Is there a country in the world that produces the most gold?

The beauty, value, and durability of gold are usually appreciated by people when it is attached to jewelry. In order for gold to become jewelry or enter the vault, it must first go through a long and difficult production process.

Due to COVID-19, mines were closed in 2020 due to the high gold price breaking the historical high of $2000/ounce, which led to a short-term profit increase to miners.

China, Australia and Russia produced 31% of the world's gold by 2020, despite gold mining being a global business.

As gold's value is partly determined by its scarcity, how much gold is left on earth that has not been mined?

Approximately 50000 tons of underground gold are estimated to be present according to the latest World Gold Council statistics. Among them, Australia and Russia account for about 35% with 1.75 tons each. Approximately 16 more years of gold mining is possible according to the current production. Furthermore, $2.9 billion will be invested in gold exploration and development projects in 2020, and these geological surveys will certainly increase gold reserves.

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