Gold around the World

The World Gold Council estimates that the entirety of gold ever mined amounts to approximately 216,265 tonnes as of early 2025. If this vast quantity were collected into a single cube, it would measure just 22 metres on each side. Even as this figure grows each year, gold remains a small fraction of the world’s mineral wealth, yet it is one of the most valuable, making it a superb long-term investment. So where has all this precious metal come from, and where is it now?

Where in the world is all the gold?

The history of gold mining stretches back over 7,000 years, with early decorative gold objects found in what is today Eastern Europe. Initially, only ore that was on the surface, like alluvial gold deposits in streams and rivers, was mined. As more complex extraction processes were developed, mining began to include underground deposits as well, which is where the vast majority of gold is mined today.

Top Gold Producing Nations

For many decades, South Africa was the undisputed leader in gold production, peaking in the 1970s. However, as its output declined, China took the top spot in 2007 and has remained there since. In 2023, China was the world’s largest gold producer, mining approximately 370 tonnes. Russia followed as the second-largest producer, with an estimated output of 310 tonnes in 2023, which increased to around 330 tonnes in 2024.

Gold Mining and Gold Price

The rising gold price has impelled mining companies to expand their exploration projects, and the geographic diversification of these projects is much wider than it was during South Africa’s heyday. The sterling value of gold has increased almost seven-fold since the early part of the century, and this has made it far more feasible to explore and produce gold in many more places. Where 25 years ago four countries accounted for over half of global production, their share has since fallen significantly as new operations have come online across the globe.

How Much Gold is Left to Mine?

The question of how much gold remains in the ground is key to its future value. The U.S. Geological Survey’s 2025 report estimates there are 64,000 tonnes of gold in global reserves. This figure refers to reserves that are probable or proven with a reasonable level of geological certainty. Australia and Russia hold the largest shares of these reserves, with an estimated 12,000 tonnes each, followed by South Africa with 5,000 tonnes and China with 3,100 tonnes.

Beyond these proven reserves lie gold resources, which are inferred or indicated but not yet confirmed. New discoveries and technological advancements in extraction may eventually convert some of these resources into mineable reserves.

What is Peak Gold?

The concept of ‘Peak Gold’—the point at which the most gold is mined in a single year—is a topic of much discussion. While some previously believed this point had already passed, recent expert analysis suggests otherwise. Projections indicate that global mine production has not yet peaked and is forecast to continue growing, potentially reaching its zenith around 2025 before beginning a gradual decline.

Where is all the gold in the world?

Gold is virtually indestructible, so theoretically, all the gold ever mined should still exist. Though some is inevitably lost, the vast majority remains in circulation. So, where is it all held?

According to the World Gold Council’s data for the end of 2024, the largest portion of above-ground gold is in the form of jewellery, accounting for approximately 97,149 tonnes, or 45% of the total. The oldest known gold jewellery was discovered in Bulgaria and dates back to 4,300 BC. For millennia, the precious metal has been a universal symbol of status and beauty.

After jewellery, investment holdings in the form of bars and coins (including gold backing Exchange Traded Funds) account for around 22% of all mined gold (48,634 tonnes). Central banks hold another 17% (37,755 tonnes), and the remaining 15% is used in other applications, including technology and dentistry.

Jewellery, Investment, and Culture

Global gold demand reached a record high of 4,974 tonnes in 2024. While jewellery consumption by volume fell, this was offset by a massive 25% surge in investment demand, which hit a four-year high.

China and India remain the world’s dominant consumer markets. In 2024, China became the largest gold-consuming country, with jewellery accounting for about 54% of its total consumption.

India has a long and rich history of gifting gold, especially for weddings and religious festivals. Gold serves as a store of wealth, a status symbol, and a part of faith rituals. As one of the world’s largest jewellery consumers, over half of the gold jewellery bought in India is destined for the bridal market, which influences the seasonality of gold purchases in the country.

Central Bank Gold Reserves

Central banks are among the largest holders of gold, and their activity significantly impacts the market. In 2024, central banks continued their buying spree, adding 1,045 tonnes to their collective reserves and marking the third consecutive year of purchases exceeding 1,000 tonnes.

The United States holds the largest official gold reserves in the world, with a stockpile of 8,133 tonnes (261.5 million fine troy ounces) that has remained unchanged for years. As of September 2024, its market value was approximately $688.5 billion.

In recent years, the People’s Bank of China has been a particularly aggressive buyer. It was the largest single purchaser in 2023, adding 225 tonnes—its biggest annual increase on record. By late 2024, its official reserves had grown to 2,264 tonnes. Meanwhile, the value of Russia’s monetary gold reached a new historical maximum in 2025, highlighting its strategic importance to the nation’s reserves.

In all its forms, whether jewellery, investment-grade bullion, or central bank stocks, gold is revered for its immutability, beauty, and ability to store wealth. With a finite amount of mined gold in the world and a foreseeable peak in production, the value of the yellow metal looks set to continue its millennia of growth.

Gold for Investment

Gold is viewed as a safe-haven asset for its enduring stability and store of value. It is a limited resource, and its value has always reflected its rarity. With global mine production expected to peak in the near future and demand from investors and central banks reaching record levels, this rarity will only become more pronounced. As you might expect, this dynamic is likely to be reflected in gold’s value, underpinning gold investments over the long term.