Largest gold deposit in the world worth $83 billion found in China
China has made a groundbreaking discovery of what is being hailed as the largest gold deposit in the world. According to state outlet Xinhua news, geologists at the Hunan Provincial Geological Institute unearthed the gold reserves, estimated to be worth a staggering 600 billion yuan, equivalent to $83 billion U.S. dollars.
The discovery was made in Pingjiang County, China, approximately 12 miles beneath the surface. The gold deposit, named the Wangu goldfield, consists of 40 gold ore veins containing a total of 300.2 tons of gold resources. This find has surpassed the South Deep gold mine in Gauteng Province, South Africa, which previously held the title of the largest gold reserve with about 930 metric tons of gold.
Hunan Academy of Geology predicts that there are over 1,000 tons of gold reserves at a depth exceeding 3,000 meters. China currently leads as the world’s largest gold producer, contributing around 10% of global output in 2023, as per data from the World Gold Council.
The value of gold has been on a steady rise, with gold futures prices increasing by over 32% year to date and more than 38% in the past year. This surge has led to several new all-time highs in the gold market.
Investors have turned to gold as a safe haven amidst geopolitical uncertainties, such as conflicts in the Middle East and Ukraine, and concerns about U.S. economic policies post-election. Factors like the Federal Reserve’s rate-cutting strategies and the growing national debt have further fueled investment in gold.
Currently, the price of one ounce of gold is nearly $2,674. This precious metal continues to be a sought-after asset for investors looking to hedge against economic uncertainties and geopolitical risks.
The discovery of this massive gold deposit in China marks a significant milestone in the global gold industry. As the demand for gold continues to rise, it will be interesting to see how this new find impacts the market and shapes future investment trends.
This article was written with references from Xinhua news, Reuters, the New York Post, and data from the World Gold Council. FOX Business’ Eric Revell and Reuters also contributed to this report.
