In 2600 BC, the ancient Mesopotamians discovered a “new” shiny substance they ended up using to make jewelry, among other things. Known as gold, this substance has since become one of the most valuable and tradeable precious metals in the world. Today, much of the world’s gold is mined only in certain countries, but it’s still fairly plentiful. The experienced professionals from First National Bullion, Scottsdale precious metals collectors’ premier choice when they want to work with professionals who have extensive knowledge about every aspect of owning precious metals, discuss just how much gold is left to be mined, based on current estimates.
Most Experts Say the Figure Is Around 50,000 Tons
Exact figures are hard to come by when it comes to how much gold is left to be mined. According to some estimates, there’s about 55,000 tons of gold still waiting to be mined and/or discovered on the planet. The U.S. Geological Survey puts this estimate around 50,000 tons. It’s estimated approximately 200,000 tons of gold have already been mined, although this figure varies as well.
Gold Isn’t Always Extractable (in a Practical Way)
How much of the gold left on the planet that can be practically extracted is another thing entirely. For instance, it’s estimated about 10,000 tons of gold is under ocean water. The problem here is it’s not cost-effective to extract gold when it has to be mined from ocean-covered ground. It’s also believed significant gold deposits are located below the ground in Antarctica. The problem in this instance is the frozen ground, which makes extraction difficult or impossible.
The Amount of Mined Gold Is Decreasing
According to Learnaboutgold.com, South Africa is the largest producer of gold in the world today. In fact, there’s one mine there that has produced roughly half of all above-ground mined gold in the world. Gold is also regularly mined to some extent in parts of China, the United States, Canada, and a few other countries. Overall, the amount of gold mined in the world has declined in recent years. While there are some new mines that have opened here and there, it’s rare for new gold veins to be discovered today.
Newer Extraction Technologies Are Available
Thanks to new technologies that have come along over the years, it’s possible to extract gold from other substances that aren’t made entirely of gold. Therefore, an argument can be made that we’ll never entirely run out of potential sources of gold as newer extraction technologies continue to be developed and adopted on a larger scale.
Gold Tends to Stay in Circulation
During the second half of the 20th century, it wasn’t unusual for very large veins of gold to be discovered on a fairly regular basis, but this isn’t the case anymore. Even so, a lot of the gold previously mined and processed is still in circulation. Part of the reason is because gold is extremely durable in its final form. It’s also fairly common for gold to be recirculated through the buying and selling process. This is especially true with solid forms of gold available as bars or coins.
For information on any aspect of buying, selling, and owning precious metals, call on the experts at First National Bullion and Coin. If you’re looking to buy Scottsdale gold and bullion, you can trust our reputable dealers. We’re a boutique precious metals firm with experienced professionals, and we work hard to keep our investors informed with the most up-to-date market intelligence. If you’re looking to add precious metals to your investment portfolio, call us today at (480) 546-5089.
The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.