RB News World Latest News
Related Articles
Till now the largest gold reserve in the world was in South Deep, South Africa. But, now China is going to replace South Africa, which has claimed to have discovered the world’s largest gold reserve. Finding this gold mine will not only expand China’s gold empire but will also change the equation of the international gold market. Not only this, China’s faltering economy can also get a big booster dose. Where is this mine of China’s dream of becoming a global power and how can this mine make China the Gold King, know the answer in this report…
On one hand, expansionist China has a dream of ruling the world. On the other hand, a discovery has given golden wings to China’s dream of becoming a superpower, with the help of which China can take a long economic flight. China’s hope is from a discovery made in Hunan province, which has not only surprised the world but also troubled the big players in the international gold market.
The world’s largest gold reserves have been found in China’s Hunan province, spread over 2 lakh 11 thousand 800 square kilometers. China has found such a huge gold reserve 2000 meters below the ground that it would have never imagined. About 1 thousand metric tons of gold has been found in 40 veins.
What is the value of China’s gold reserves?
This gold reserve found in China’s Hunan province is so huge that Jinping can gift rings to about 50 crore women out of 68 crore women in China, or he can increase the country’s reserve by 50 percent. The price of 1000 metric tons of gold in the international market is about 83 billion dollars or 7 lakh crore rupees. Now if Jinping wants to gift rings to his people, then the average weight of a gold ring is two grams.
There is a total of 1 billion grams in 1000 metric tons. According to this, a total of 50 crore gold rings can be made or one thousand crores more can be added to the existing gold reserve of 2264 crores, which can provide economic stability to the country. China has got this gold reserve at a time when it needed it the most, or let’s say that China’s faltering economy has got the support of gold. Along with this, China is now also preparing to play a big game in the global gold market. First of all, know what is the current position of China in the gold market.
China consumes more than it produces
China has dominated the global gold market. In 2023, China was the largest gold producing country, China had a 10 percent share in the total production. At the beginning of 2024, China had about 2000 tonnes of gold reserve. Talking about gold consumption in China, China consumes more gold than it produces, this is because the number of middle class has increased in China as well as their income and expenses. This is the reason why China, which produced 268 tonnes of gold in the 3rd quarter of 2024, was consuming more than double the amount, i.e. about 741 tonnes.
Finding the largest gold mine is no small matter for China or the global gold market. Finding this gold site will increase China’s dominance in the international gold market. China’s dependence on gold imports will decrease. China will be able to expand its mineral wealth. It will be able to support the faltering economy and can also achieve economic stability by increasing the gold reserve.
Gold reserves in the world
929 tonnes of gold reserves were found in South Deep of South Africa, but due to the gold reserve found in Hunan now, China has come first in this list. There is a gold reserve of 856 tonnes in Grasberg, Indonesia. There are gold reserves of 737 tonnes in Olympiad, Papua New Guinea’s Lihir, 680 tonnes in Norte Abierto, Chile, 657 tonnes, Nevada’s Carlin Trend, 353 tonnes, Australia’s Boddington, 350 tonnes, South Africa’s Poneng, 330 tonnes, Dominican Republic’s Pueblo Viejo, 309 tonnes and Nevada’s Cortez.
The formation of gold underground goes through many geological processes, which often take millions of years, which Chinese geologists have claimed to have reached. It would not be wrong to say that these gold reserves are a big jackpot for China, which seems to be giving a new shine to its economy.
