Gold is one of the rarest elements in the world. The value of gold has been increasing every year. That is why many countries choose to hold their monetary assets as gold reserves.
On the other hand, some countries are blessed with a plethora of gold mines. These gold mine reserves can be used to produce gold. We will be looking at the top 10 countries with the largest gold reserves in the world.
Australia has the highest amount of goldmine reserves in the world. Australia has 10,000 metric tons of goldmine reserves as of 2020. Australia has produced around 328 tons of gold in 2020. Australia is also the 3rd largest producer of gold in the world.
The production of gold accounts for 8% of Australia’s GDP. Australia is on track to become the highest gold-producing country in 2021. A lot of gold coins are being produced in Australia. The sales of these gold coins are through the roof as many people consider gold to be a safe investment.
The second spot on our list goes to Russia. Russia has the second-largest gold mine reserve in the world. It has 7500 metric tons of goldmine reserves in 2020. Russia is also the 2nd largest producer of gold in the world. Russia produced around 331 tons of gold in 2020.
22% of the foreign reserves of Russia are held as gold. Most of the gold available in Europe is purchased in Russia. The government of Russia also plays a vital role in purchasing the gold that is produced in Russia. 67% of the gold produced in Russia is purchased by the Government.
3. United States of America
America has the third-largest gold mine reserve in the world. They have an estimated 3000 metric tons of gold reserved in mines. The United States of America produced 190.2 tons of gold in 2020. They are the 4th highest gold producing country in the world.
Gold production has been declining in America. More than 80% of all the country’s gold is being produced in Nevada. They have the largest gold reserve in the world as they hold 8,133.5 tons of gold. The U.S.A holds 77.5% of its foreign reserves as gold.
4. South Africa
South Africa takes the fourth spot on our list. It is estimated that South Africa has 2700 metric tons of goldmine reserves. South Africa used to be the largest producer of gold until 2016. But the production of gold has been declining in South Africa.
South Africa is now the 12th largest gold-producing country in the world. South Africa has produced 90 tons of gold in 2020 and slipped to the 12th spot. The production of gold has been declining in South Africa.
Peru also has an estimated 2700 metric tons of gold reserves. They take the 5th spot on our list. 5% of the world’s total gold mine reserves are in Peru.
The production of gold in Peru in 2020 was only 87.5 tons. It was a huge drop from their previous year’s production at 128.4 tons. This is the lowest gold production for Peru in ten years. Over 100,000 small-scale miners are working in Peru to produce gold. Their system isn’t fully developed and regulated at this period. That is why there has been a massive downfall in their gold production.
Indonesia has the sixth-highest gold mine reserves in the world. Their gold mine reserves are estimated to be around 2600 metric tons as of 2020. Indonesia is also the 10th largest gold-producing country in the world. Around 100.9 tons of gold have been produced in Indonesia.
Indonesia accounts for mining 3% of the world’s total gold production. One of the largest gold mines in the world is located in Indonesia. It is called the Grasberg mine. There are more than 20,000 workers who work in the Grasberg mine.
Coming in at the seventh position is another South American country. Brazil has the seventh-highest gold mine reserves in the world. The gold mine reserves of Brazil are estimated to be around 2400 metric tons as of 2020.
Interestingly, Brazil is also the seventh-highest gold-producing country in the world. Around 107 tons of gold has been produced in Brazil in 2020. Illegal mining has been rising rapidly in Brazil. The biggest challenge for Brazil moving ahead will be to stop these illegal miners.
Canada has the eighth highest goldmine reserves in the world. Canada has 2200 metric tons of gold in its gold mine reserves. Canada is also the 5th highest gold-producing country. They produced about 170.6 tons of Gold in 2020.
The largest gold mine in Canada is Canadian Malartic. More than 16 tons of gold were produced in this mine in 2020. The production of gold in Canada has declined from last year. Most of the gold produced in Canada is from Ontario and Quebec.
China is an advanced country that is doing well in all departments. Their goldmine reserves are a good reflection of that. China has the ninth-largest goldmine reserve in the world. China has 2000 metric tons of gold in goldmine reserves.
China is also the highest gold-producing country in the world. China has produced around 368.3 tons of gold in 2020. Australia is ramping up its production and may take over China to become the highest gold-producing country in the future.
China has been the top gold-producing country for many years now. They account for 11% of the total gold production in the world. Gold production is also decreasing in China. For the past four years, the production of gold has been decreasing in China.
Uzbekistan claims the final position on our list. It has the 10th highest gold mine reserve in the world. There are around 1800 tons of gold in goldmine reserves in Uzbekistan in 2020. Uzbekistan is now the 8th highest gold producing country in the world by producing 101.6 Tons of Gold in 2020.
Uzbekistan has significantly increased its production from the previous year. Uzbekistan has the largest open-pit gold mine in the entire world. This gold mine is called Muruntau. Uzbekistan’s gold production has exceeded 100 Tons for the first time in 2020. They are set to do well and become one of the top producers of gold in the coming years.