Underground gold reserves are currently estimated at about 50,000 tons, according to the United States Geological Survey. The WGC estimates that there are 54,000 tons of “underground gold reserves” waiting to be extracted. These underground reserves represent less than 30 percent of what has already been extracted. And since gold is practically indestructible, most of the gold mined is still here today in the form of jewelry, gold coins, gold ingots (i), and even in the form of a Best Gold IRA Account. The World Gold Council estimates that the remaining reserves worldwide represent only 30% of what has already been mined: 54,000 metric tons of gold in sufficient concentrations and buried at depths accessible enough to be extracted at a reasonable cost.
In terms of companies, Nevada Gold Mines, which is majority-owned by Barrick Gold, is the largest gold mining complex in the world and produces around 3.5 million ounces a year. In fact, about 50% of all the gold that has been mined has been mined since 1967, and 80% of all the gold that has been brought to the surface has been mined since 1910, according to the U. Although vaults like this exist, gold bars are much more accessible than the average gold owner can imagine. As gold reserves run out and it's harder to find new gold deposits, production costs have increased over time, potentially reducing the profitability of the world's gold miners.
As gold reserves on Earth dwindle and gold prices rise, this could push explorers and developers to find new sources of gold in places where no miner has gone before. No one knows for sure how to calculate the total amount of gold that has been mined, but the best guess is that around 190.040 tons of gold have been mined throughout history, reports the World Gold Council (WGC). Simply put, the gold peak is the world's highest rate of gold extraction, after which mining will slowly decline until gold can no longer be mined for profit. This suggests that if new technologies were developed that would allow the profitable extraction of gold with lower than usual gold densities, there could be much more gold left in the world (discoverable, extractable and refinable) than seems to be the case today.
The most important mines that experienced a decline include Newmont Goldcorp, Barrick Gold Corporation and Kinross Gold Corporation. If these deposits became commonplace, the increase in the price of gold, combined with the decrease in the supply of gold on land, could cause a new underwater gold rush and multiply the amount of gold that (we thought) was left in the world. In addition, small-scale gold miners do not always correctly declare their gold catches, especially in developing countries. The California gold rush, from 1848 to 1855, brought the world's total historical gold production to more than 20,000 metric tons.