Discovery of a $83 Billion Gold Reserve

A massive gold deposit worth $83 billion has been discovered in China’s Hunan province, potentially the largest ever found. Located in the Wangu gold field, it spans over 40 veins and contains up to 1,100 tons of high-quality gold ore at depths of 9,800 feet. Some samples boast an exceptional 138 grams of gold per metric ton.

This discovery has already spiked global gold prices to near-record highs of $2,700 per ounce. While China is the world’s largest gold producer, the new reserve would meet only 1.4 years of the country’s gold demand. Despite its significance, it underscores the challenges of balancing production and sustainability.

As the global economy reacts, this find reaffirms the finite nature of gold resources and the need for innovative mining practices. It is a milestone that could reshape the gold industry while raising questions about future resource management.

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'Supergiant' gold deposit discovered in China is one of the largest on Earth — and is worth more than $80 billion,Harry Baker , Live Science, Nov 27 2024