
To visualize how much gold is on the ground, imagine placing all the discovered gold into a single cube. This cube would measure 73 feet (22 meters) on each side. Here’s a diagram presented by the World Gold Council:
Source: World Gold Council, Metals Focus, US Geological Survey, and Refinitiv GFMS.
How Much Unmined Gold Is Left?
Around 50,000 tons of gold remain unmined, according to the U.S. Geological Survey (USGS). Researchers believe that once all gold is extracted, gold’s price is expected to rise dramatically.
According to BBC, mining companies estimate the remaining gold in two ways:
- Reserves: Gold that can be mined profitably at current prices.
- Resources: Gold that might become profitable with further exploration or higher prices.
How Many Years of Gold Is Left in the World?
According to Goldman Sachs analyst Eugene King, it would take around two decades or 20 years to completely extract the remaining gold. However, new mining technologies and techniques could lead to additional gold discoveries, making this timeline less certain.
How Much Gold is Under the Ocean?
Around 20 million tonnes of undissolved gold exists underwater but experts in National Ocean Service (NOS) believe it’s impossible to determine exactly how much gold is under the oceanbed.
A study on the Atlantic and North Pacific estimates there’s about one gram of gold in every 100 million metric tons of ocean water. The gold underwater is currently unreachable due to its extreme dilution in seawater, depth of deposits, high extraction costs, technological limitations, and environmental challenges.
How Much Gold Does the U.S. Have?
The U.S. has the highest gold reserves in the world, estimated to be 8,133 tonnes (valued at ~687,729 million in USD) as of 2024. Yet, the country ranks third when it comes to gold holdings (69.89%).
Top Gold Reserves by Country (2024)
Western Europe ranks highest among regions with the largest gold reserves, holding 11,774.66 tonnes, mostly by countries like Germany, Italy, and France. In the Asian region, Russia, China, Japan, and India have the largest gold reserves, as of 2024.
Gold Production by Country
According to the World Gold Council, China is the world’s largest gold producer, with 378.2 metric tons of gold produced in 2022, followed by Russia (321.8 tonnes), Australia (293.8 tonnes), and Canada (191.9 tonnes).
In Africa, Ghana, Mali, and South Africa are the largest producers of gold, totaling around 344.4 metric tons of gold.
Gold Stock Distribution By Type (2023)
According to the World Gold Council, Jewelry has the largest share (~96,478t) of the total above-ground gold stock. Following is a graph to explain the distribution:
How Much Gold Is In Per Tonne of Ore?
According to the World Gold Council, the amount of pure gold in a tonne of ore varies based on the grade of the deposit:
- Low-Grade Ore: Contains 0 to 5 grams of gold per tonne and is usually found in open-pit mining.
- High-Grade Ore: Contains 8 to 10+ grams of gold per tonne, with some high-quality mines exceeding this range. For example, the Fire Creek Mine in Nevada reported a grade of 44.1 grams per tonne.
How Is Gold Extracted Worldwide?
Gold is extracted from ore using several methods, depending on the deposit’s composition, location, and grade by mining companies.
- Mining: Gold is extracted through underground mining or open-pit, based on the ore’s depth and location.
- Crushing and Grinding: Mined ore is crushed and ground to free gold particles from the surrounding rock.
- Cyanidation: A cyanide solution dissolves gold from the ore for easy separation and recovery.
- Heap Leaching: Crushed ore is sprayed with cyanide to dissolve gold, which is collected at the base of the heap.
- Gravity Separation: High-density gold is separated using shaking tables, sluices, or jigs.
- Flotation: Chemicals cause gold to attach to bubbles and float, allowing for separation from ore.
- Smelting and Refining: Gold is melted to remove impurities and refined to achieve high purity levels.
History of Gold and Its Value
Gold has been around for thousands of years. Ancient civilizations like the Egyptians and Mesopotamians were among the first to use gold, dating as far back as 4,000 B.C. At first, it was all about jewelry and decoration.
Fast forward to 600 B.C., the Lydians (from what is now Turkey) decided to take gold to the next level by minting the first coins, turning it into a powerful medium of exchange.
In the U.S., gold was discovered in 1848 when James Marshall discovered it at Sutter’s Mill in California, leading to the California Gold Rush.
As more gold mines were uncovered worldwide, its value didn’t decline. In fact, its scarcity made it even more desirable. By the 19th century, nations started introducing currencies backed by gold—what we know as the gold standard—to stabilize economies and protect the value of their wealth.
Gold’s worth hasn’t decreased. Whether it’s adorning jewelry, making investments, or backing economies, this precious metal has proved its worth throughout history.
What Is the Worth of Gold?
The worth of gold is determined by gold spot prices. Gold costs over $2,600 per troy ounce (measurable unit for gold and other precious metals), as of December 2024.
The price of gold has increased by 27.2% since 2023, a record-breaking increase since 2009. The precious metal is attached to US dollar value, so it is considered a safe investment to combat inflation and protect your wealth from devaluing.
Usually, gold prices increase during market volatility as investors are more likely to pour their money into the precious metal.
See more gold statistics here.
How Much Is All Gold In The World Worth?
The price of all the mined gold = Gold mined so far (in tonnes) x current gold price
= 212,582 tonnes x $2,623.64
= 557,679,813.48 (~ 558 million).
Why Is Gold So Expensive?
Gold is expensive due to its scarcity and high mining costs. Recent data highlights the rising gold prices in 2024:
- Total gold demand reached 1,313 in Q3, a record for the period, with a 35% increase in value year-over-year, exceeding $100 billion for the first time.
- Investment flows played a key role, with global gold ETFs seeing a 95t inflow, marking the first positive quarter since Q1 2022.
- Gold jewelry consumption fell by 12% year-over-year, but spending increased by 13%, reflecting its high value in markets like India.
- Central bank purchases (186t) slowed but remained steady compared to 2022.
The rising costs in mining operations to extract more ounces of gold affect the overall prices of gold.
Why Should You Buy Gold?
Gold is a great investment to protect your wealth from devaluing during market volatility and inflation. In America, you can open a Gold IRA (Individual Retirement Account), which is like a tax-advantaged retirement account that allows you to collect and store physical gold bars or gold coins.
Did You Know: The contribution limit for a Gold IRA is $7,000 and $8,000 for older adults aged 50+, as of December 2024.
Many Gold IRA companies give custodian services to handle tasks like storage, compliance, and administration on your behalf.
Bottom Line
Around 212,582 tonnes of gold is currently above-ground as of 2024, while only 20% of the precious metal remains underground. The U.S. holds the largest gold reserve in the world, valued at 687,729 million, as of December 2024.
Western Europe has the largest gold reserve among all regions. Much of the gold near the earth’s crust remains undiscovered, requiring advanced technologies and mining techniques to extract.
Gold remains the most expensive precious metal due to its scarcity and mining costs. Currently, gold is worth around $2,600 per troy ounce. Jewelry and physical bars have the largest share of in-ground gold stock.
Most investors buy gold to protect their wealth against inflation so opening a Gold IRA account can be a great investment plan for retirement.
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